With an unpredictable market, could NFTs survive?

Zurlia Servellon

The revolution of a metaverse world is already on its way and nothing can really stop it. If we think about it, every time something new pops up, there are stages of resistance, acceptance, and integration. In the 1990s, for example, everyone kept resisting the booming of the internet era. Now, we cannot imagine life without the internet, social media, and credit cards which are other forms of technology that changed the lives of many.

Younger generations were born surrounded by the internet, kids nowadays prefer to play on their phones, than outside in the real world. They truly don’t know life without the internet which proves that we have been slowly transitioning, moving everything to digital.

When it comes to money, before credit cards, we paid everything with paper bills, but before money, people used gold and other goods to exchange value. Now, the world has slowly tried to transition into cryptocurrencies. But like everything new, before something succeeds, we first face collective resistance which is extremely normal. Humans don’t like change, uncertainty is not desirable, and changes bring uncertainty.

Cryptocurrency technologies keep evolving, attracting a group of people ready to revolutionize money. These technologies are also backing NFT projects that have changed the lives of so many artists, investors, and collectors. Storing so much value on a JPEG was unthinkable a couple of years ago, yet now, it is a multi-billion dollar industry and people are starting to acknowledge NFTs are more than just JPEGs.

The current bear market that keeps going down due to inflation and many other factors has many investors worried and wondering what the future of NFTs look like. But if we look at the history of every innovation, we can see that after resistance, there’s always stabilization.

Even when cryptocurrencies started to pop up, Bitcoin, had no value until the public gave it value. Although cryptocurrencies have not yet completely taken off, web 3 is growing tremendously. NFTs are here to stay. Talented creators are creating projects in the form of video games, land, and art, giving investors an opportunity to own fun assets in the virtual world. During the bear market, panic selling is inevitable, yet NFTs are only at the beginning stages, about to take off and change the way we allocate our assets.

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Zurlia Servellon is a Storytelling Strategist and author who partners with CEOs, executives, and solopreneurs to grow their personal and professional brands using the power of storytelling.

New York, NY
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