While non-fungible tokens struggled in terms of sales volume in the second quarter of 2024, Web3 professionals remain optimistic that the asset class will once again peak like it did in its earlier years. 

In June, CryptoSlam data showed that NFTs had a rough second quarter this year. Digital collectibles’ sales volume was down 45% compared to the first quarter of 2024, failing to maintain a momentum driven by Solana-based collections and Bitcoin Ordinals in the fourth quarter of 2023.

Despite the downturn in volumes, the Web3 community continues to be optimistic about the asset class’s potential resurgence.

Interest in NFTs can peak again

Mohsin Waqar, the CEO of Web3 gaming platform Senet, expressed a strong belief that NFTs can rise again as more industries find ways to integrate the technology. The executive highlighted that there would be renewed and sustained interest if the tech becomes more user-friendly. Waqar said:

“Yes, I believe interest in NFTs can peak again, particularly as the technology and its applications continue to evolve. The initial hype phase was driven by curiosity and speculation, but the next peak will likely be driven by genuine utility and mainstream adoption.”

Anoir Houmou, the CEO of the Sui-backed video engagement platform RECRD, argued that NFTs are already “witnessing a healthy adoption rate.” The executive pointed toward use cases like gaming, where NFTs are becoming more prominent.

The executive also said integrating NFT minting and tradeability into loyalty programs can open the ecosystem to brands and advertisers.

“For example, driving endorsements and collaborations with brands can significantly boost the visibility and credibility of NFTs, attracting a broader audience and enabling a more transparent environment for valuation and trading,” Houmou added.

NFTs are still an “extremely powerful” token standard

Jonathan Perkins, the co-founder of NFT marketplace SuperRare, compared the space to the early days of the internet. Perkins highlighted that most people wrote the internet off as a “toy for nerds” or something that’s used for “scams and porn.”

However, the executive pointed out that today’s internet has become so integrated that people do not think of using it anymore as much as they think about just using their phones. The executive believes that NFTs may have a similar trajectory in the future. He explained:

“NFTs are an extremely powerful token standard, and nothing has fundamentally changed about their utility or value. I believe we'll see trillions of dollars of value represented in NFTs over the next ten years.”

Meanwhile, Dave Catudal, the co-founder of social monetization platform Lyvely, believes that NFTs being valued as collectibles “will be met with resistance for some time.” The executive noted that the asset class must show their worth to be taken more seriously by a broader user base.

Despite this, the executive still believes that the technology and utility of the asset class will continue to grow.