NFTGo founder believes innovation is key to driving NFT adoption forward despite mainstream presence

by James · September 27, 2022

NFTGo founder believes innovation is key to driving NFT adoption forward despite mainstream presence Photo: Noam Galai/Getty Images

NFTGo is an NFT data aggregator that enables users to study the NFT market. It uses a variety of analytical tools and features such as NFT market trends and analysis, NFT search engine ranking, rarity, whale tracking, drops and many others. These features help users discover, acquire and evaluate valuable NFT assets.

According to Tony Ling, co-founder of NFTGo, the existence of major players in the non-fungible token market may evangelize newcomers, but it does not result in widespread acceptance or innovation.

Big events, like Adobe’s acquisition of Figma, can have an impact on creators because of the functionality offered by both companies. For example, Figma offers NFT creation kits, while Adobe owns Behance, a creative showcase site that enables users to link crypto wallets and NFTs to their profiles.

The industry is challenged by expensive license fees and a poor market, as evidenced by the recent 20 percent layoff at OpenSea, so the regular presence in the field is not considered a game changer.

Tony said: “Key innovation needs to happen in the new centre, not any existing big unicorns.”

Brenda Gentry, CEO of Bundlesbets.com and a blockchain advisor, expressed a similar view, stating that she believes that regardless of the competition in the market, the industry will constantly adapt and find new methods.

At the time of publication, the Nansen NFT indices, which track the development of the NFT market across sectors, were down 24 per cent for the year. This is in accordance with the extensive market consolidation, explained Louisa Choe, a research analyst at Nansen.

In a public statement, Choe said: “We are seeing lower volumes across the market. However, NFT projects with solid community narratives and cultural references have continued to perform.”

Current statistics show that the GameFi sector is believed to be the main driver of mining. Over 1.3 million non-fungible tokens were traded in August, a 13.25 percent increase in total NFT trading volume and an 83.36 percent increase in sales. The use of cryptoassets is driven by Central, South Asia and Oceania (CSAO), where 58 percent of all web traffic directed to bitcoin services is NFT-related.

The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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