In the words of Giovanni Petrantoni, chief executive and founder of Fragnova, \”The era of inflated NFT values has come to an end, yet this does not affect blockchain technology itself.\”

The NFT market’s 92% plunge in sales this August could very well indicate the collapse of the non-fungible token sector, a point emphasized by Giovanni Petrantoni, CEO and founder of Fragnova. He elaborates on the stagnation faced by the NFT market and how large companies are rushing to halt their non-fungible token ventures.

When Team17 and GSC Game World revealed their plans for NFTs in franchises like Worms and S.T.A.L.K.E.R. 2 earlier this year, they experienced a backlash from both gamers and media, leading to a complete drop of the initiative. This highlights what often happens when fresh concepts are forced into well-established franchises, offering little value to players or developers alike.

says Petrantoni

Mojang Studios, the creators behind Minecraft, along with several other companies in the gaming industry, have also decided to reject the idea of releasing their own NFTs. However, this shift is unlikely to significantly impact the blockchain technology sector. games or products for the GameFi While Petrantoni is not fond of non-fungible tokens, he firmly believes that blockchain technology has a promising future independent of NFTs.

NFT is not the same as blockchain

The rise of NFTs has inadvertently painted blockchain technology with a negative brush. Many individuals mistakenly equate NFTs with blockchain, leading them to associate the technology with scams or with concepts that hold no real value.

Game developers are increasingly leveraging blockchain technology to streamline their processes. For instance, Microsoft Xbox used to spend 45 days settling royalties with partners, but with the advent of smart contracts facilitated by blockchain, that time has been drastically cut down to roughly four minutes. The vision for the Fragnova ecosystem is to further enhance these smart contracts, allowing companies to effortlessly transfer royalties to all participants in the game development process.

the expert promises

Overall, the expert predicts a growing trend where game development firms will increasingly adopt blockchain solutions while moving away from NFTs.

Giovanni Petrantoni brings over 15 years of experience in the gaming field to Fragnova, having previously worked at Silicon Studio and contributed as a developer to ETH2/libp2p. Fragnova operates as a decentralized marketplace where creators receive direct and ongoing royalties for games and assets that are fully maintained on the blockchain. entirely.

Reference

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