I don’t think this bear market is necessarily a bad thing for NFTs. Hang in there with me…
As the bull market was approaching its peak, let’s be honest with ourselves. The UX, the user experience, for actually purchasing an NFT, wasn’t good. It still isn’t. There’s way too many obstacles and hoops you have to jump through in order to buy your first NFT.
Yes, now you can use credit cards and have them in the custody of a few of these NFT marketplaces, but even then, for the most part, there’s way too many hoops you have to jump through. You still have to have a crypto wallet. You still have to buy Ethereum, transfer that Ethereum to that wallet, and connect your wallet to the sites you want to purchase the NFTs off of. That alone is way too much. It needs to be simplified.
The experience of buying an NFT needs to be just as easy, if not easier, than buying something off of Amazon.
It needs to be simple, and at the top of the bull market, it just wasn’t there. And I think if the bull market would have continued for another six months, there would have been a lot of pressure for mass adoption.
Web2 companies would have seen all the money being churned out from these NFTs, and they would have wanted a piece of the pie. So they would have pressured for mass adoption, and if mass adoption would have been attempted right now, I don’t think it would have been a pleasant experience, because the UX, the user experience, isn’t that good. It needs to be so much better. It needs to be seamless. It needs to be safer.
So this bear market is actually a good thing for NFTs because it gives companies time to develop, to get better, to make it easier, to make it safer, so that when mass adoption occurs during the next bull run, it’s here to stay, and it’s not going to have a massive setback due to the UX being so bad.
So to sum all of this up, I am bullish on the bear market, because it’s allowing an opportunity for these companies within Web3 to improve.
Hot Take, I know, but that’s all I got. Y’all have a good one.
Brendan Bald 