So, Mint and Noves are hoping to de-villainize NFTs a bit…Let’s get real though, actually trying to figure out the NFT space has been like translating Sumerian Cuneiform for way too long.Their collaboration, heralding human-readable transactions, is a move appreciated in the right direction.Reversing blockchain gibberish into plain English doesn’t necessarily address the big issues with NFTs.I'm not so sure.

NFTs are Now Easier, So What?

Noves’ Translate API melting hex strings into something your grandma would (probably) understand is awesome. Their Foresight simulation allows you to preview a transaction before you pay. In this manner, you can ensure that you aren’t inadvertently sending your precious ape to the incorrect address. Presto! This feature is particularly beneficial to our Mint Studio users (Mint Studio is a low code NFT creation platform on the Mint Blockchain).

Making NFTs easier doesn't automatically make them better. Easier to buy into hype? Easier to get rekt? More difficult for unsophisticated traders to collude against the market? Possibly.

Think about it: We simplified online banking. Did that eliminate financial scams? Nope. It just made them more sophisticated. One can only hope that principle holds true for NFTs as well. Mint and Noves are collaborating to ensure greater usability on the blockchain. Their partnership does little to address the larger issues that have made the NFT sector’s overall reputation so toxic.

Beyond Jargon What About Real Value?

The most dangerous part about NFTs isn’t the confusing web3 terms. It’s the deleterious idea that so many capital projects have no inherent public value. How many times have you heard someone say, “Ugh, I just don’t understand NFTs. If we can teach them hexadecimal this is not a problem. The truth is they just don’t understand why they should pay hundreds of thousands of dollars to own a digital image of a bored ape.

  • Speculation: The NFT market has been plagued by speculative bubbles, with prices driven by hype rather than genuine utility or artistic merit.
  • Utility: Many NFT projects lack real-world applications or tangible benefits for holders.
  • Environmental Concerns: The energy consumption associated with some blockchain networks has raised concerns about the environmental impact of NFTs.

Noves and Mint are paving the way, but where exactly is that road taking us? Are we, in the process, creating a more accessible and valuable NFT ecosystem, or merely a more efficient casino?

Consider art. For centuries, art collecting has been an activity limited to the elite few, almost always wrapped in a veil of exclusivity and insider expertise. NFTs have indeed promised to democratize ownership of art, but is that what’s happening? Or has it merely unleashed a new breed of digital art speculators? Doing so would do little more than worsen the current challenge of market manipulation and price gouging.

Democratization Or Just Efficient Manipulation?

One of the biggest promises of Web3 is democratization, to empower the people. By these examples, does easing transfer of ownership of an NFT truly democratize access? Or does it just provide cover for incumbents to continue playing market favorites?

I worry that focusing solely on technical improvements without addressing the ethical and regulatory considerations will lead to a more efficient, but ultimately still unfair, system. We need to ask ourselves:

  • Are we creating a more inclusive and equitable NFT ecosystem?
  • Or are we just making it easier for a small group of people to profit at the expense of others?
  • Do we risk alienating more people and accelerating the death of NFTs if we don't get real-world utility right?

Noves' Foresight feature, while helpful in preventing errors, doesn't protect users from making bad investment decisions. You can preview sending your ETH to an individual project. It won’t give you a heads up if that project is a scam. That takes education, critical thinking, and yes, a healthy dose of skepticism.

Statistics from the last year show a drastic drop in NFT trading volume. Even the most anticipated projects have seen their floor prices take a dramatic tumble. This is indicative that the initial craze is over, and the market is correcting itself. Focusing on making transactions easier may give an immediate bump in the short-term, but it doesn’t get to the heart of why people are staying away.

Mint’s partnership with Noves is a move towards prioritizing ingenuity and collaboration over outdated processes. It really fills a pain point for users and developers. It’s only part of the picture. Let’s focus on creating tangible real-world value. To do this, we need to support responsible innovation and build a more equitable and transparent NFT marketplace. Only then can we start to really realize the value of NFTs and the Web3 space. That's when it will be enough.