In recent years, the use of non-fungible tokens (NFTs) has grown exponentially in both the art and gaming worlds. NFTs provide a unique way for creators to monetize their work, and they also offer collectors a new way to invest in digital assets. However, as the NFT market continues to grow, it is important to ensure that the space is safe for all participants. Unfortunately, there are a number of bad actors who have taken advantage of unsuspecting investors, leading to financial losses and even fraud. As such, it is essential to educate oneself about the risks involved in the NFT market before making any investments.
In an interview with Saskatchewan Examiner News reporter Alexandra Hall, notable critic and tech entrepreneur Romy Johnson shared his thoughts on some of the current challenges in the Web 3.0 & NFT space.
Alexandra Hall: What do you think of the governance & internal structure of most NFT platforms?
Romy Johnson: While the NFT market has been praised for its potential to upend traditional financial markets, it has also been criticized for its lack of regulation. This lack of oversight has resulted in a number of scams and frauds, as well as a general feeling of insecurity among users. As the NFT market continues to grow, it is essential that steps are taken to make it safe for all participants.
Alexandra Hall: Which methods could be used to make Web 3.0 & NFT space safe?
Romy Johnson: One way to make the NFT space safe is by increasing transparency and accountability. For example, many NFT platforms require users to go through a process known as KYC, or “know your customer.” This process helps to ensure that users are who they say they are and that they are not engaged in any fraudulent activity. In addition, platforms can also implement controls to prevent money laundering and other illicit activity. By increasing transparency and accountability, we can help make the NFT space safe for all.
When we talk about making the NFT space safe for all, we’re really talking about two things: making sure that the people who create and use NFTs are protected from fraud and abuse, and making sure that the NFTs themselves are trustworthy and reliable. There are a number of ways to achieve these goals, but they all boil down to three key principles: transparency, security, and accountability.
Let’s take a closer look at each one.
Transparency is essential in any community-driven space, and it’s especially important in the NFT space because of the way that NFTs are created and traded. Because anyone can create an NFT, it’s critical that there be a clear and open way for people to see who owns an NFT and how it was created.
Security is also crucial in ensuring the safety of both users and NFTs just as importantly, making sure that NFTs can be safely stored and transferred. This means having strong protections against theft and fraud, as well as ensuring that NFTs can be quickly and easily recovered if something does go wrong.
Finally, accountability is critical for both users and creators of NFTs. Users need to know that they can trust the NFT project.
Alexandra Hall: Are you part of any NFT projects, and if so why?
Romy Johnson: I am part of an NFT project called Rising Lions. It’s a collection of 10,666 selectively generated and unique NFT art pieces stored as ERC721A tokens on the Ethereum blockchain and hosted on IPFS.
NFTs offer a unique way to monetize digital content, and they have the potential to transform the online marketplace. In particular, I think NFTs could be used to create new types of experiences, such as virtual worlds that can be explored and interacted with on a blockchain. I also think that NFTs could be used to reward creators for their work, which would incentivize them to produce more and better content.
Alexandra Hall: Tell me a little bit about the ownership of owning a digital asset, let’s take Rising Lions NFT for instance.
Romy Johnson: Rising Lions NFT provide a unique way to ownership and provenance of digital assets. I think this could be particularly valuable for artists and other creative professionals who have struggled to protect their work online.
Alexandra Hall: What do you think is the future of NFTs?
Romy Johnson: I think NFTs could have a transformative effect on the gaming industry, providing a new way for players to own and trade virtual assets. I am excited to see how this technology develops in the coming years. In particular, I think that NFTs could help to create a more efficient and transparent market for digital artwork and other creative works. I believe that NFTs could also help to reduce fraudulent activity in the digital sphere by providing a way to verify the authenticity of digital assets. Overall, I think that NFTs have great potential and I am excited to see how they are used in the future.