NFTs: Beyond the Hype – Galaxis CEO Reveals Evolving Potential



Are NFTs Dead? CEO of Galaxis Believes They’re Evolving

Summary

CEO and founder András Kristof believes that as people become more educated about NFTs, the focus will shift towards their utilities. Despite the general perception that NFTs are dead, there are signs of life in the industry, with companies like Pudgy Penguins and Doodles expanding into physical toys and collaborations with well-known brands. Galaxis, a post-hype utility NFT platform, aims to create a platform that goes beyond the hype and offers creators a way to monetize their work using NFTs.

Introduction

András Kristof, founder of Galaxis and the inventor of Tembusu Terminals, believes that the current perception of NFTs being dead is a misconception. He points out that people are increasingly engaging with digital collectibles worldwide, and there are signs of life in the NFT industry, such as collaborations with established brands and expansion into physical toys.

Main Points

Kristof’s Galaxis platform allows creators to monetize their work and engage with their audience using NFTs. Instead of focusing on the hype surrounding NFTs, Galaxis aims to build a utility-based platform that evolves beyond the copycat and scam NFT craze. The recent NFT market collapse, triggered by a fall in demand and the slump in the cryptocurrency market, has wiped out billions of the combined value of all NFTs in circulation.

However, new use cases are emerging that utilize the unique properties of NFTs, such as cross-chain NFT movement. The gaming sector has also proven to be a promising area for NFTs, with some games attracting thousands of users daily. Galaxis is actively engaging its community through games and even organizing a battle royale-style competition with valuable Crypto Punk NFTs as prizes.

Galaxis believes that the tradability factor sets their platform apart from others. NFTs can be traded, allowing people to convert their loyalty rewards, such as free pizzas or access to events, into cash. This opens up possibilities for various industries, including concerts, retail brands, and sporting events, to utilize NFTs as membership cards that offer tangible benefits beyond ownership.

Conclusion

While there may be doubts and limitations surrounding NFTs, András Kristof and Galaxis believe that NFTs are far from dead. Instead, they see NFTs as an evolving technology with the potential to revolutionize commerce, community engagement, and monetization for creators. With ongoing developments in the industry and the emergence of new use cases, it is clear that NFTs are here to stay.

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