- Marrione Manalo believes the NFT industry is going through a metamorphosis.
- The process would be worth it only if the industry achieved its original goal.
- According to Manalo, the initial rise of NFT hinged on spectacle and buzz with no depth.
Marrione Manalo, a comic book illustrator and metaverse creative director, believes the NFT industry is going through a metamorphosis that is proving to be a painful process. In a chat with Coin Edition, Manalo noted that the process would be worth it only if the industry achieved its original goal.
According to the metaverse expert, the initial rise of NFT hinged on spectacle and buzz with no depth. Manalo noted that it was all about digital art pieces devoid of a distinct style or compelling narrative, where creators released so-called “limited collections” only available to elite circles with staggering price tags.
The comic book illustrator explained that glamorous superficiality can only take the industry so far. Hence, the current grapple with the aftermath – the devastation into nothingness.
Manalo identified some unanswered questions that could have reshaped the industry. Questions like: Who are the NFT creators, what innovative styles do they offer, and is there a real message behind the strokes. According to her, the industry’s base was fragile, and all it took was a gentle shake, and it disintegrated beyond recognition.
Despite elaborating on the weaknesses of the struggling NFT industry, Manalo identified some positives in the current process. According to her, the downturn is a purification process and a cautionary tale for new investors. It shows that glitz and glamor are not enough and that there must be depth in the products.
Looking into the future, the metaverse expert noted that the maturity of the NFT industry won’t happen overnight. She claimed that NFT technology, not just digital art, should provide a practical use case. Their real potential will be unlocked when they serve tangible roles in both digital and real-world environments.
Manalo noted that the real potential of NFT lies in how the art may be used and transported to other artistic mediums. She emphasized that NFT is not limited to digital art but extends to several use cases like tokenized medical records, property titles, and professional credentials.
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