The rising popularity of NFT and the metaverse has got many GenZ investing in it for different purposes. However, many people still need to be convinced as to whether NFT will be here in the coming years and if there are any predictions to look forward to.
In this interview, Clancey Braxton Yohman answers these questions and more. Continue reading to get all the details.
Will Metaverse or NFT still be of value in the next decade?
Although the NFT boom is still relatively new, much money is already being exchanged on the markets. The increase we are currently experiencing will only become significantly more apparent over the coming ten years.
Humans’ attraction to scarce goods—the foundation upon which the Nft is based—gives me such confidence in this assertion. Customers are willing to pay extra for these expensive, limited-edition goods because they are truly unique.
We may witness more innovative NFT initiatives in the following years, which will undoubtedly blow the brains of all NFT enthusiasts with what they have to offer.
What major NFT trend does Clancey Braxton Yohman think will be adopted within this period?
One major trend I expect to see is that more companies incorporate NFTs with the merchandise they sell. This is due to NFTs’ ability to help create a community of like minds and provide access perks online and in real life.
For example, a company can mint NFTs to give to customers as a form of receipt to qualify them to receive a replacement on any product within the warranty period. It could also as a means be used to reward them for their loyalty over the years.
Why do you think this trend will gain much traction?
NFTs make it simpler for businesses to provide these perks to their consumers because they can quickly see how many NFTs have been sold or given out for what individual purpose.
Additionally, the NFT owners will know how many are no longer with the company, enabling them to tell if they are really receiving special offers. The NFTs will also serve as an excellent and verifiable membership system to verify all loyal customers.
Will there also be a rise in counterfeit NFTs in the coming years?
Since NFT became the hottest thing on the block, scammers appear keen to take advantage of lax rules on major NFT marketplaces. Hence, more cases of counterfeit NFTs popping up in the marketplaces will be seen in the coming years.
However, it’s up to prospective buyers not to fall victim to scammers’ tricks and to ensure they conduct enough research before making a purchase.
Finally, Clancey Yohman, can anything be done to avert it from happening?
While NFT marketplaces are having a lot of trouble with counterfeit NFTs flooding their platforms, there are currently techniques such as image recognition and data scraping technology available to identify fakes and help safeguard intellectual property online.
In the upcoming years, more sophisticated techniques will have been developed to stifle the proliferation of counterfeits further or end it entirely.