The widespread adoption of NFTs could be on the horizon, but we need simple solutions for users, Gorilla Funds’ Jakob Sievers tells crypto.news at NFT Show Europe.
Web3 is already poised to fundamentally transform the way we operate, according to Jakob Sievers, CEO of Gorilla Funds, a German-based web3 company, during his recent talk at NFT Show Europe in Valencia, Spain.
Sievers gave real-world examples of potential NFT adopters, such as artists, event organizers, and fitness companies. He emphasized, however, that the absence of necessary tools hinders the journey to mass adoption, the complexity of NFT technology, high-cost barriers, and the reliance on people owning crypto wallets, a condition not yet met by many prospective users.
For example, the possible strategies to overcome it for a fitness company could include offering an accessible solution to mint NFT smart contracts and combining NFTs with existing web2 solutions.
It is also crucial to make the design user-friendly, “not require nothing more than a QR code” for participation and notifying users about subscription ends with a direct purchase offer. Hybrid web2-web3 solutions are crucial in aiding this adoption phase by providing a familiar framework for users.
Looking ahead, the development of user-friendly components for tickets and coupons could provide customization options. Incorporating fiat payment solutions could also lead to seamless transactions.
Gorilla Funds CEO responds to crypto.news’ questions
Crypto.news had the opportunity to speak with Jakob Sievers following his presentation:
Crypto.news: There is still a tiny percentage of people who know about NFTs and understand them. How can we drive mass adoption?
Jakob Sievers: I think we need to write software for that. The software needs to be as easy as a typical web2 application. If it looks like a web3 application, people won’t use it. So we need to make it simple. People will use such products in the future, but we must help them slowly transition to using them.
Crypto.news: Many web3 solutions already look like simple apps, but something stops people from using them. Why is that?
Jakob Sievers: It’s very interesting because, in my opinion, if you’re accustomed to a wallet, it’s easier than conducting a bank transaction. But there’s a lot of fear around trying something new. We have to help people overcome this.
For example, when someone wants to buy an NFT and the first thing you ask them is to write down their 24-word seed phrase, they get lost. They’re fearful. They think, “What should I do with these words?” So, we have to find a different solution. There are already other things, like test accounts, for example, that don’t require the wallet from the beginning. And this can be a trick to get them into using a wallet.
Crypto.news: You mentioned potential web3 solutions for fitness companies during your speech. Have you implemented this anywhere yet?
Jakob Sievers: Not yet, but I think it would be a great example. If a company wants to build its solution, it is costly. However, if you have an open-source solution, complex companies can simply implement a website and then use membership NFT solutions available to everyone. The NFTs can provide access to online content. For instance, a trainer could create his brand with NFTs, and many fitness companies could gain access to his online courses.
A company could start by offering a straightforward solution for memberships that are valid for three months. Then, when the time runs out, you will receive a notification asking you to buy the next NFT very quickly. With just one click, you will have your subsequent subscription. I detest gym subscriptions, and I would greatly appreciate such a system. Once one fitness company starts with it, others will follow.
Crypto.news: What are your thoughts on the future of the NFT market?
In my opinion, we will essentially have “digital twins” for nearly everything. These digital twins will be realized as NFTs and linked to the real world. They will be on the blockchain because it’s much easier to track, and software will be available for it. So, when this happens, everything will have its digital twins.