Binance NFT Innovation Panel Recap: Transforming the Digital Economy, April 20th! 🦁💻
Juggernaut was invited by Binance to participate in an NFT event on the 20th of April, called NFT Innovation: Transforming the Digital Economy.
Nacho Llanillo, JGN’s Co-Founder, spoke at the event about the opportunities, advantages, and innovations of NFTs around the world.
Binance YouTube Link: https://youtu.be/jmz537-TKQY
The NFT panel, composed of Brian O’Hagan from Sorare, Tyler Mulvihill from Eulerbeats, and Nacho himself, talked about the NFT expansion, the next big thing in the space, and the mainstream possibilities of NFTs around the world.
Moderated by Scott Chipolina, investigative journalist from Decrypt, the panel had to answer some exciting questions, especially from the community, about everything surrounding NFTs, DeFi and crypto.
Here are some highlights of the Panel
Are NFTs Going to Lose Momentum?
“There has been a lot of hype surrounding NFTs, and it is difficult to predict if we are at the top or not, but there are different criterias that we should look at: the number of IPs coming to the space or what we do with all these NFTs (utility) for example. NFTs are a change of paradigm” — Brian O’Hagan, Sorare.
“NFT has a lot of eyeballs on it, being a new technology, but we really need to ask ourselves, are collectibles as a whole going to die? Are we at the top of the collectible market? There are a lot of different types of collectibles, like baseball or NBA cards, and I think there will always be demand for that, because as humans we like to collect and relate to what we own. At the end of the day there will always be a global market for collectibles” — Nacho Llanillo, Juggernaut.
“The amount of artists that have entered this space is less than 1%, and we are not even at 0.01% of the world being digitized, so talking about traditional NFTs, we are not even close to the end. We should stop talking about Non-Fungible Tokens and start talking about Non-Fungible Everything, because I believe both physical and digital assets can be represented through NFTs. Everything can be tokenized, and will be” — Tyler Mulvihill, Eulerbeats.
What’s Next for NFTs?
According to Tyler and Nacho, the next phase for the NFT space is innovations with DeFi capabilities. Keeping the DeFi spirit and implementing it on NFT assets: staking, DEXs, utility, etc. There’s a lot of potential on implementing the maturity of DeFi with the maturity of NFTs.
For Brian, he offered a different perspective, talking about how NFT is a niche, and DeFi is a niche, so bringing them together would be looking at a niche within a niche. He said: “There’s only a fraction of people that understand about DeFi and a fraction of people that understand NFTs”. He was more excited about bringing NFTs to the mainstream, and NFTs in gaming.
How Can We Mainstream NFTs?
For Tyler, we should focus first on crypto users, because there’s a lot of demand on that front, instead of trying to reach to everyone at once. He said that he believes there’s a category of users that would like to participate but the technology needs to be easier for them.
Nacho talked about how finance and DeFi do not necessarily interest everyone, but art and creativity are almost universal, so understanding NFTs is easier than understanding any other type of crypto assets. He thinks mainstreaming of NFTs has already started, and the end goal is users not having to understand the technology, but still using it.
For Brian, DeFi tells the story to the financial masses, and NFTs tell the story to the cultural masses. He agreed with Nacho that in order to bring NFTs to the mainstream, people will need to use them, without knowing what they are, but understanding the benefits.
Competitive Advantage of NFTs?
Nacho: cryptocurrencies are about finance, and NFTs can or can’t be related to finance, but they are about creative processes. NFTs are a great gateaway to an immersive world, and are easier to access, you only need an internet connection in most cases. For example, in our platform jgnnft.com, anyone can create NFTs for no cost. I believe NFTs are something that needs to be experimented with rather than discussed about.
Brian: it really comes back to the definition of what’s a non-fungible token and what’s not. NFTs are unique and have unique IDs related to them. For example in Sorare you can get unique soccer cards of different moments and different plays. It is important to understand the nature of NFTs, for example their liquidity.
Are Celebrities the Key for NFTs to Become Mainstream?
Tyler: I think if you are a celebrity, you can consider NFTs as another piece of content that you can offer your audience. In the long term celebrities should start thinking about using NFTs for their own brand, as an access mechanism to themselves. However, the NFT world is everything digitized, which is way cooler than celebrities.
Nacho: Every celebrity has an area of influence, bigger or smaller, but I think for NFTs to go global, it needs to go to well-known IPs and well known brands. I feel like the area of influence of big brands (like soccer leagues or music) is very broad and it goes beyond what a single person can do.
I think companies can use the NFTs as a new platform/medium to connect to audiences & provide content, as well as new product opportunities for their brands. I think we will start to see the real magic when people see stuff that they already know at a global level; when that happens the growth will go really fast. — Nacho Llanillo, Co-Founder of Juggernaut.
Brian: brands and influencers are a massive change to the game of NFTs, and seeing these type of celebrities engage with NFTs on social media shows strenght for the whole sector.
What’s Coming for Juggernaut (JGN)?
The market of NFTs has been growing really fast for the last couple of months, and the BSC ecosystem is expanding quickly.
At Juggernaut we believe that bringing DeFi and NFTs together is the next big phase for NFTs. The spirit of DeFi is about decentralization, freedom of assets and open access to innovative products and services.
From the Binance Innovation Panel, we can reach the conclusion that NFTs are here to stay, and they do not seem to be losing momentum at all. It’s really important that as NFT projects we push forward together to build a sustainable and fast growing ecosystem, and JGN is focused on BSC, which has the fastest NFT ecosystem in the entire world.
We are working hard to innovate in the NFT space, and we are excited to say that there are a lot of exciting things coming to JGN in the next week and beyond.
Let’s go JGN!
Juggernaut (JGN) is a complete custom DeFi suite, governance, and NFT ecosystem with full BSC compatibility.
We are creating the go-to BSC NFT Exchange. Open access, freedom of assets, and available for anyone, anywhere.
We are building an NFT infrastructure, games, collections, and our Exclusive BSC NFT Exchange. Juggernaut is building a unique ecosystem, full of exciting use cases, merging the possibilities of DeFi with NFTs.