NFT Evolution: Rethinking Their Future in Digital Life

The article "NFTs: Are They Dead or Evolving?" delves into the current state of NFTs, acknowledging the waning enthusiasm in the market. Jana Bertram, the author and Head of Strategy at the RARI Foundation & Rari Chain, emphasizes the transformative utility required to redefine the future of NFTs. The article envisions NFTs as integral components of blockchain infrastructure, capable of reshaping various aspects of digital life. Instead of lamenting the past, the author advocates for recognizing the potential of NFTs beyond digital collectibles, paving the way for a future where NFTs become integral to our digital lives, ushering in a new era of innovation and opportunity.

The Loyalty of Web3 Audience

The article highlights the challenge of inconsistency within the Web3 community, which quickly shifts loyalty based on market conditions, leading to a decline in interest as the initial hype fades. This behavior exposes the market's appetite for bubble factors over fundamentals, resulting in disgruntled investors and deserted businesses.

Web2’s Shift: Brands and Normies Depart

The Web2 audience, originally interested in NFTs and blockchain, has also moved on. Brands that adopted NFTs for promotion purposes have lost interest amidst falling prices, and the narrative around NFTs lacks mainstream media attention. NFTs have become a faded trend for the average consumer, indicative of the overemphasis on new technologies.

The Future Ahead?

The article discusses the future of NFTs, noting that while digital art remains prominent in Web2, NFTs as a medium for auctioning and distributing this art may not trigger the next bull market. The burning question remains: what could give rise to newness that thrives in innovation?

NFTs as the Core Infrastructure

The author posits that NFTs hold the potential to be vital components of blockchain infrastructure, capable of enhancing identity protocols, enabling social finance, enriching gaming experiences, and tokenizing real-world assets. NFTs are framed as fundamental to blockchain, akin to the ERC-20 standard in decentralized finance.

Conclusion: Transformation is the Key to Success

The article concludes by highlighting that the NFT market, undergoing a reorientation phase, is far from dead. Instead, focusing on the shifts that redefine understanding of NFTs could pave the way for a future where NFTs play an integral role in digital lives, ushering in innovation and opportunity.