The presence of major players in the market to Non-fungible tokens It may attract new entrants, but it does not lead to mass adoption or innovation, NFTGo co-founder Tony Ling believes in a conversation with Cointelegraph.
Big developments, such as Adobe’s acquisition of Figma, could impact creators by combining the capabilities of the two companies. For example, Adobe also owns Behance, which is a creative showcase platform that allows users Cryptocurrency wallets and NFTs They can connect to their profiles. Figma offers kits for NFT creators.
However, this is not seen as a turning point, as the industry faces other challenges, such as high royalties and a bear market. This is particularly evident in the staff cuts at OpenSea. “The most important innovations must happen in the new center, not in any large unicorns that are already there,” Ling said.
Blockchain consultant and CEO of Bundlesbets.com, Brenda Gentry, takes a similar view, saying she believes that “the industry will always adapt and find new tools” regardless of the players in the market.
Nansen NFT Indexes, which tracks the evolution of the NFT market, is down 24 percent this year to press time. This is in line with the general consolidation in the market, according to Louisa Choi, Research Analyst at Nansen:
“We are seeing a decrease in volume across the market. However, NFT projects with strong communities and cultural ties have continued to thrive.”
The GameFi segment is likely to lead the upside, according to recent data from DappRadar. Total NFT trading volume Rose in August by 13.25 percent, and the trading value increased by 83.36 percent to reach more than 1.3 million non-oil trades. The Central and South Asia and Oceania (CSAO) region accounts for 58 percent of all internet traffic to cryptocurrency services related to NFTs. This is boosting cryptocurrency acceptance, according to a recent report by Chainalysis.