The vertical that has lately achieved the greatest adoption is non-fungible tokens, better known as NFTs. Despite the bear market, Solana has beaten historical NFT sales records this year: according to a BeInCrypto report, historical sales volume reached approximately USD 2.35 billion as of June 2022.
“I am primarily focused on the NFT space. We are developing this thing that we call ‘compressed and a tease’ that will reduce the cost of NFTs on Solana. The other thing we’ve been working on is Cupcake, a technology that will allow you to mint NFT in real life,” comments Bartosz Lipinski, Solana’s software engineer, to Media Network.
“I’m excited and focused on these features because, using NFTs, not only it’s easier to explain and show people operating with crypto how to use them, but also because the regulation is slightly less strict,” Bartosz says.
The future of NFTs
Bartosz expects companies to adopt decentralized services and launch new verticals dedicated to creators and artists in the forthcoming years, building a present-day excitement around NFTs.
“From the monetary perspective, these companies are self-sufficient. I started getting interested in NFTs, particularly because I wanted to ensure that the artists and creators who create content were ultimately paid for that content; unfortunately, that’s not always the case on the web. And, I think I would love to see that change over the next three years,” he explains.
“Using NFTs, it’s easier to explain and show people operating with crypto how to use them, but also because the regulation is slightly less strict.”
Web3 infrastructure is important for NFTs
Last but not least, Bartosz highlights the efforts of those NFT marketplaces, such as Solanart, that integrate the use of decentralized tools, like Media Network dCDN, to distribute content.
“Some projects, like Arweave and Media Network, make decentralized storage and distribution much easier. I remember when I used Media Network for the first time: the integration with storage providers excited me, as it enabled faster load time. Instead of using Cloudflare, engineers can use a decentralized delivery. That said, decentralization should be more important to engineers than users. As they end up using a normal website, they don’t consider what the project uses for a CDN. The story of decentralization needs to reach engineers,” he concludes.