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SotN #38: The State of NFTs, with Andrew Steinwold (Past, Current, and Future)

Mar 17, 2021
Andrew Steinwold, managing partner at Sfermion and NFT expert, shares his insights on the NFT market's recent boom and its transformative potential. He discusses the evolution from a niche interest to mainstream allure, emphasizing authenticity in projects. The conversation touches on the notion of the 'NFT Bubble,' the significance of Ethereum in democratizing investments, and the explosive growth of NFT trade volume. Steinwold also highlights community engagement and property rights as vital factors for the future of NFTs.
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INSIGHT

NFTs as a Gateway to Crypto

  • NFTs are a "Trojan horse" for crypto, attracting people with art and games.
  • This introduces them to blockchain tech like Bitcoin, Ethereum, and DeFi.
ANECDOTE

NFT Market Explosion

  • Andrew Steinwold notes the NFT market's rapid growth, from $1-2 million monthly trade volume to $175 million in February 2021.
  • He attributes this to the crypto bull cycle, new use cases, and status symbol appeal.
INSIGHT

NFT Mania Concerns

  • Some celebrities are creating low-effort NFTs for quick cash grabs.
  • Andrew Steinwold emphasizes the importance of genuine engagement and long-term value over short-term hype.
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