Innovation and PR are holding NFTs back

Welcome back to Web3 Creator!

Let’s dive into the edition…

1 big thing: Web3 experts reveal: Innovation and PR are holding NFTs back

NFTs have carved out a niche in the crypto world, but wider adoption is still a dream. We asked top Web3 pros what’s holding NFTs back and how to break through these barriers.

Where’s the innovation?

Dave Catudal, co-founder of Lyvely, thinks the NFT space is stuck in a rut. “People aren’t excited because there’s nothing new,” Catudal says. He believes it’s not a tech problem but a PR disaster. “The initial hype, scams, and shady actors almost killed the industry. We need to reimagine NFTs to show their real value in creating trackable, tradeable digital assets.”

Tyler Adams, CEO of COZ, agrees but adds that the whole Web3 world’s reputation is dragging NFTs down. “A few bad apples spoil the bunch, and it hurts everyone’s image,” Adams notes.

UX: Simplify, simplify, simplify

James Toledano, COO of Savl, points out that dealing with NFTs is a nightmare for non-techies. “Creating, buying, and managing NFTs feels like rocket science to most people. We need to make this as easy as clicking a button,” Toledano emphasizes.

Gabriele Giancola, CEO of Qiibee, also believes NFTs need a PR makeover. “We have to show people the practical, everyday benefits of NFTs beyond the hype,” Giancola says.

Rebranding NFTs

Dr. Alun Evans, co-founder of the LAOS Network on Polkadot, thinks it’s time to change how we talk about NFTs. “Right now, NFTs are synonymous with digital collectibles, but their potential is so much bigger. Think gaming items, real-world asset tokenization, tickets, certifications, and more,” Evans explains.

Overcoming barriers

Justin Banon, founder of Fermion Protocol, is optimistic. He says the demand problem will fix itself in the next bull run, and user experience has already improved. “As Web3 technology goes mainstream, people will start to get NFTs,” Banon predicts.

The bottom line: NFTs have the potential to go mainstream, but they’re held back by a lack of fresh ideas, a bad reputation, and a complicated user experience. By simplifying processes, creating new and exciting narratives, and showcasing their real-world utility, NFTs can break out of their niche and into everyday life.

Report by OKX

Unlock the future with OKX Ventures' May-June 2024 investment report

Discover strategic investments driving blockchain and Web3 innovations. OKX Ventures' latest report highlights our commitment to advancing decentralization, enhancing security, and promoting sustainable growth. Dive into detailed insights on key projects like Bedrock, Codatta, GoPlus, and Nubit, and understand the market's optimistic outlook.

Stay ahead in the digital economy—Read the Full Report Now!

Bitrue Ventures unveils $40m fund for Web3 innovation

Bitrue Ventures, the investment arm of crypto exchange Bitrue, has launched a $40 million fund aimed at fueling Web3 startups. This fund will provide up to $200,000 per project, supporting innovative ideas in the Web3 space.

Supporting the next wave of Web3: The $40 million fund is designed to empower Web3 startups, offering not just financial backing but also extensive industry resources. Bitrue Ventures promises hands-on support, including development expertise, industry connections, and management assistance. Ryan Chan, investor principal at Bitrue Ventures, emphasized, “We want to help you succeed, so let us know where you need help, and we’ll do all in our power to provide whatever is needed.”

Strategic focus areas: While all Web3 projects are welcome to apply, Bitrue Ventures is particularly interested in five key areas: artificial intelligence (AI), real-world asset tokenization (RWA), GameFi, decentralized physical infrastructure networks (DePIN), and decentralized finance (DeFi). These verticals are seen as having the highest potential for success and innovation.

Chan highlighted the firm’s interest in RWA tokenization, citing its solid utility and crucial role in mass crypto adoption. The intersection of Web3 and AI is also a hot topic, with potential to drive significant network effects.

Proven track record: Bitrue Ventures recently completed a pilot investment round, funding Cardano-based projects WingRiders and Liqwid Finance. Successful projects not only receive financial backing but also benefit from automatic token listings on the Bitrue exchange, granting them exposure to over 10 million users and integrated marketing services.

Advice for Web3 entrepreneurs: Chan advises Web3 entrepreneurs to stay true to their core values and avoid chasing trends. “It doesn’t matter if their ideas don’t match the current wave because they ARE the next wave. If you have a killer idea and execute it well, then don’t worry; it will get the attention it deserves.”

Looking ahead: Despite a recent hot wallet exploit resulting in a $23 million loss, Bitrue remains committed to securing and growing its platform. The exchange assured users that the loss accounted for less than 5% of its overall funds and that a thorough security review is underway.

Web3 this week

• BlackRock CEO endorses Bitcoin: Larry Fink, CEO of BlackRock, now sees Bitcoin as legitimate, signaling increasing traditional financial sector acceptance.

• Regulatory shifts: The regulatory environment for crypto is evolving, with varying approaches worldwide. Notably, the U.S. Supreme Court's Chevron decision may impact SEC and CFTC oversight.

• Visa and WireX collaboration: Visa partners with WireX to promote digital currencies in Europe and the U.K., introducing Wirex Pay to streamline crypto and traditional transactions.

• Coinbase onchain hub: Coinbase launched a centralized hub for monitoring onchain activity, accessible via its Wallet web app.

• Instant payment vs. cryptocurrencies: The competition between instant payment systems and cryptocurrencies like stablecoins highlights a shift towards faster financial transactions.

• Mastercard and Nuvei partnership: Mastercard and Nuvei introduced a feature to convert digital assets into fiat currency, enhancing the bridge between digital and traditional finance.

• Kraken and Tottenham Hotspur partnership: Kraken becomes the first official crypto and Web3 partner for the soccer team, aiming to boost fan engagement and crypto awareness.

• Crypto miners and AI firms collaboration: Crypto miners are partnering with AI developers to utilize their computing infrastructure, offering a solution to high energy costs and reduced mining rewards.

• Craig Wright investigation: Craig Wright, who claims to be Bitcoin's inventor, faces a criminal investigation in Britain for alleged perjury and document forgery.