Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players is viewed positively by the industry, however, it does not impact mass adoption.

The presence of big players in the nonfungible tokens market might evangelize newbies, but they do not lead to mass adoption or innovation, claimed Tony Ling, co-founder of NFTGo in a conversation with Cointelegraph.

Major developments, such as Adobe’s acquisition of Figma, would potentially impact creators per the combination of both the companies’ features. Adobe, for example, owns Behance, a creative showcase platform that allows users to connect crypto wallets and NFTs to their profiles, while Figma provides kits for NFT creators.

The mainstream presence in the space, however, isn’t seen as a game changer, as the industry faces challenges with high royalty fees and a bear market — as seen by the recent 20% staff layoff at OpenSea. “Key innovation must happen in the new center, not some existing big unicorns”, added Ling.

Blockchain adviser and Bundlesbets.com CEO Brenda Gentry shared a similar view, noting that she believes the “industry will always adapt and find new tools”, regardless of the players in the market.

The Nansen NFT indexes, which track the performance of NFT market cross sectors, is down 24% this year at time of publication. This is in line with the broad market consolidation, explained Louisa Choe, Research Analyst at Nansen:

“We are seeing lower volumes across the market. However, NFT projects with solid community narratives and cultural references have continued to perform.”

The GameFi sector is likely to drive a rebound, suggests recent data from Dappradar. The total NFT trading volume increased by 13.25% in August, and sales rose by 83.36% to over 1.3 million nonfungible tokens traded. Central, Southern Asia and Oceania (CSAO) is seeing 58% of its all web traffic going to cryptocurrency services are NFT-related, driving its crypto adoption, a new Chainalysis report found.