The hype for NFT’s is here and as a result, hundreds of projects are launching on a weekly basis. This is a great thing because it has forced innovation amongst NFT creators because the risk of a failed launch is high. In addition, new blockchain or ledgers are starting to implement NFT’s or are in the process of developing them. Any industry that experiences fast growth has the potential to become a breeding ground for scammers that want to take advantage of people looking to cash in. Add anonymity to the mix as is customary in the NFT space and you have enough scams that the community gave it it’s own name “Rugs”. Sadly, XRPL (who hasn’t even fully launched their NFT platform yet) is already experiencing the rug phenominon. XPUNKS for instance, which I founded two weeks ago, experienced great success and support from the XRP community, and many copycats were quick to follow our IOU system for minting.
Why I Made The Decision For Transparency
As the first mover of community driven NFTs, we feel the need to lead by example. Meaning that others need a way to judge new projects. In order for others to see how serious we are about our project, we decided to DOXX ourselves. Our identities have been made public and we set the standard for NFTs on the XRPL. With this, we hope to make it easier for others to filter the scam projects with the real ones. We aren’t advising every new NFT project to reveal their identities, this was a personal choice our team made after weighing the risks but we felt strongly that transparency was important in a space rife with uncertainty. It is less likely that a project will rugpull, when all actors involved are known to the public.
The Future of NFT Projects
My personal view is that the way to go forward with NFTs is giving them utility. Meaning that they are not ‘just’ JPEGs meant for trading, but actually fit in an ecosystem. One way to do this is by integrating NFTs in games with their own economy and community. This could be a potential way to be ‘bear market-proof’. As games offer a different market dynamic than crypto currencies. Meaning that NFT-games could potentially detach from the course of Bitcoin. A positive community is also vital for future success.
Growing Community Within NFT’s
I personally have high hopes for the NFT ecosystem as a whole. New projects allow everyone to participate in art like never before and also be part of a community where learning, friendship and innovation can take place. I feel great loyalty to the community, especially on the XRPL, as it is a very UX friendly and cheap blockchain/ledger that has already become home to first movers. With the XRPL you don’t have to pay expensive gas fees or have long transaction times. It is an always evolving ecosystem with new entrants coming up with the most beautiful and hilarious created NFTs. We can’t wait for XLS-20d to be voted in by its validators.
