The attention surrounding NFTs has exploded in the last few years, especially in relation to the metaverse. In this episode of The Yield, Peter Kerr, CFA, is joined by NFTrade CEO Ori Levi for a discussion about cryptocurrencies, NFTs, and the growing opportunities for investors in the digital space.
[1:26] Ori’s early entry into crypto and the swap offerings at NFTrade.
[3:36] Metaverse is so much more than just the VR experience, particularly with NFTs.
[6:24] What NFTs are, and what they aren’t (just yet).
[10:00] Why is Ethereum such a popular blockchain?
[14:20] The support and the friction that the metaverse will offer NFTs.
[18:22] The Bored Ape series illustrates the rarity and scarcity of NFTs.
[22:00] Barriers into NFT adoption and ownership.
[24:40] The negative side of the NFT movement.
[29:10] Distinguishing between valuable projects and scams.
The metaverse has so much more to offer than just the VR experience, particularly with NFTs. From exclusive memberships to auto and home ownership, the metaverse has the potential to dramatically alter the future of the financial landscape. Adoption has grown significantly recently, but this is just the beginning. Particularly with both physical and digital art, NFTs and blockchain provide both the authenticity component as well as the history of ownership, increasing securities with these investments.
Ethereum has been the most popular blockchain, but there are many other rising blockchains that are faster, have more transactions and are just as decentralized as the legacy chain of ethereum. But with high demand and limited supply, the role that NFTrade plays in offering early stage swapping to support interoperability is a valuable one.
The metaverse stands to both support and create friction across the entire spectrum of NFTs. From the high priced legacy NFTs to the newer, more affordable players, Ori argues that the successful metaverse players will be the ones that can support multiple NFTs. The NFTs that have the broader support and connections in terms of blockchains and user support will have a higher user base as well as higher traction.
As far as pricing goes, there needs to be a market for cheaper NFTs. There is no reason to start at a $500 price point when there is a demand for $5 NFTs. And as more investors obtain the high end blue chip NFTs with no intention of ever selling, the supply will become more and more scarce. Using the example of the extremely limited Bored Ape series, scarcity value plays an incredible role in the value of rare NFTs.
In the future everyone in the world might own NFTs, but there is one incredibly simple and surprising barrier to making that vision a reality — remembering your passwords. Too many people aren’t skilled at handling their own money, which is an essential element of maintaining an NFT wallet. Ori offers simple advice for investors to overcome this hurdle and increase the likelihood of successful NFT ownership.
Ori also takes a look at the negative side of the NFT movement, whether regulations should be put in place to overcome these challenges, and how investors may want to approach the ups and downs and hype that come with new coins. Anyone who is considering investing in NFTs but is worried about navigating the highs and lows of the market won’t want to miss Ori’s final insights into how to consider the true value of NFTs, as well as how to avoid the scams.
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