As a researcher with a background in blockchain technology and a keen interest in its applications, I find the insights shared by Yale ReiSoleil, Jr., the 17-year-old CTO of Untrading, both intriguing and enlightening. His experiences and expertise provide valuable perspectives on the future of finance and NFTs.
In an exclusive conversation with crypto.news, Yale ReiSoleil, Jr., the co-founder and CTO of Untrading, offered his perspectives on the upcoming trends in finance and blockchain technology.
At the age of 16, ReiSoleil established Untrading, a unique digital trading platform specializing in non-fungible tokens (NFTs) and cryptocurrencies. This innovative system enables users to earn future rewards on their sold assets, thanks to technology based on Ethereum Improvement Proposal ERC-5173 – NFT Future Rewards (nFR), which he collaborated on writing.
ReiSoleil shares that his passion for coding and development was ignited by his enthusiasm for video games. He explains, “I’ve always been drawn to exploring ways to advance more quickly or uncover concealed features in games.”
Here is the interview with the 17-year-old CTO of Untrading.
Q: We’ve seen major NFT collections drop 90% in today’s market — are NFTs on the way out?
As a crypto investor, I’ve noticed that NFTs are currently undergoing a market correction, similar to what we’re seeing in the broader cryptocurrency sector. The significant price drops in some major collections are a result of the speculative mania that inflated prices beyond reasonable levels during the height of the hype. However, this correction doesn’t mean the end for NFTs as a groundbreaking technology or a valuable asset class. Instead, it presents an opportunity for long-term investors to buy in at more realistic prices and potentially reap greater rewards in the future.
It’s important to recognize that the NFTs most people refer to are the speculative, often copycat, lazy, and childish cartoons that have flooded the market in recent times. These unimaginative imitations of earlier, category-creating projects like Cyberpunks and CryptoKitties have largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The demise of these low-effort “collections” is unsurprising and arguably necessary for the market to mature.
Although NFTs have gained popularity through speculative projects, their framework holds significant potential for more. As the market matures, we’ll likely witness a transition toward NFTs that provide concrete advantages, practical applications in the real world, and sustainable value propositions.
Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance, and value creation.”
As a crypto investor, I firmly believe that the advancement of blockchain technology and smart contracts will lead to a prominent role for Non-Fungible Tokens (NFTs) across various sectors. In the realm of gaming and art, NFTs can transform the way we create, own, and trade unique digital assets. Moreover, they have the potential to revolutionize industries such as supply chain management and intellectual property rights by providing secure, transparent, and immutable records of ownership and provenance.
Additionally, NFTs present a distinctive chance to truly capitalize on the significance of provenance in asset possession. Through their capability to create an unchangeable and clear record detailing an asset’s background, origin, and past ownership, NFTs can unlock new revenue channels and foster fairer markets for both creators and proprietors.
To summarize, the current decrease in value for certain speculative NFT collections might be concerning, but it’s essential for the market’s development. The fading away of unoriginal projects paves the way for the birth of more authentic and worthwhile NFT communities. As technology progresses and understanding deepens, NFTs will likely have a substantial impact on the future of asset possession and value generation in both virtual and physical realms.
Q: How do you see the future of blockchain technology for mainstream use by 2030?
The future holds significant transformations that will drastically change our current landscape. Reflect on the past 6-7 years and notice how outdated things appeared back then. Technology evolves at an incredible pace, making any predictions seem implausible when viewed through the lens of hindsight.
If I were to create some enhancements, I strongly advocate for prioritizing a superior User experience (UX) and onboarding. It’s unrealistic to assume that anyone wanting to engage with blockchain technology should be required to master multiple intricate concepts and traverse a hazardous path riddled with potential financial losses or errors.
As a crypto investor, I’ve come to realize that the intricacies of this technology present significant barriers to its widespread adoption. However, it’s crucial for us as users to maintain control over our own keys and funds, which is where Externally Owned Accounts (EOAs) and Account Abstraction come in handy. It’s only when we simplify the user experience that we can expect a surge in usage, piquing more interest and driving further innovation. This positive feedback loop holds great promise for the future of crypto.
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2024-06-13 12:52