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How Blockchain Fundamentals Unlock The Future Of NFTs

During DCENTRAL Miami, Chainlink Labs’ Lauren Halstead joined Nifty’s CEO Jeff Marsilio and Forgotten Runes founder Elf J for a panel discussion about the future of NFTs moderated by Rembrandt Flores from 8Commas. The conversation examined the technology driving the next wave of NFTs and how the space could evolve to gain sustainable mainstream adoption.

As web3’s leading decentralized oracle network, Chainlink has helped develop the NFT space since its inception by providing data feeds that enable dynamic NFTs and random number generation that powers cryptographically fair NFT mints. Looking toward the future, the panelists agreed that culture and entertainment will continue to present the biggest opportunities in the NFT space.

Halstead, who heads business development for sports, media, and entertainment at Chainlink Labs, highlighted how NFTs imprinted with information about their owners’ interests, experiences, and social networks might be monetized in a web3 model where users – not corporations – own and control data. 

She envisions a paradigm shift where users might say to corporations, “Why am I interesting? You can pay me to find out.”

Halstead believes mounting dissatisfaction with how artists and content creators are compensated by legacy entertainment platforms will ultimately be the tipping point toward web3. 

“I think that’s when things will change fundamentally,” she said. “I think it will take a while but it will happen and it is happening.” 

Halstead is particularly interested in how NFTs can interact with streaming data to build and incentivize communities within the music industry.

“I think there’s tons and tons of space for this to happen and I think everyone in music wants it to happen too,” she said.

When asked how NFTs could gain mainstream traction since the collapse of FTX, Halstead emphasized educating people about blockchain technology’s core tenets.

“I think what people need right now more than ever is transparency; it’s really about us educating them and introducing them to projects like Chainlink and technology like Proof of Reserve,” she explained. “For me, it’s always just going back to the basics and explaining to people why I got into crypto – explaining to them the principles of self-sovereignty and owning your own assets. That always gets people fired up.” 

Watch the full panel discussion from DCENTRAL Miami.

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