Teenage crypto executive slams “lazy” NFTs, forecasts “drastic changes” ahead

crypto 2024 06 11T130905.997

The co-founder and chief technology officer at Untrading, Yale ReiSoleil, Jr., shared insights about the future of finance and blockchain technology in an exclusive interview with crypto.news.

At 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to get future rewards on their sold assets. This is made possible through a technology outlined in an Ethereum Improvement Proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.

ReiSoleil says that his interest in coding and development stemmed from his love for video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.

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?

A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.

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.

However, the NFT framework itself holds immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift towards NFTs that offer tangible benefits, real-world use cases, and long-term 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.”

A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role in various industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own, and trade assets in the digital age.

Moreover, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable marketplaces for creators and owners alike.

In conclusion, while the recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market’s maturation process. The demise of unimaginative copycat projects clears the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation across the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question as we will definitely see drastic changes in the coming years. Just look back 6–7 years and see how antiquated everything looked back then. This tech moves extremely fast, and any projections will most likely be absurd when looking in hindsight.

However, if I were to make some, I believe that the major improvement we should see is a drastically better User experience (UX) and onboarding. It is foolish to expect any person interested in using the blockchain to have to learn several complex concepts and navigate a minefield that could easily result in loss of funds/mistakes if not careful.

The current complexities surrounding this tech greatly hinder its mass adoption. However, it is still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only once we have achieved ease of usage can we see a massive increase in usage, which would, in turn, make more people interested and lead to more innovation. It is a great positive feedback loop.

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