The annual conference prepared to extensively discuss the adoption of the non-fungible tokens (NFT) ended well last week. The NFT LA meeting brought together several crypto experts weighing in their thoughts on Web3, innovative use cases, and the future of non-fungible tokens.
It is worth noting that non-fungible tokens exploded in popularity early last year and they have never looked back since then. According to an annual market report from NonFungible, the total value of all transactions surpassed $17 billion in 2021 from just $82.5 million in 2020. The report further pointed out that Collins Dictionary selected the term NFT as the unique word in 2021.
The increasing upside trend of non-fungible tokens has resulted in a series of events to attract crypto enthusiasts and crypto natives, including a four-day annual conference in Las Angeles from March 29 to April 1, 2022. The meeting successfully brought together more than 3,500 crypto and blockchain enthusiasts, developers, and investors.
Major Themes In NFT LA
The NFT LA conference featured panels on different topics, including the Web3 enhanced education and ways to onboard new users into the NFT industry from over 250 speakers. Johnna Powell, the global co-head of ConsenSys NFT, was among the panelists focusing on enabling users to utilize a MetaMask wallet. Powell explained ways to ensure that Web3 resonates with the mainstream:
“When people get excited about NFTs, it’s not necessarily because they are thinking of Web3 or crypto. Rather, people are thinking about collectibles like stamps or trading cards. When NFTs purchase through our platform, we want to create an easy user journey that introduces individuals to Web3.”
In her lesson, the top executive noted that ConsenSys NFT works with large brands and IP owners to help them enter the NFT space. According to Powell, these organizations have successfully attracted users to the ConsenSys NFT platform. She confirmed that many non-crypto natives are now comfortable using a Web3 wallet, anticipating that newcomers will soon start to collect more NFTs.
Before summarizing, Powell revealed that ConsenSys NFT explores various NFT use cases that will resonate with the mainstream. In this case, the nonfungible token platform recently integrated MAC Cosmetic to develop its first NFTs collectibles featuring artworks of the late artist and activist Keith Haring.
During her panel at NFT LA, Monica Long, the general manager of Ripple’s innovation arm RippleX, spoke about the evolution of Web2 to Web3. She explained:
“I talked about the role big tech companies play in the Web3 world. Overall, I think moving from Web2 to Web3 won’t happen overnight. We will see a blend of centralized and decentralized finance. I also talked about OpenSea and their role to make NFTs more user friendly.”
According to Long, although non-fungible tokens continue attracting mainstream interest, there are still a series of challenges regarding self-custody and user-friendly interfaces. She added:
“Web2 developers are great at ensuring user-friendly experiences, which we urgently need in the NFT space.”
On the other hand, Matt Mason, the chief content officer at Palm NFT Studio, reiterated Long’s teachings about how to launch a nonfungible token drop at scale, noting that user experience must be seamless. Palm NFT Studio is renowned for integrating various artists, creatives, IP owners, and entertainment companies into Web3.
Palm NFT Studio recently launched a nonfungible tokens project dubbed “The Bat Cowl Collection” in partnership with the Warner Bros and Consumer Product’s DC Comics. The NFT project featured 200,000 unique 3D-rendered Batman Cowl NFTs.
During a nonfungible tokens project launching, Mason explained that both consumers and intellectual property holders need to have a user-friendly experience:
“For fans, it’s about thinking about how to ensure they have a good experience with NFTs from the start. To ensure this, we’ve created a custodial wallet inside our platform where consumers only have to click a button to get their NFTs. This provides a better experience.”
Mason further explained that as time progresses, consumers will become more interested in non-fungible tokens, which will allow them to move assets around on the Ethereum network:
“Roadmapping third-party wallet integrations are down the line for Palm NFT as we scale but, we have a large mainstream audience, so we need to make the nonfungible token process as easy and as seamless as possible.”
While explaining about intellectual property holders like DC Comics, Mason stated that many of these companies require conservative approaches to NFTs centered on compliance and regulation, adding:
“We stay close to what the Securities and Exchange Commission is doing and thinking, so compliance is a major aspect for us.”
Mason stated that “The Bat Cowl Collection” NFTs will be the first collection with sales tax. In this case, Mason explained that Europe users would be required to pay value-added tax (VAT), while United States users will pay a sales tax:
“We know sales tax is coming to the NFT space — by next year everyone will be doing this. If you are a brand as large as Warner Brothers, for instance, doing anything in the space dings your brand in terms of tax, compliance, and regulation. Everyone in the NFT space talks about scale, but none of that will happen without regulation.”
