Tech
A young crypto executive criticizes “lazy” NFTs and predicts “drastic changes” in the future
Untrading co-founder and chief technology officer, Yale ReiSoleil, Jr., shared insights into the future of finance and blockchain technology in an exclusive interview with crypto.news.
At 16, ReiSoleil founded Untrading, a non-fungible token (NFTs) and a cryptocurrency trading platform that allows users to earn future rewards on assets sold. This is made possible through a technology outlined in an Ethereum enhancement proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.
ReiSoleil says his interest in coding and development stemmed from his love of video games, citing an interest in “discovering loopholes that allowed me to progress faster or unlock hidden features,” he says.
Here is the interview with the 17 year old CTO of Untrading.
Q: We’ve seen top NFT collections drop by 90% in today’s market – are NFTs about to disappear?
A: NFTs are currently experiencing a market correction, just like the broader cryptocurrency market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the advertising cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.
It is important to recognize that the NFTs that most people refer to are the speculative, often copycat, lazy and childish cartoons that have flooded the market of late. These unimaginative imitations of previous projects that created categories like Cyberpunks and CryptoKitties they relied largely on the “major fool” effect, hoping to find buyers willing to pay even higher prices. The end of these low-effort “collections” is not surprising and is likely necessary for the market to mature.
However, the NFT framework itself holds immense potential that goes beyond these speculative projects. As the market evolves, we can expect to see a shift towards NFTs that offer tangible benefits, real use cases and long-term value propositions.
Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real assets, enabling new forms of ownership, provenance and value creation.”
A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role in various industries. From games and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own and trade assets in the digital age.
Additionally, NFTs offer a unique opportunity to adequately realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin and ownership, NFTs can unlock new value streams and create fairer markets for both creators and owners.
In conclusion, although recent drops in the prices of speculative collections of NFTs may seem alarming, they represent a necessary step in the process of market maturation. The end of unimaginative copycat projects paves the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation in the virtual and real world.
Q: How do you see the future of blockchain technology for mainstream use by 2030?
A: This is a tricky question as we will definitely see drastic changes in the coming years. Just look back 6-7 years and see how outdated everything seemed back then. This technology moves extremely fast and any projections will most likely be absurd when looking at it in hindsight.
However, if I were to make any of them, I believe the main improvement we should see would be drastically better user experience (UX) and onboarding. It is foolish to expect that anyone interested in using blockchain will have to learn several complex concepts and navigate a minefield that could easily result in loss of funds/mistakes if not careful.
The current complexities surrounding this technology significantly hinder its mass adoption. However, it is still important that users have control over their keys and funds, and this is where Externally Owned Accounts (EOA) and account abstraction will come in handy. Only once ease of use is achieved will we be able to see a massive increase in usage, which, in turn, would affect more people and lead to greater innovation. It’s a great positive feedback loop.