7 Crypto Leaders Discuss Ways To Fight The Stigma Around NFTs
There is widespread public confusion about much of what the crypto industry does and hopes to achieve, but it’s likely that no facet of the space has attracted as much negative attention as non-fungible tokens. From environmental concerns about the token’s carbon footprint to the “you don’t really own anything” scorn of so-called “right-clickers,” NFTs truly seem to be a love-it-or-hate-it product.
Convincing the doubters that NFTs are more than just status symbols or high-risk, high-adrenaline investments will require a mix of education and a commitment to harnessing the technology’s demonstrable utility. Below, seven members of the Cointelegraph Innovation Circle share strategies to combat the common stigma surrounding the NFT space.
Prove real utility
Many NFT collectibles provide no benefit beyond collectibles and make money based on speculation. Not all NFT innovations need to be net new creations; they can only prove that there is a new way of delivering or unlocking value for intellectual property, rights holders, creators and so on. – Chris Ghent, NEAR Foundation
Stop believing the hype
Many NFT projects struggle because they don’t have a sustainable business model other than creating hype and hoping to get more sales from the secondary market and royalties. But in most cases in this bear market this no longer works. Only the companies and projects that continuously deliver real value to their owners will survive and continue to grow. – Cindy Jin, Mintology
Be ready with real, current tools
Leading with utility is always the best – and not a “this is what we plan to do” type of utility, but a truly existing utility. Unless you’re backed by notable names, the days of launching with just a roadmap are over and will be met with an eye roll. – Ty Smith, Coinbound
Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today
Consider a “rebrand”
NFT companies should focus on utility. Most of the recent NFT coverage has been misguided and based on fear of missing something to build hype. It is our responsibility to show that NFTs go far beyond a collectible JPEG. Another option is to retire the term “NFT” altogether. We are seeing increased use of the terms “digital collectibles” and “digital memberships” for products that are technically NFTs; these terms do not come with the semantic stigma. – Sheraz Ahmed, STORM Partners
Emphasize corporate values in NFT initiatives and partnerships
By including “businesses” in the question, it is already a different question than it was in 2021. Businesses will consider quality and reputation; they are playing a long game. The NFT measures a company chooses will be more in line with the company’s brand, values and business, all of which will help to legitimize what they do. The only thing they can do is choose partner platforms with common values and goals. – Stephanie So, Geeq
Highlight the practical benefits for users
One strategy would be to stay focused on creating real-world use cases and applications for NFTs that demonstrate their value and utility. By highlighting the practical benefits of NFTs, companies and projects can help educate the public about the technology. For example, developing a blockchain-based NFT ticketing platform could eliminate black markets while ensuring fair prices for ticket buyers. – Vinita Rathi, Systango
Focus on solutions
The best way for NFT companies to move the narrative forward is by focusing on solutions. NFTs are already being used to solve problems in various areas, including disaster relief, brand loyalty, ticketing and more. Projects that stay zero in relation to the end goals will be the most successful. – Molly Glennon, Ditto
This article was published through the Cointelegraph Innovation Circle, a researched organization of top executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Learn more about the Cointelegraph Innovation Circle and see if you qualify to join.
