Nonfungible tokens (NFTs) have generated mainstream interest over the last year. A yearly market report from NonFungible found that the total value of all NFT transactions worldwide surpassed more than $17 billion in 2021, up from $82.5 million in 2020. The report also pointed out that “NFT” was selected as Collins Dictionary’s word of the year for 2021.
Given the increasing amount of interest NFTs create, a number of events dedicated entirely to nonfungible tokens are also taking place, attracting a mix of both crypto enthusiasts and non-crypto natives. This was recently seen during NFT LA, a four-day-long conference that took place in downtown Los Angeles from March 29 to April 1, 2022. The organizers behind NFT LA told Cointelegraph that the event attracted over 3,500 people.
Web3 education and onboarding were major themes
While NFT LA featured a number of panels on different topics from over 250 speakers, there was a large focus on Web3 education and ways to onboard new users into the space. For example, Johnna Powell, global co-head of ConsenSys NFT — the NFT wing of Ethereum software developer ConsenSys — told Cointelegraph that the organization is particularly focused on enabling users to easily utilize a MetaMask wallet. Powell explained that she spoke about ways to ensure that Web3 resonates with the mainstream during her panel discussion at NFT LA:
“When people get excited about NFTs, it’s not necessarily because they are thinking of Web3 or crypto. Rather, people are thinking about collectibles like stamps or trading cards. When NFTs are purchased through our platform, we want to create an easy user journey that introduces individuals to Web3.”
Powell noted that ConsenSys NFT works with large brands and IP owners to enter the NFT space. In turn, these organizations are able to drive users to the ConsenSys NFT platform. “We then ease individuals into Web3 wallets like MetaMask,” said Powell. Once non-crypto natives become comfortable using a Web3 wallet, Powell believes that newcomers…