Teenage Crypto Executive Slams “Lazy” NFTs, Predicts “Drastic Changes” Ahead

Co-founder and Chief Technology Officer at Untrading, Yale ReiSoleil, Jr., shared his insights on the future of finance and blockchain technology in an exclusive interview with crypto.news.

At 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to earn future rewards on their sold assets. This is made possible by a technology described in an Ethereum improvement proposal called ERC-5173 — NFT Future Rewards (nFR), which he co-authored.

ReiSoleil says his interest in coding and development stems from his love of video games, citing his interest in “discovering flaws that would allow me to progress faster or unlock hidden features,” he says.

Here is the interview with the 17-year-old CTO of Untrading.

Q: We've seen top NFT collections drop 90% in today's market: are NFTs on their way out?

A: NFTs are currently experiencing a market correction, as is the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that pushed prices to unsustainable levels at the height of the hype cycle. However, this correction does not signal the end of NFTs as a valuable technology or asset class.

It's important to recognize that the NFTs most people are referring to are the speculative, often copied, lazy and childish cartoons that have flooded the market in recent times. These unimaginative imitations of earlier category-creating projects like Cyberpunks and CryptoKitties relied heavily on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The disappearance of these low-effort “collections” is not surprising and undoubtedly necessary for the maturation of the market.

However, the NFT framework itself holds immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift toward NFTs that offer tangible benefits, real-world use cases, and long-term value propositions.

Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real assets, enabling new forms of ownership, provenance and value creation.

A: As underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play an important role in various industries. From games and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize the way we create, own and trade assets in the digital age.

Additionally, NFTs provide a unique opportunity to properly realize the provenance value of asset ownership. By providing an immutable and transparent record of an asset's history, origin and ownership, NFTs can unlock new value chains and create fairer markets for creators and owners.

In conclusion, while the recent price drops of speculative NFT collections may seem alarming, they constitute a necessary step in the market maturation process. The demise of unimaginative copy projects paves the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are poised to play a significant role in the future of asset ownership and value creation in the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question because we will certainly see drastic changes in the coming years. Just look back 6-7 years and see how outdated everything seemed back then. This technology is evolving extremely quickly and any projections will likely be absurd in hindsight.

However, if I had to, I think the major improvement we should see is a significantly better user experience (UX) and onboarding. It is foolish to expect that anyone interested in using blockchain must learn several complex concepts and navigate a minefield that could easily result in loss of funds or errors if not careful .

The current complexities surrounding this technology greatly hinder its mass adoption. However, it is still important that users have control of their own keys and funds, and this is where External Accounts (EOA) and account abstraction will shine. Only once we achieve ease of use can we see a massive increase in usage, which in turn would attract the interest of more people and would lead to more innovation. It’s a great positive feedback loop.