Jordan, CEO of MetaTope, a blockchain technology company, highlights the need for the NFT industry to adapt or face potential obsolescence. Drawing parallels to Billy Beane’s words in the film Moneyball, Jordan emphasizes the importance of evolving and innovating to save NFTs from being relegated to mere digital collectibles and associated with meme culture and crypto scams. He believes that the current branding of “non-fungible tokens” needs a revamp to reflect the transformative potential of blockchain technology.
Jordan argues that NFTs have a branding problem and suggests rebranding them as “unique digital records” to better communicate their value and potential impact. He stresses the need for the industry to move beyond character-driven collections and empty promises of utility towards evolving the technology and establishing innovative use cases that add real value. By embracing new applications for NFT technology, companies can prevent NFTs from becoming obsolete or fading out as just another passing fad.
The article highlights the importance of evolution in saving products from obsolescence, pointing to successful examples such as Netflix, which transitioned from a DVD rental service to a global streaming platform. Conversely, companies like Blockbuster and Borders failed to adapt to changing technology trends and ultimately faced bankruptcy and closures. To avoid a similar fate, NFT companies must focus on developing innovative use cases that genuinely add value and move the industry forward.
Jordan stresses the need for NFT companies to avoid falling into the trap of “gamification” and instead focus on creating meaningful applications for the technology. He emphasizes the importance of delivering tangible benefits to users, whether individuals, industries, or organizations, through innovative use cases that leverage NFT technology effectively. By moving beyond superficial offerings like digital collectibles and profile picture uploads, NFT companies can build a sustainable industry that resonates with users and drives growth.
Overall, the article underscores the urgent need for the NFT industry to evolve, innovate, and establish valuable use cases to safeguard the technology’s future. By heeding Beane’s advice to adapt or die, NFT companies can avoid obsolescence and position themselves for long-term success in a rapidly changing digital landscape. Jordan’s insights serve as a call to action for the industry to embrace transformation and unlock the full potential of NFT technology.
