As the NFT market cools, an opportunity to learn from its explosive growth

What a difference in three months. There was already a jubilant atmosphere in March when Beeple’s massive token was sold for 69.3 million US dollars. Look no further for bold claims that crypto-art is the next bold frontier in culture – it opens up opportunities for young creators and changes the way we interact with masterpieces.

In June it looks a little different. All-time highs for Bitcoin and Ether are a distant memory, and sobering numbers released by Protos show that NFT sales have plummeted 90% since their high in early May (one number has questioned that data).

This is a good time to think about how far we’ve come and where we’re going next. Endless columns are now devoted to the death of the NFT as an asset class, eerie similarities to the hundreds of articles and tweets that have warned that Bitcoin has been zeroing since its inception. (One of them arrived in September 2020, not long before the strong bull cycle in cryptocurrencies began).

Although the crypto market is quite turbulent right now, disasters can be rather short-sighted for the NFT.

Just look at what Beeple – whose real name is Mike Winkelmann – told CNN in March, “NFTs are an extremely exciting technology and many people compare it to the early days of the Internet. In the early days of the internet there was a lot of hype and a lot of speculation, and then there was the bubble and the bubble burst. But it didn’t wipe the internet, people kept using the internet. “

Basically, his point of view is: NFTs with real use will continue to exist. And in fact, it’s worth noting that Protos research highlights that crypto collectibles like CryptoPunks managed to remain resilient during this downturn. (In fact, Sotheby’s sold a rare CryptoPunk for $ 11.8 million just last week – what has been dubbed a new auction world record).

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The NFT sector may have been battered in the short term, but that doesn’t detract from the uniqueness, scarcity and indivisibility of these assets – and radically changes the concept of ownership. There are use cases for unusable tokens that were not made up, and development and innovation in this industry is still in its infancy.

The explosive growth in this industry has created obstacles. Sometimes there is little oversight when it comes to the verification process. The congestion on the Ethereum blockchain that is spawning NFTs has also hampered development.

One way to help the NFT sector recover from the current turmoil is to raise public awareness of the opportunity these tokens offer – and help the creators mint their own tokens. Right now, beginning digital artists are at risk of overpaying NFT mining due to Ethereum’s high transaction fees and gas costs – and they may not be able to recoup those costs if they can’t sell their work.

It is vital to create an environment where Immaculate Tokens can be easily discovered and bought and sold cheaply.

The answers

One platform that is struggling to make NFT more accessible for everyone is the MOVE Network – a developer-friendly, energy-efficient and well-secured blockchain. Its end-to-end NFT aggregator brings digital assets together in one place. Gas fees are now waived for all users and the ecosystem gives them the ability to easily tokenize their digital content with minimal cost.

This is combined with a gamified experience that brings fun, excitement and excitement back to the NFT realm. By using a “blind box”, rare and valuable tokens are hidden and waiting to be discovered. The project hopes this will bring a new element of surprise to the MOVE Network community.

One of the main focuses of the MOVE network is making sure these assets are easily tradable and laying the groundwork for NFT tickets – an innovation that could add new emotional value to fans while also ensuring tickets can only be resold under certain circumstances and elimination of the risk that counterfeit goods can enter the market.

In the past 12 months, MOVE Network has completed beta testing so its platform can be used for demonstration purposes. A partnership has been formed with Hi Collective, a consortium that regularly works with top talent and producers from Hollywood. Hopefully this partnership will pave the way for NFTs to revolutionize the film industry. Meanwhile, the platform has also successfully completed a $ 1.5 million seed funding round to fuel its global expansion and development of the blockchain technology that powers its ecosystem.

Film mogul Sid Ganis, who has worked as an executive at studios such as Sony Pictures, Lucasfilm and Warner Bros., is also a member of the MOVE Advisory Board. “The film industry is always changing and innovating,” he said. I am fortunate to have been part of these changes for many years. Now that films and content are entering the crypto market via NFT, this represents another big change in the global entertainment world of the 21st century. I am excited to bring my knowledge into this process.

MOVE’s NFT marketplace is scheduled to start in the third quarter of 2021 with a “blind box”. There will also be a MOVD token sale, with the cryptocurrency subsequently listed on a major exchange. Further partners in the entertainment industry will be announced later this year – with the launch of the decentralized NFT trading platform on Binance Smart Chain.