It feels like yesterday that the NFT boom captured the attention of the crypto community, making waves even outside the web3 world. But a year or so down the line, the NFT hype has somewhat died down. But that isn’t stopping some in the crypto world from staying optimistic about non-fungible tokens.
While much industry focus and effort has centered around profile picture NFTs like Bored Ape Yacht Club or CryptoPunks, NFTs that offer utility beyond just images have been growing in popularity.
“I think within NFTs, everything is just really scratching the surface,” Raj Gokal, co-founder of Solana, told TechCrunch this week. “I think NFTs have 50 different use cases that seem to be lumped into one. I think we expect the majority of the [crypto] projects to make use of NFTs.”
New NFT use cases stretch from gaming to music, and Gokal is seeing enough startup activity focused on those areas to feel optimistic about the digital assets more generally.
“There’s a kind of wave of new NFT products [coming] that could onboard millions of users in Q3 and Q4,” Gokal said. Rather than just thinking about growing the Solana ecosystem, it’s more exciting to watch it grow through developers and creators, he added.