Marrione Manalo, a comic book artist and Metaverse creative director, believes the NFT industry is undergoing a metamorphosis that is proving to be a painful process. Speaking to Coin Edition, Manalo noted that the process would only be worthwhile if the industry achieved its original goal.
According to the metaverse expert, the initial rise of NFT relied on spectacle and buzz without depth. Manalo noted that it was all about digital artwork without a distinct style or compelling story, with creators releasing so-called “limited collections” available only to elite circles with staggering price tags.
The comic artist explained that glamorous superficiality can only take the industry so far. Hence the current struggle with the aftermath – the devastation in the void.
Manalo identified a number of 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 foundation of the industry was fragile and only needed a mild shock for it to disintegrate beyond recognition.
Despite delving deeper into the weaknesses of the struggling NFT industry, Manalo identified some positives in the current process. According to her, the recession is a cleansing process and a warning for new investors. It shows that glitz and glamor are not enough and that there must be depth in the products.
Looking to the future, the metaverse expert noted that the maturation of the NFT industry won’t happen overnight. She argued that NFT technology, not just digital art, should offer a practical use case. Their true potential will be unlocked when they fulfill a tangible role in both digital and real-world environments.
Manalo noted that the real potential of NFT lies in how the art can be used and transported into other artistic mediums. She emphasized that NFT is not limited to digital art, but extends to various use cases such as tokenized medical records, property titles and professional credentials.
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