What is next for NFTs?

Mainstream adoption of blockchain technologies and innovations has always been a source of concern in different industries. Of all the different use cases for blockchain, NFTs and cryptos have been the most popular yet attracted a plethora of negative press and regulatory scrutiny. However, they have equally attracted many new participants - in August 2021, there was almost $2.8 billion monthly trading volume. Some deemed that the traffic/attention NFTs were driving to the industry as useless, since they had been mostly driven by ‘hype’. Several labels given to NFTs were those such as the “Wild West”, a “gold rush” or “expensive jpegs” and most new entrants to the NFT space only saw an opportunity to get rich quick - almost becoming akin to a Ponzi. Important to note is that most could not actually find a real utility for the NFTs being created. Furthermore, it did not help that the wider blockchain industry and use cases industries, such as crypto, were also ushering-in ‘shitcoins’ a…