Avalanche summit: How will NFTs develop?

Avalanche summit: How will NFTs develop?

According to Calvin Chan, founder and CEO of Legitimate, an ecosystem that combines physical products with digital identities, the future of NFTS will concentrate on articles.

"We work with brands ... to see how we can not only integrate Web3 into their retail strategy, but also into their retail products," said Chan during a Podium discussion Avalanche summit in Barcelona. "It happens so often that the attempt by a brand to penetrate into the NFT room is unauthentic, it is marketing."

Chan referred to the recent attempts by companies such as Clinque and Asics, NFTS (not fungible tokens) for branding initiatives. Brands should think beyond marketing, he said, and NFTS as a tool to revolutionize how consumers think about authenticity and identity.

"If we think about Blockchain technology as a whole, most people assume that Blockchain is great for data protection and property," said Jonathan Padilla, CEO and co-founder of Snickerdoodle Labs, which offers data and data protection services, during the panels.

"It is now economically feasible to produce something for which you can have the origin, for a few cent, that's really the advantage of NFTS."

creators now have a completely new way to verify their work with blockchain technology, which in the past a lengthy and expensive legal process, added Padilla.

beyond property, said Chan, there is the possibility for individuals to create digital identities by NFTs.

"There is this idea that property increases the joy of an asset," said Harold Eytan, CEO of the digital art collection, during the discussion. Seeing art in a museum is a great experience for many people, but the joy of having work fades in comparison, he added.

But as great as it all sounds, there are challenges in connection with the proof of property, the discussion participants admitted.

"It depends on the friction point that is endemic in all blockchains; it is the technology that progresses at the speed of light, and the legal and regulatory progress that move at the speed of glaciers," said Padilla. "As soon as you have a decision in front of dishes and other types of places that can check this, this becomes extremely critical."

It is also a big infrastructure problem, said Chan and pointed out the recent problems with the authenticity tool from Twitter.

"Basically one of the mistakes I am committing to many projects and designers is to project web3 technology onto web2 experiences," said Chan. "If you use any profile picture as Avatar, NFTs may not look like this in the next few years."

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The post-avalanche summit: How will NFTs develop? is not a financial advice.