Non-Fungible Tokens (NFTs) have experienced notable changes in their recent landscape. Although NFT trading has declined, developer interest in Web3 technologies remains strong.
Ordinals, a protocol that facilitates the addition of NFTs to the Bitcoin blockchain, is implementing significant measures to support its developers. The establishment of a non-profit organization aims to ensure fair compensation for developers, without compromising neutrality.
Programmer Casey Rodarmor pioneered the implementation of enrollments on the Bitcoin mainnet in January, thus laying the foundation for NFTs on the Bitcoin blockchain. The development of this technology was primarily funded by Rodarmor, in addition to altruistic contributions made by the core developers.
While the development side of NFTs continues to advance, the commercial aspect slowed down noticeably. This “cooling off” period in NFT trading is in stark contrast to the effervescence seen in previous months.
This decline in NFT trading could signal a broader shift in focus within the crypto community. As the hype around NFTs dies down, attention may be shifting to other promising areas, such as Web3 technologies.
Despite the slowdown in NFT trading, developers continue to be enthusiastic about Web3. Both the underlying technology and potential applications continue to generate interest and attract investment.
The continued enthusiasm for Web3 suggests that the world of NFTs is far from over. The successful integration of NFTs with the Bitcoin blockchain and ongoing development efforts point to a promising horizon for both Web3 and NFTs.
(Reference image source: Sorttier, Unsplash)