NFTs
Teen Crypto Exec Slams ‘Lazy’ NFTs, Predicts ‘Drastic Changes’ Ahead
Untrading co-founder and chief technology officer Yale ReiSoleil, Jr. shared insights into the future of finance and blockchain technology in an exclusive interview with crypto.news.
At age 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to earn future rewards for their sold assets. This is possible through a technology described in an Ethereum improvement proposal called ERC-5173 – NFT Future Rewards (nFR), of which he is co-author.
ReiSoleil says his interest in coding and development stemmed from his love of video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.
Here is the interview with the 17-year-old CTO of Untrading.
Q: We’ve seen large NFT collections drop 90% in the current market – are NFTs on the way out?
A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some key collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.
It’s important to recognize that the NFTs most people are referring to are the speculative, often copycat, lazy, childish cartoons that have flooded the market in recent times. These unimaginative imitations of previous category-creating projects like Cyberpunks and CryptoKitties They largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The disappearance of these low-effort “collections” is not surprising and is arguably necessary for the market to mature.
However, the NFT structure itself holds immense potential beyond these speculative projects. As the market evolves, we can expect a shift toward NFTs that offer tangible benefits, real use cases, and long-term value propositions.
Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance and value creation.”
A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role across multiple industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own and trade assets in the digital age.
Additionally, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable markets for creators and owners.
In conclusion, although recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market maturation process. The disappearance of unimaginative copycat projects paves the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness increases, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation in the virtual and real world.
Q: How do you see the future of blockchain technology for mainstream use by 2030?
A: This is a tricky question, as we will certainly see drastic changes in the coming years. Just look back 6-7 years and see how old-fashioned everything seemed back then. This technology moves extremely fast and any projections will likely be absurd in hindsight.
However, if I were to do anything, I believe the main improvement we should see is a drastically better user experience (UX) and integration. It is foolish to expect that anyone interested in using blockchain will have to learn several complex concepts and navigate a minefield that could easily result in lost funds/errors if not careful.
The current complexities surrounding this technology make its mass adoption extremely difficult. However, it’s still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only after we achieve ease of use can we see a massive increase in usage, which in turn would pique the interest of more people and lead to more innovation. It’s a great positive feedback loop.