Will Weinraub, CEO and co-founder of OnChain Studios, says that for the NFT industry to be successful, the hype must be turned into real world profits.
“We need to keep it as the underlying technology and talk more about the benefits, use cases and avenues these open up, rather than just yelling into echo chambers how good NFTs are.” There is,” Weinraub said. TheWrap’s “Tech vs Media” Podcast With host Richard Wolpert, he noted that NFT began to take on a negative connotation after its initial hype. “Consumers don’t care unless we translate technology into real-world use cases that solve problems or delight consumers in different ways.”
Fascinated by digital collectibles by CryptoKitties in 2008, Weinraub is making this goal a reality through his company OnChain Studios and Cryptoys, a futuristic toy company that incorporates digital collectibles into the world of toys. increase. While other toy companies have physical limitations, Cryptotoys has the infrastructure to build original digital content through apps and games, extending storytelling beyond material items.
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The CEO has developed the company to meet long-standing needs, but a small number of companies in the NFT and web3 space have failed to provide a solution to a real problem, instead calling “these companies ‘NFT’ and ‘ I’ve seen it decline by throwing around the word “blockchain”. And I hope that’s enough to get this done. ”
“Some of the deals just happened on the hype,” Weinraub said. “But now what’s the use case? What’s the application? What’s the value?”
Due to the lack of follow-through, Weinraub estimates that 95% of NFT projects “disappear over time,” adding that “these projects lack liquidity and activity. We are already starting to see the
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According to Weinraub, the next cycle of NFT leaders will take their place.
“We’ve been watching these cycles come and go for a while. You see what happened in the late ’90s, the whole mobile boom, the app boom and all these different things,” said the CEO. rice field. “We look at these markets and see them as an opportunity to build and prepare for the next wave of innovation and consumer adoption.”
Listen to the full episode below.
Episode highlights:
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Will Weinraub tells the story of his first Bitcoin purchase in 2014. This was “homework” for his company, Live Ninja, at the time.
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Will Weinraub explains how CryptoKitties sparked his fascination with NFTs and digital collectibles in 2008
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As the first big licensing partner of a global brand, Will Weinraub applauds the introduction of the NBA top shots that have made waves in the digital collection space into the web3 space.
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Will Weinraub gives a brief introduction to NFTs for the uninitiated, stating that NFTs “make the internet possesible.”
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Will Weinraub compares NFTs to trading cards and points to the potential of reopening iconic trading companies in the digital space.
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