Gm tigers, last week we had a power packed twitter spaces with some of the foremost experts from the web3 space. We discussed topics such as NFT trading, the technical difficulty of effectively investing in web3 digital assets. Dont worry if you missed the session though we got some of the best insights for you right here.
But first up instructions,
Anndy Lian - Anndy is one of the foremost experts on intergovernmental blockchain use and the author of the amazing book NFT Zero to Hero. He’s been in the web3 space for a long time and an expert on NFT trading and other aspects of the industry.
Tegro Team - Siddharth Menon and Ashish Rawat join us for this Twitter spaces to discuss our newly launched Gaming NFT exchange.
Coach Miranda Miner - Coach Miranda is the CEO and founder of Global Miranda Group which is a community that focuses on educating the masses about revolutionaries web3 technologies.
The NFT market has faced a downward trend recently, but a closer look at the analytics shows that the NFT market size is actually growing. The recent marketplace wars between Blur and OpenSea have revitalized the digital asset industry, and there's a need in the market for platforms that will allow investors to effectively invest in this rising asset class. While existing platforms are great for collecting NFTs, they are not optimized for trading.
According to Anndy, we'll see more regenerative artists selling their art on prestigious platforms like Christie’s. Another prediction by Anddy is that there will be more NFTs as in-game assets, which will give a tremendous boost to the gaming market. A lot of projects are dropping NFTs as the market observes a downturn, and they're focusing more on fungible tokens. However, if we develop the ecosystem well enough, NFTs can revolutionize the gaming sector.
The global NFT market size can grow to $13.6 billion by 2027, according to Coach Miranda Miner. There’s a huge correlation between the appetite of the traders and the hype and noise surrounding a project. Some of the qualms that people have about NFTs are lack of clarity, high gas fees, poor UI/UX of the existing platform, and lack of copyright protection around digital collections. There’s no stopping the NFT market from quintupling its existing market share if the builders solve these problems.
NFTs might be the first crypto-based product that is easily understood by the general public. Earlier, we had Bitcoin and Ethereum, which were complex and required knowledge of financial systems and cloud computing. However, understanding the value proposition of NFTs is relatively easy for artists who have been giving away their works on the internet for free for quite some time. Even in gaming, people have been buying and selling game assets forever, with gamers spending billions of dollars on in-game items and content every year. But only in Web3 games do they get to really own and control the stuff they are paying for.
There’s a lot more utility in the game assets of web3 games than the game assets of web2 games, which technically should mean that web3 game assets will be more valuable than web2 game assets. But because of the way these assets are marketed and the complexity of buying them, a lot of people feel hesitant to get in. Liquidity is a critical aspect of any exchange, and as most major NFT marketplaces were previously designed for collectors and not traders, liquidity has become somewhat of an issue in the market. Gaming tokens have really strong utility behind them, as they are integrated within the gameplay experience.
At Tegro, we've been tirelessly building towards our strong thesis for the NFT trading market. Despite its massive growth, we've noticed that many investors and token traders are still kept on the sidelines due to limited accessibility to NFTs. This lack of participation translates to a lack of demand for NFTs compared to traditional tokens.
That's why we've created a new exchange that enables token traders and investors to actively participate in the NFT game economy. Our focus is on NFTs because they offer actual utility, while tokens mostly offer governance promises. By bridging the gap between token traders and the NFT market, we're providing an opportunity for everyone to be a part of the growing world of NFTs.
With our strong thesis, we're confident that Tegro's NFT exchange will revolutionize the way people trade and invest in NFTs. We believe that NFTs have the potential to unlock tremendous value, and our goal is to make that value accessible to everyone.
The NFT market has the attention of the world, and we need to solve some of the problems that have been plaguing this space to improve its optics. With the potential to revolutionize the gaming industry and offer greater control and ownership to content creators, NFTs have a bright future ahead of them. As more investors and traders enter the market and as the existing problems are solved, the NFT market has the potential to grow exponentially and become a major player in the digital asset space.