With various cryptocurrencies around the world plunging to an all-time high without showing any signs of slowing down anytime soon, many crypto lenders in the industry are forcing themselves to take drastic measures like blocking transactions to control the volatility of crypto assets, and exchanges are planning to lay off staff to maintain a stable situation.
Earlier this year, the US Federal Reserve decided to raise interest rates, following which investors began to sell riskier assets, sending prices for cryptocurrencies, tokens and other assets in a bumpy roller coaster. Additionally, the crypto sector is currently experiencing a “perfect storm” of factors, a combination of rising oil prices, the war dispute in Ukraine, and the ever looming possibility of monkeypox and the return of Covid-19.
The combination of factors influencing the state of the crypto industry can seem dire. Yet, we must remember that when the going gets tough, that’s when we always find a way through those tough times. This period in history is truly a fantastic time to start over and identify products and services that could cause further problems for the crypto industry, especially as things stabilize over the next few months. .
For example, consider the NFT domain. The full extent to which an NFT can be used in pop culture remains to be explored.
Things have been great for digital artists, and this new asset ownership technology has the potential to develop many fascinating methods for engaging audiences.
NFTs can be developed with collaborations between musicians, popular game companies, and studios.
Creators can be encouraged to create NFTs that ensure their value improves as holding time increases, adding value for everyone along the chain.
The idea of creating NFTs as a collection with a higher value can be explored.
Imagine running NFTs for an entire sports team, where an individual or group of individuals can play in virtual leagues to win prizes and trophies.
There are many ideas to work on to ensure that when the industry restarts, collectors know exactly what to look for.
However, none of these concepts will work unless the industry acts to make them work immediately. Currently, most organizations have frozen their marketing and sales expenses due to the collapse of the industry. The same amount of money and time can be allocated to developing and optimizing future technology to produce unforgettable NFT collections once the industry stabilizes.