The largest European conference of its kind, Tomorrow Conference 2022, took place in Belgrade from May 13 to 15.
Over 2,500 people attended the three-day conference, while more than 15,000 people watched it live online. On three stages, more than 100 speakers gave their thoughts about modern technology and trends, including our very own Bruno Ver, CEO and Co-Founder of Niftify. He explained that companies like Niftify need clear regulations and guidance from authorities to give customers the confidence to use the services without concern for wild variations in price and security risks. He warned that without that regulation it allows the market to be overrun by bad actors seeking material gain without concern for the well-being of customers and ordinary users. The bad feelings created by losses sustained by ordinary people result in mistrust of crypto as a concept, which then slows down the mass adoption of the technology.
Why is mass adoption important?
NFTs (non-fungible tokens) are a one-of-a-kind, irreplaceable token based on blockchain technology, as we all know. It’s like a digital passport that the user may use to establish ownership, authenticity, and other non-alterable information about a real or digital asset. Niftify’s Bruno Ver feels that we are still in the early phase of NFT development, with a long way to go before widespread acceptance.
He added that a product is deemed mass adopted when 15% to 20% of people throughout the world utilize it. According to the Financial Times and Chainalysis, over 360,000 persons possess NFTs worldwide as of 2021, accounting for roughly 4.7 percent of the global population. “We need rules and governance [management, control] for broad adoption of NFTs,” Ver added, however, this is considered by many to be a divergence from Satoshi Nakamoto’s underlying principle of decentralization.
“As many as 55 percent of customers lose their tickets within two weeks,” Ver said, predicting that NFTs will eventually replace barcodes on receipts. This might be solved using NFTs.” A merchant’s receipt recorded on an NFT utilizing blockchain technology would similarly be impossible to delete or change, and the transaction could be entirely digital.
While the word “digital” often has negative connotations for those who are used to the old way of doing things, they are unlikely to experience substantial differences. As with the Internet and electricity, the use of NFTs will become more standardized and streamlined as the technology spreads. We benefit from some technologies even if we don’t comprehend how they work, which demands “rules and governance.”
The question remains how will those rules be implemented, and by what governance will they be empowered? The implications of the choices made today will affect the growth of the industry and determine whether NFTs can be taken seriously as assets – or if they will become the beanie babies of our time. Bruno Ver and Niftify remain confident in the former.