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 can be seen as another investment opportunity, and a way for some to earn a significant return on their investments (ROI). 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 acknowledged.

The same goes for crypto. Since its conception, it has been subject to backlash. This was made worse by the introduction of NFTs. The world, however, is slowly embracing virtual economies for what they are.

Bains asserts that while older generations are still struggling with this reality, crypto acceptance is being driven by the younger population. This is similar to 1990s when younger people were more open to Hip Hop culture and rap, while older ones remained 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

Non-crypto-native non-crypto-native FTs will not scale as well as crypto native ones because NFTs are deeply embedded in crypto culture. According to Bains the difference is crypto-native NFTs were created organically, i.e. they result from the early struggles of NFT creators.

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 notes specifically that the NFT verse will most likely result in everyone trying to tap into culture. However, this may not prove to be a very effective 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 fully realizes that NFTs have reached a crucial stage and that it is possible for the invention to take another form.

“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.

To The Flipside

• The NFT verse continues to evolve, so it’s difficult for creators to see a future that is sustainable.
• Bluzelle, which is still in the early stages of NFTs’ lifecycle, 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 is a unique decentralized platform that provides NFT-focused companies with an innovative, decentralized way to protect their virtual asset.

You can watch the entire interview right here

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