In the next few years, there will be new ways to prove the actual utility of NFTs, Enev said during his presentation “NFTs Beyond the Speculation.”
“Dear youths, you might not be the owners of physical cars and houses, but you will own digital or crypto assets.” This is how Emiliyan Enev, CEO and co-founder of ReCheck, a pioneer company in developing practical blockchain solutions in Southeast Europe, summed up the future. Enev participated in the BusinessDigitalNow! conference with a presentation titled “NFTs Beyond the Speculation.”
“These crypto assets, these NFTs are an opportunity for you to be in control of something that should be meaningful, something that is valuable. So, this is the key to managing digital ownership,” the Web 3.0 entrepreneur elaborated. In his words, digital assets allow people to participate in a new economy, where they will be in control of their essential data, monetize content right away, and exchange value directly with others.
Enev began his presentation by outlining the main challenges NFTs face. Right now, NFTs are like one-sided coins, he said. “There is a lot of room to steal the intellectual property of somebody else,” Enev explained. “The NFT should not be the video file or the image you see on the website,” he concluded.
Enev then touched upon other frequently-encountered problems with NFTs. Some of them included using NFTs for PR purposes or as status symbols. “It is not something necessarily bad, but there are other positive things you can do with NFTs,” he stated. Enev also went in-depth to explain different fraudulent schemes common to the digital assets world.
During the second part of his presentation, Enev focused on the positive aspects of NFTs. He stressed the emerging role of NFTs as a tool for standardizing digital ownership. “This is unique; this is huge. This is something that will grow in the next few years. So, if you remember one thing from my presentation, I suppose this is the essential part: NFT is just a standard for digital ownership, and it is here to stay,” he said.
In Enev’s words, the current hype around NFTs is an excellent opportunity to educate the market. “To explain this abstract concept that you, as an ordinary person, user, citizen, you can really control your essential data,” the entrepreneur explained.
He shared that people are becoming more curious and experimenting with the technology. In his words, raised awareness is crucial because fraud, scams, and speculation accompany the early stages of each technology. To educate themselves on how to avoid potential pitfalls, people need to learn more about this technology, “to play with it,” Enev said. “The positive thing about NFTs right now is that people really start to play with blockchain tools.”
Enev identified the rise of digital wallets as another recent positive development. “Please mark my words: In the next few years, more and more people will have digital wallets,” the blockchain evangelist said. “I am speaking about non-custodial digital wallets, where you really have the private key,” he explained. Enev also underlined the relationship between the current growth in digital wallet usage and the emerging Web 3.0 movement. “NFT could be one of the crypto assets, one of the tokens that you can manage, you can store in this digital wallet, and you can do this in a way that you can extract more value from it.”
In terms of the practical uses of NFTs, Enev spoke in detail about exclusive memberships, royalty management, charity initiatives, and the management of digital objects in the Metaverse. “Here, the really interesting part is that, for the digital creators, it gives them protection and security on the one hand, and also this opportunity to monetize their content directly and to have some long-term, recurring revenue,” he explained, referring to royalty programming.
Enev concluded his presentation by sharing his vision for the future of digital marketplaces. In his words, they will continue to play a crucial role in the economy. The entrepreneur was optimistic about the decrease in NFT scams and speculation. According to him, there will be new ways to prove the actual utility of NFTs and tokens. NFTs that are just speculative will see a decline in prices, Enev said.