With the rise of non-fungible tokens (NFTs), the crypto space is becoming increasingly creative with these digital assets and looking for ways to make them even more functional. As part of this innovation, the concept of “NFTFI” has emerged — the application of traditional DeFi technology to NFTs — to make these tokens even more capital efficient. This concept has been transforming the way people think of pet rocks and pixel art and has been gaining traction as more platforms emerge to give it life.
At the forefront of this emerging culture is Julian Holguin, CEO of NFTs-focused project Doodles. As he made his way to the NFT Paris event in 2021, Holguin had some interesting thoughts to share about the space — particularly for optimists who once used the acronym WAGMI (or “we’re all going to make it”) as a mantra on Twitter.
The space had certainly experienced a major fall from its highs in 2021, with multiple projects failing and the headwinds of the bear market proving to be challenging for many. As a result, Holguin observed deeper connections forming in the communities surrounding NFT projects as a sign of resilience.
Holguin also saw hope in the rise of NFT-focused events like NFT Paris, which has provided a beacon of positivity to the space. Events like these provide a much-needed chance to step away from the doom-scrolling and echo chambers of the crypto winter, while offering attendees a chance to connect with others in person.
For Holguin himself, this has been a breath of fresh air after coming off a two-year stint as president of Billboard. His focus now has shifted to shipping product and not talking so much about it — letting the products, like “money legos,” do the talking instead.
Just like with traditional DeFi, users are able to utilize lending and borrowing platforms to increase liquidity without having to sell their precious Doodles. And even at the early stages of adoption, this idea has been gaining traction, with over twenty-three million dollars in activity already recorded. On top of that, new decentralized exchanges like SwapStation and NFTX have been created to further develop a liquid market for trading these assets.
Overall, in the midst of the crypto winter, Holguin believes that the NFT community is working hard behind the scenes to build something their communities can proudly be proud of — a sentiment that is bringing life to these pet rocks. With traditional DeFi tech boosting the functionalities of these assets, the rise of in-person events, and a newfound sense of connection within the communities, NFTs are slowly but surely paving their own destiny. So while WAGMI may not be all that officially associated with the space anymore, it is clear that we are all going to make it through this period of development together.
