“98% of NFT projects are going to go to Zero, or close to it,” said the Chairman of VaynerX. It was a huge statement to make before the conversation that opened the 2022 Edition of Daryl Morey’s ComicCon for VORP evangelists otherwise known as the MIT Sloan Sports Analytics Conference.
Michael Rubin concurred, insisting such a thing is inevitable given the volume of NFTs minting with no prevailing best practices regarding quality control or long-term value add.
The Key lesson from the panel for both blockchain players and the NFT-curious alike, as well as a reason to be Bullish about the future no matter where the market trendline goes.
The fact that when a crypto project falls over, it not not the fault of the medium. Well-meaning but aberrant human efforts are an immutable fact of earthly existence. It is, however, worth informing dilettantes that blockchain networks as such are structurally sound.
The consumer blockchain is the biggest technology shift since the launch of the public internet. In the broadest possible view, we see opportunities beyond belief or imagination.
Notably, as with any gold rush, there are more failures and fakes than winners.
Once a hard NFT reset purges the pumping and dumping of much of the overproduced, 1-dimensional junk in the market, a paradigm shift in the space will take hold.
We have rethought the process of enthusiasts pool their passions to create otherwise unachievable results.
Have a prosperous day, Keep the Faith!