Nonfungible tokens (NFTs) have been in the headlines for the past few years. While swaths of the population have tried to get their head around why NFTs exist, demand has soared, institutions have been built, and the lingo has entered our collective consciousness.
There is an elephant in the room, though: NFTs are difficult to use and a majority of them are digital snake oil. But these problems create the opportunity to provide answers. The accessibility and legitimacy of NFTs are both ripe for change. As funding pours into the space, the market is starting to mature, and that change is gaining momentum. We’re entering a new era of NFTs — NFT 2.0 — where the technology will be more easily accessible by the mainstream, and the underlying value proposition of the NFTs will be more transparent and reliable.