I get it. You've seen the headlines. "NFT Market Collapses!" "98% of NFT Projects Dead!" The news paints a bleak picture. Believe me, I understand the skepticism. Well, what if I told you that the “death” of NFTs is indeed an overstatement. What if this purported collapse is really just a much-needed transformation?

I think back to the time several months ago that I was speaking with a smart, ambitious young lady—just out of college. She went on to create an NFT-centered business. Rather than using them as speculative assets, she deployed them as access passes to a community committed to working towards a better world. She wasn’t hunting for the next Bored Ape, she was creating a true business with true utility. That conversation changed my perspective.

We’ve all witnessed the rollercoaster. That first boom was driven by hype and speculation, creating a lot of projects that were more focused on short-term dollars than long-term value. Celebrities started investing in the market, prices shot up, and then … the bubble burst. Justin Bieber's Bored Ape investment? Ouch. That’s the textbook definition of hype over form.

Bubbles bursting is how markets mature. Think of the dot-com boom and bust. Did the internet die? No. It evolved. The same is happening with NFTs. The market is recalibrating, shedding the speculative excesses and focusing on what truly matters: utility.

Alexander Salnikov, co-founder of Rarible, gets it. He views this development not as a death knell, but as an opportunity to pivot. From virtual experiences to sustainable value and real-world applications The new norm Look sharp, because heralds and their trumpets are coming your way! This evolution is creating tremendous new opportunities for innovation. It’s empowering us in ways we’ve never experienced before.

NFTs are evolving into tools for creators to establish communities, products, and even their own digital economies. Imagine – subscription-based economies, loyalty programs for small businesses, digital marketplaces for artists from developing nations. These terms are not just buzzwords, they are real applications. They can 1) change the way we interact with brands 2) help creators express themselves and 3) allow us deeper participation in the global economy.

Azuki's physical-backed NFTs are a great example. These aren’t just digital JPEGs, they’re linked to real-world assets. It’s a big step towards bridging the digital and physical worlds, giving owners intrinsic real-world value and utility, not just speculative digital claims. This is how we’re going to build better businesses.

This change is especially promising for young entrepreneurs and underrepresented communities. NFTs provide a decentralized front door to help you avoid traditional gatekeepers and reach global markets. They democratize content creation by giving anyone the tools to engage audiences, foster communities, and generate income independent of middlemen.

Here's the catch: this potential will only be realized if we make NFTs more accessible. We can help eliminate the barriers to entry. So it’s time to really bring in people that have been left out from day one from financial markets.

Rarible’s execution still remains very much focused on aligning NFT commerce with the communities making use of it. That’s a positive move forward, but more is needed. First, we need industry leaders to focus on improving accessibility and user experience like they do to increase engagement and monetization.

It's a moral imperative. We have a responsibility to ensure that the benefits of blockchain technology are shared equitably. Because this is not just about helping people earn more money, it’s about empowerment.

Don't let the negative headlines fool you. NFTs aren't dying; they're evolving. And this evolution is opening up new avenues for accountability and invention that we all have much to gain from exploring together. This isn't just about the future of digital assets; it's about the future of opportunity itself. Will you be a part of it?

This means:

  • Fiat onramps: Making it easier to buy and sell NFTs with traditional currencies.
  • Low-cost minting options: Reducing the financial burden on creators who are just starting out.
  • User-friendly interfaces: Creating platforms that are intuitive and easy to navigate, even for those who are not tech-savvy.

Rarible is focused on building NFT commerce that fits the communities using it, with modular, customizable on-chain marketplaces. It's a step in the right direction, but more needs to be done. We need industry leaders to prioritize accessibility and user experience above all else.

It's a moral imperative. We have a responsibility to ensure that the benefits of blockchain technology are shared equitably. This isn't just about making money, it's about empowering people.

A Call To Action For Change Makers

So, what can you do?

  • Explore: Dive into the world of NFTs and discover the potential for your own business or community. Platforms like Rarible offer a starting point, but don't be afraid to explore other options.
  • Support: Invest in NFT projects that are focused on social impact and economic empowerment. Look for projects that are building real-world utility and creating positive change.
  • Demand: Call on established institutions to support and invest in NFT projects that are focused on social impact and economic empowerment. Advocate for policies and regulations that promote innovation while protecting consumers and preventing exploitation.

Don't let the negative headlines fool you. NFTs aren't dying; they're evolving. And this evolution is creating opportunities for empowerment and innovation that we can't afford to ignore. This isn't just about the future of digital assets; it's about the future of opportunity itself. Will you be a part of it?