Will the NFT Craze That Swept the World Make a Comeback?

It has been suggested that the new cycle in the NFT market may be powered not by profile picture (PFP)-focused collections as in the past, but by tokenized physical assets and digital use cases.

OpenSea CMO Adam Hollander stated that future NFT growth could be shaped by tokenized products such as Pokémon trading cards, Rolex watches, digital tickets, and in-game assets.

Hollander stated that in the 2021-2022 period, the NFT market was largely shaped around speculative transactions and avatar-based collections, but the primary use case for NFT technology is verifying ownership of digital and real-world assets. Therefore, he suggested that assets with more functional and realistic use cases may come to the forefront in the new era.

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Hollander also stated that advancements in AI technologies have lowered barriers to entry in digital art, animation, gaming, and on-chain asset production, arguing that this is a significant factor that could accelerate NFT adoption.

Hollander also stated that OpenSea is currently developing a unified asset management system that will allow users to manage NFT and crypto assets across different wallets and blockchains through a single platform, and that they are working on Apple Pay-like fiat payment experiences to streamline the onboarding process. The company is also developing features that will allow tokenized assets to be viewed in US dollars.

Hollander also spoke about the highly anticipated SEA token, stating that a “memecoin” model that only generates short-term interest cannot create long-term value. Therefore, he said, OpenSea’s priority is to first create a sustainable business model.

*This is not investment advice.

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