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The Uptake | Can NFTs rise again?

Written by The Uptake Published on   2 mins read

Despite the current bearish sentiment, NFT adoption is likely to grow, driven by their utility.

Hi, it’s Edmund.

The crypto bear market has affected almost every digital asset segment, including non-fungible tokens (NFTs), which are unique and non-interchangeable digital assets stored on a blockchain.

Following a year of exponential growth in 2021, NFTs are now having a tough time. In 2022, transaction volume of NFTs slowed dramatically. From January to September 2022, NFT trading volume collapsed by 97%, from USD 17 billion in value to just USD 466 million.

Naturally, this has sparked concerns about the value of NFTs. But according to a Deloitte report, the full potential of NFTs remains to be explored. Their popular uses in gaming and sports sectors represent only a fraction of the many possibilities offered by NFTs as more companies develop and test new use cases.

This week, we had a chat with NEST founder and CEO Charles Anderson, who shared his predictions on the most common use cases for NFTs in the long term, as well as trends in Web3.

Founded in 2017, the London-headquartered company develops next-generation blockchain infrastructure to facilitate confidential, distributed identity and cross-chain asset control. Read the Q&A here.

In The Bullet this week

Are you tired of the relentless barrage of information and content thanks to technology connecting us? Do you long for a simpler, and frankly, quieter lifestyle? With that in mind, I believe analog-only experiences or places will become increasingly popular due to our desire to unplug, even just for a few hours.

Read Degen’s column here.


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