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NFT.London - our key takeaways

Last week we were fortunate enough to attend NFT.NYC's first UK event - unsurprisingly named 'NFT.London'. The event was fantastic, engaging, informative and fun, so we would like to discuss a few key takeaways that we had.

Gone are the days of speculative project pumps with no utility.

Many at the event recognised the early mistakes with NFTs, where the space was filled with projects that provided no real utility, and mostly consisted of funky art. These projects inevitably, aside from a select few, crashed dramatically, losing 'hodlers' considerable money - therefore this gave NFTs a bad reputation. This reputation needs to be rectified as NFTs will undoubtedly play a significant role in the future, and the way to rectify this is by creating projects that are meaningful. Of course, art and collectibles will still play have their place, but this is not what will move the space forward

Mass adoption is being restricted by users experience (UX)

One thing that is holding mass adoption back is how difficult the process of buying and selling NFTs can be. Many people do not understand how wallets work, and how to actually use them - at the beginning of my NFT journey I was the same, I had to watch multiple youtube videos to gain the know-how. Therefore, for non-tech-savvy individuals, this is a considerable hurdle stopping them from joining the community. NFTs in the future must be easy to use and accessible, and the process seamless - this will require considerable innovation into UX, improvements in how wallets work, and in how websites handle these wallets.

The community is strong

One of the key phrases going around was 'giving the community a voice' - this important phrase really resonated with us. Letting everyone have their say is vital to grow and build the community. Listening to talks from people utilising NFTs in vastly diverse ways was fascinating, and gave us some amazing ideas. I think this community-led approach is a very positive sign for the future success of NFTs


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