NFTNYC 2023 Summary: Protection of NFTs
My Neighbor Alice CEO Lenny Pettersson spoke at the three-day NFTNYC conference, which took place between April 12-14, alongside other NFT projects and creators – sharing his insights with a quieter than usual audience to highlight the changes in NFTs for gaming, metaverse, as well as the importance of protecting NFTs from falling in price.
Speaking about the recent uptick in investing in collectibles and gaming assets, Lenny highlighted how blockchain gaming is now at the forefront and on par with the mainstream gaming industry. The younger investors are now looking to invest in blockchain games with reliable and credible development teams, with much less interest in the token ecosystem of a project than in previous years.
Another spotlight for Lenny was the moderation of a panel discussion on “NFTs: Placing More Power in Players’ Hands”, Lenny discusses the potential of a significant IP offering interoperability through NFTs and the importance of keeping a healthy relationship between developers and players.
He concludes his topic by addressing the issues with falling NFT prices. Although there is no guaranteed way to protect an NFT from falling in price from various factors, which include market sentiment, supply and demand and broader economic trends.
Lenny advises NFT collectors to take additional steps to reduce the risk of their NFTs losing value by doing thorough research and due diligence before purchasing an NFT. Look at the artist or creator, the rarity and uniqueness of the NFT, and the historical sales data for similar NFTs. Information on credible news outlets to help investors make informed decisions and avoid overpaying for an NFT.
In most cases, diversifying NFT holdings by investing in different assets with different creators and themes can help spread the risk and reduce the impact of individual NFTs losing value. NFT collectors were advised to take a long-term approach to NFT investments and focus on assets with long-term potential value, such as those with strong community support, unique functionality or historical significance.
About my neighbor Alice
My Neighbor Alice is a social online multiplayer building game built on the Chromia blockchain platform. The project is designed to promote an end-to-end blockchain gaming ecosystem that enables easy transactions within the NFT and gaming community.
The technology behind My Neighbor Alice is based on a staking and renting system. The system is under development and will debut next year, allowing users to rent their NFTs for even more significant earning potential. Ultimately, what sets them apart from other games is to make money. My Neighbor Alice aims to become a dominant entity in the blockchain gaming space and seeks to maintain and develop a vibrant community of diverse players.
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