079 - Interview with Julian Rodriguez to discuss the challenges and long-term viability of NFTs

Boom, it's on the Blockchain

In the latest episode of Boom! It's on the Blockchain we are joined by Julian Rodriguez to discuss the challenges for NFTs.

Julian Rodriguez is the Founder & CEO of Momento, a social media platform that enables creators and followers to profit from digital connections. He is a serial entrepreneur, product manager, and innovation-focused strategist. Early in his career, he founded and led a super PAC to level the digital playing field against disinformation. He joined Bitcoin Magazine in 2013 and collaborated directly with its co-founder Vitalik Buterin. He was an early member of the team and advisor to some prominent crypto and blockchain projects, including the hugely popular Ethereum project.

NFTs, or Non-Fungible Tokens, have grown incredibly popular and widely used. They do, however, also confront a number of difficulties that might affect their long-term viability. In this podcast we discuss some of the difficulties with NFTs:

** Scalability: As NFTs become more popular, the demand for transactions and the data that goes along with them may strain the blockchain networks on which they run, creating problems with scalability. To solve this problem, layer 2 protocols are being investigated as blockchain scalability options.

** User experience: NFTs run primarily on blockchain networks, which can be challenging for non-technical people to understand. The creation, purchase, and sale of tokens on NFT systems can involve a learning curve and transaction costs. For NFTs to be more widely adopted, it will be essential to enhance user experience and increase accessibility.

** Market Saturation: Due to the NFT market's rapid growth, concerns about oversaturation and bubbles have been expressed. Due to the present excitement and speculative nature of NFT investments, the market experienced a fall as demand fell, which resulted in unsustainable pricing practices.

** Lack of regulation: The NFT market currently lacks thorough oversight, leaving it open to fraud, copyright violations, and frauds. For artists, collectors, and investors, the lack of clear regulations and legal frameworks can limit adoption and lead to uncertainty.

** Environmental Impact: Proof-of-work (PoW) consensus techniques are commonly used in blockchain networks where NFTs are constructed, such as Ethereum. Concerns concerning PoW blockchains' environmental impact have been raised due to their energy usage. To address this problem, efforts are being made to switch to more energy-efficient consensus techniques, such as proof-of-stake (PoS).

** Long-Term Value: It's still unclear what NFTs will be worth in the long run. While some contend that NFTs will transform digital ownership and open up new revenue opportunities for artists, others doubt that the present frenzy will last and that the market will go beyond its current state of novelty and speculative interest.

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Momento NFT - https://momentonft.com/

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