What’s Still Holding NFTs Back & How to Fix It
Kiril Nikolov is Senior Sales Executive at major digital assets company Nexo.
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We all know of non-fungible tokens (NFTs) but don’t use them in our day-to-day lives. With exposure to NFTs increasing, what’s it going to take to bring these assets fully into everyday life?
What is mainstream and are NFTs there yet? If we take “mainstream” to be the normalization and wide use of NFTs by institutions, big names, and most importantly, the everyday user – then no, NFTs are not 100% mainstream (yet). Even though many have encountered the acronym, most regular people haven’t the faintest idea of how to utilize NFTs and what their true potential is. NFTs are already being popularized by big corporations and celebrities, creating exposure and visibility. Still, there is a lot of water to tread before this corporate activity around the asset class leads to actual usage among the wider public.
So where are we at with all this renown-brand-level buzz around NFTs, and what more do we need to make NFTs truly mainstream rather than just the talk of the town?
They’re prominent and pretty noticeable in the media – they’re big brands, naturally, and given their impact, let’s unpack institutional NFT adoption first. In 2021, world-renowned organizations like Visa, Mastercard, Nike, Adidas, the NBA, Coca-Cola, and many more sunk their teeth into NFTs. Today, even Walmart is preparing to bring the asset class into their business. All these companies had different approaches to how they “tried out NFTs,” and each has a distinct bearing on the assets.
VISA initially dipped their toes into the space the most standard way: by purchasing a non-fungible token from the most sought-after collections: a CryptoPunk in this case. Adidas also made
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