Since 2014, when Kevin McCoy minted “Quantum (NASDAQ:),” the first-ever non-fungible token (NFT) to debut in the crypto art market, the demand for the virtual asset has skyrocketed. There has been an explosion of interest in NFT for over a decade. People are creating cultural value from the technology.

NFTs may seem like another way to invest with the expectation of a high return on your investment over the long-term. NFT-lovers should look past the money making potential.

Pavel Bains (CEO and co-founder of Bluzelle), a distributed storage network that supports the creator economy, spoke exclusively to DailyCoin about how native cultures influence NFT adoption. In his opinion, “NFTs have moved crypto in general into a new form of culture.”

Bains acknowledges that NFTs became a central part of the project with the addition file storage. He also makes clear that NFTs are going to be around for the long haul.

As an analogy, Bains compared the ongoing NFT movement to rap culture in the early ‘90s, when rap and Hip Hop really took off and faced a lot of criticism. Bains said that the movement had influenced many, even himself.

“I grew up in Vancouver, went to school in the US as well, everything that formed myself and my friends; from the shorts we wore on the basketball court, to the shoes, was all HipHop influence,”
Bains was noted.

Similar to crypto, the backlash against it from its inception has continued. It got worse with NFTs. The world, however, is slowly embracing virtual economies for what they are.

Bains claimed that the younger generations accept crypto and NFT acceptance while their older counterparts are still difficult to believe. It is an analogy to the 1990s where the younger generation was more open to Hip Hop culture while the older were conservative.

“My only concern in crypto today is that it has become its own culture to a younger demographic, with the exact same similarities as Hip Hop, where now NFTs are simply establishing that this is something that will be for a category of people, like my kids who are 12-14. This is all they’ll ever know,”
Bains explained.

Non-Crypto-Native NFTs Won’t Take Off Well

Crypto-native NFTs have a deep roots in crypto culture, and therefore non-crypto native NFTs might not be as successful as crypto-native ones. Bains says that the main difference is that crypto native NFTs are organically created.

Non-crypto-native NFTs, on the other hand, are considered to be “wannabe versions,” i.e, those simply trying to leverage the invention in some way or another. Bains emphasizes that what is likely to happen in NFT verse is that everyone is trying tap into the culture. However, it may not be an efficient strategy.

“One thing that I’ve finally figured out is that if Drake drops an NFT, his supporters will like it, and that will be fine. However, because it is not naturally from the crypto culture, it will not appreciate in price,”
Bains has a thought.

Bains is fully aware of the importance of NFTs and believes the invention could take on a new form soon. This may be because the current applications might cease to exist.

“If you look at the NFTs that are gaining traction, whether it’s CryptoPunks or Bored Apes, they’re organically derived from the culture itself. So my 14-year-old daughter isn’t going to care if an Arianna Grande NFT comes out in a few years; she’ll be more interested in what emerged from the culture itself because she’s a crypto native,”
Bains exemplifies.

Regardless, Bains is more certain that crypto culture will undoubtedly become mainstream, implying that NFT will have its own place in the virtual economy’s future.

Flipside

• It is difficult to know what the future of NFT will look like, as it is constantly evolving.
• Bluzelle, which is still in the early stages of NFTs’ life cycle, will face many modifications.

Why you should care

Cultural values will determine the success of NFTs in the long-term. Investors should be more attentive to crypto-native NFTs. Bluzelle on the other side provides NFT-focused businesses with a decentralized, proprietary approach that ensures the security of their virtual assets is protected.

You can watch the entire interview right here

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