Rarible's Co-Founder Says NFTs Are Skyrocketing

oliviasmith19

posted on 3 years ago — updated on 1 second ago

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Non-fungible tokens have skyrocketed in price and popularity this year, as celebrities and major companies jump onto the hype, but they have a long way to go before really reaching the mainstream, according to Rarible cofounder Alex Salnikov.

To do that, NFTs have to become more affordable and accessible, and companies have to think hard about what value they have for ordinary consumers, Salnikov told Insider in an interview this week.

This includes making it easier for people to understand the market and simplifying the purchasing process. Right now, buyers have to set up a crypto wallet and add funds to it if they want to get an NFT.

NFTs are a class of unique digital assets - such as videos, audio, images or even tweets - whose ownership is inscribed on blockchain ledgers.

To break into the mass market, those offering the digital assets must first figure out what use they could have for the ordinary buyer, Salnikov said.

Interest in NFTs is skyrocketing. In the 30 days to August 5, a total of 175,179 NFTs were sold for an overall $510.6 million, according to data from NFT tracking platform Nonfungible.com. That is a record for amount of money spent on NFTs in that length of period, it found.

The buzz grew in March when digital artist Beeple sold an NFT artwork for a record-breaking $69 million. Since then, a stream of celebrities such as Katy Perry, and leading organisations such as US Space Force, have jumped in to sell their own NFTs, raising their profile further. NFTs have also entered the sports world, with the NBA's Golden State Warriors launching an NFT collection. Luxury auction houses Sotheby's and Christie's have sold digital assets such as CryptoPunks for millions of dollars.

These high-profile sales of often expensive, one-off NFTs aren't helping set the stage for the asset class to move into the mainstream, Salnikov believes. Even though mass-market brand Coca-Cola recently launched an NFT, it was for $500,000, he noted.

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