Although NFT trading volumes may drop nearly 98% since January But many industry executives say there is nothing to fear. As technology continues to evolve and grow.
Jonathon Miller, managing director of the well-known Australian crypto exchange Kraken, said:
Although NFT’s market activity and sales volume slowed in September, But we continue to see positive signs of institutional acceptance and continued growth in use cases.
He said in an interview with local media that the company remains “positive looking at the NFT market” and believes it will. He said he was particularly intrigued by JPMorgan signing a “technology lease” and hearing the news: “The Vatican has opened the NFT gallery.”
However, he acknowledges that the NFT industry is still “in its infancy” and that the biggest obstacle to mass adoption is “The user experience is still tough,” he said, “it’s very difficult to say to people who want digital art that you have to install a wallet and you have to connect the wallet to that exchange.”
Kraken executives say it’s very important to keep the implementation process simple and smooth.
John Stefanidis, CEO and founder of NFT gaming platform Balthazar DAO, said the decline in NFT trading numbers did not affect the market and its future. Because people need to understand that “NFTs are more than just digital photos.”
Stefanidis said it was normal for this decline to occur after “Too fast growth in just one application”
He believes this has the potential to make the market more stable, saying
Whenever there is horizontal growth, People will disperse and withdraw. And we will see gradual growth in the NFT market.
Mason Edwards, chief commercial officer of the Tezos Foundation, an organization focused on promoting and developing the Tezos blockchain and related technologies, told Cointelegraph:
Benefiting a slightly shaky market People will buy what they care about rather than speculation.
and added that
The mold hasn’t peaked in the NFT market yet. We’ll still see people buying a rock for $1 million.
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