Make NFTs Great Again, From STEPN to STEPN GO - TOKEN2049 Singapore 2024
Explore the innovative approaches to revitalizing Non-Fungible Tokens (NFTs) in this compelling session from TOKEN2049 Singapore 2024. Led by a seasoned expert from the STEPN project, this talk delves into the challenges facing NFTs today and charts a path to renewed relevance and success.
The speaker divides NFTs into two types: productive NFTs that generate tokens and profile picture (PFP) NFTs, which do not. Key issues such as inflation due to unlimited supply, fragmented gaming industries, and accessibility barriers for newcomers are dissected. These challenges restrict NFT growth and limit user engagement, leading to a saturated market with declining brand value.
The presentation advocates for the potential of NFTs in onboarding Web2 users, offering a non-financial introduction to digital assets. Highlighting the sentimental and social value of NFTs, the talk demonstrates how they can boost user engagement and provide unique experiences within gaming ecosystems, particularly through gamification and airdrops.
Drawing from STEPN's experiences, the speaker emphasizes anti-cheating mechanisms, gradual onboarding, and creating a Web2-friendly environment as vital strategies for NFT success. The introduction of a sneaker rental system and a simplified user interface are discussed as methods to attract and retain users by making NFT interaction seamless and accessible.
The session concludes with a vision for creating a sustainable NFT economy by turning productive NFTs into wearables and constantly innovating to prevent inflation. Discover how these strategies aim to not only revive but redefine the future of NFTs.
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