Beyond digital art: Exploring the impact and future of NFTs across industries — BitsCrunch Q&A

cointelegraph.com:

While the NFT space has been through its fair share of peaks and troughs, the potential to transform industries is inherent in this asset class. Unfortunately, there are still many points of improvement to be achieved before NFTs can reach the mainstream effectively.

Throughout the conversation below, bitsCrunch’s co-founder and chief data scientist Saravanan Jaichandaran delves into various aspects of NFTs, including their origins, mainstream critiques and the crucial points of improvement necessary for the space. They also address the significance of data accessibility, the impact of wash trading, and the ongoing efforts to standardize data formats and metadata. What’s more, bitsCrunch has recently launched an innovative data and analytics platform for the NFT space that aims to bring better accessibility for traders.

Q: How did you get into NFTs in the first place, and what do you think their potential is?

We got into NFTs while we were exploring a hackathon, which we won by building an MVP product on the blockchain blended with AI. This gave us exposure and allowed us to explore this space more. By now, NFTs have quietly spread across industries. It’s just a matter of time before more enthusiasts and businesses realize their worth and take a step forward.

Even in 2023, NFTs are not much known beyond being called a “digital art” fad. However, since the beginning of this decade, experts have emphasized its enormous potential across numerous industries like healthcare, real estate, finance, sports and others. Still, its revolution in the digital art landscape shouldn’t be ignored.

Q: How would you address the mainstream critique that NFTs are not here to stay and are just a passing fad?

What the NFT industry is