Greetings from NYC and happy Summer Solstice (to those who celebrate). NFT.NYC is in town this week, and to say that a “hard dose of reality” has hit the faithful would be to mischaracterize the vibe. People in the business know that the current market conditions are universal. They know that the underlying technology and associated business models are evolving, and they also know that – most importantly – the shakeout, while painful, is a required growing pain.
The fates and fortunes of the NFT marketplace seemingly decoupled from the greater crypto marketplace about six months ago. This was not clearly evident if your exposure to NFTs was through the crypto nouveau riche. For the “I’m richer than you, smarter than you, and cooler than you” crowd of nouveau crypto experts, it is truly the longest day of the year.
However, those who have thought through the value of alternative NFT use cases (fan/audience development, gaming, gambling, ticketing, fantasy sports, fraud prevention, decentralized authentication and identification, etc.) and applied them to achieve specific business outcomes continue to see tangible results.
The parties surrounding NFT.NYC have been as epic as ever. “COVID? Never heard of it. Recession? What recession?”
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.