Co-founder of NFT platform Nifty Gateway: If you play NFT only for the money, you won’t achieve long-term success

NFT will be more sustainable when the NFT mania subsides.

Co-founder of NFT platform Nifty Gateway: If you play NFT only for the money, you won't achieve long-term success

If the NFT mania has left you feeling exhausted and overwhelmed, maybe this is the time to listen to some more sane perspectives from the NFT community and put some more thought into it.

Duncan Cock Foster, co-founder of NFT trading platform Nifty Gateway, told Decrypt that he’s tired of all the profit-seeking.

“It’s the ultimate irony that if you’re doing this for the sole purpose of making money, then you may be wasting your time and you may not be making a lot of money either,” he said.
Cock Foster says the NFT boom of February and March is “shaking things up. Since then, interest has begun to wane. So has Cock Foster’s patience.

He’s tired of artists or musicians sending e-mails saying, “Hey guys, we need to talk on the phone right now. I need to launch my NFT within the next week before the NFT hype dies down!”

He sees this as a red flag. He says, “If this is your attitude, then you probably won’t have long-term success in the NFT space.”

But Cock Foster believes that this grind-face approach is ultimately a good thing: He thinks it means the market will work toward more sustainable growth.

Cynics look at everything with disdain
While artists and marketplace operators have been developing the industry into something worthwhile over the past few years, many still think NFT will be short-lived.

Nathan Beer, head of content at SuperRare, said during the panel discussion that many critical views confuse NFT technology with NFT art.

” NFT technology gives [digital] artists sovereignty, value, ownership and scarcity. I think that’s what makes it so important.” He said. People should let NFT stand the test of time, just like the Internet did.
Cock Foster said today’s NFT opponents also include the same group of people circa 2018, when CryptoKitties were the center of attention. These people were screaming at the time that NFT would never take off.

“Some of them are kind of like Peter Schiff,” he said. (Note: Peter Schiff is a longtime bitcoin critic, a bitcoin skeptic through and through.) “He keeps making [the same bitcoin criticism] every year, and he keeps making more and more mistakes every year.”

Cock Foster believes that time will also prove the NFT haters wrong.

NFT: Is It Bad for the Environment?
But what about the environmental damage caused by critics pouncing on NFT? Ether’s proof-of-work (PoW) blockchain consumes a lot of energy to validate transactions, including those used for NFT.

Beer says this concern is widespread. Regardless of NFTs, the Ethernet network always runs at maximum capacity. “So whether it’s zero transactions or a million transactions, it’s going to have the same impact,” he said.

Griffin Cock Foster, Cock Foster’s brother and co-founder, said that Ether’s transition to proof-of-stake (PoS) will reduce its energy consumption. That’s where he hopes to draw attention, “not to the artists who forged NFT.”

Cock Foster argues that NFT’s energy consumption is not unethical, and that for blockchain believers, “using electricity is worth it.”

What’s next for NFT?
Beer says people are calling for the development of decentralized autonomous organizations (DAOs) that allow members to buy a small amount of NFT, rather than buying the entire token.

Others are eager to show off their NFTs and are chasing digital displays that support rich multimedia assets.

NFTs can continue to ride the wave if operators manage to convince artists to keep making NFTs and convince customers to keep buying them.

Posted by:CoinYuppie,Reprinted with attribution to:
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