• My Neighbor Alice CEO, Lenny Pettersson, spoke at the three-day NFTNYC conference to highlight the shifts in NFT for games, metaverse, and the importance of protecting NFTs from falling in price.
• Blockchain games are now at the forefront and equivalent to mainstream gaming industry with younger investors mainly looking for reliable development teams.
• Collectors need to do thorough research on an NFT before buying and take a long-term approach to investing in various assets with different creators.
NFTNYC 2023 Recap: Safeguarding NFTs
Shift in Investing Interest
My Neighbor Alice CEO, Lenny Pettersson, spoke at the three-day NFTNYC conference to highlight the shifts in non-fungible tokens (NFTs) for games, metaverse, and other areas of interest. He pointed out that blockchain games are now at the forefront and are gaining attention due to their reliability and credibility when compared to mainstream gaming industry. Younger investors are mainly looking for development teams they can trust when making investments.
Power Placed In Players‘ Hands
Lenny also moderated a panel discussion on “NFTs: Placing More Power in Players’ Hands” where he discussed the potential of IP’s offering interoperability through NFTs as well as keeping a healthy relationship between developers and players. He highlighted how important it is for collectors to do thorough research on an NFT before buying it so that they can avoid overpaying for it.
Protecting From Price Drops
As there is no guaranteed way of protecting an NFT from falling prices due to market sentiment, supply and demand or economic trends; collectors were advised by Lenny Petterson himself to take additional steps towards mitigating risks such as diversifying their holdings into various assets with different creators and themes so that any individual asset losing value will not have much impact overall.
Long Term Approach Advised
He concluded his remarks by advising collectors to take a long-term approach towards investing in collectibles or gaming assets instead of short term gains which may not be sustainable in most cases. They should look into artists/creators history, rarity/uniqueness of an asset along with historical sales data for similar items before investing which will help them make more informed decisions when investing in digital assets like these.