Yale ReiSoleil, Jr., co-founder and Chief Technology Officer of Untrading, discussed the future of finance and blockchain technology in an exclusive interview with crypto.news.
At the age of 16, ReiSoleil launched Untrading, a platform specializing in non-fungible tokens (NFTs) and cryptocurrency trading. The platform enables users to receive future rewards from the sale of their assets, facilitated by a technology detailed in Ethereum Improvement Proposal ERC-5173 — NFT Future Rewards (nFR), which he co-authored.
ReiSoleil attributes his passion for coding and development to his early interest in video games, where he enjoyed uncovering loopholes to advance quickly or unlock hidden features.
Here’s the interview with the 17-year-old CTO of Untrading.
Q: Major NFT collections have seen a steep decline recently. Do you think NFTs are losing momentum?
A: The current downturn in some major NFT collections mirrors the broader correction in the crypto market. The significant drop, up to 90% in some cases, reflects the speculative frenzy that inflated prices to unsustainable levels during the peak hype. However, this correction doesn’t signify the end of NFTs as a technology or a valuable asset class.
It’s crucial to differentiate between these speculative, often derivative, simplistic artworks flooding the market recently. These uninspired imitations of earlier pioneering projects like Cyberpunks and CryptoKitties primarily relied on speculative buying, hoping to attract buyers at ever-higher prices. The decline of these low-effort “collections” is not unexpected and arguably necessary for the market’s maturation.
Nevertheless, the NFT framework itself holds tremendous potential beyond these speculative endeavors. As the market evolves, we anticipate a shift towards NFTs offering tangible benefits, practical applications, and sustainable value propositions.
Q: “The real potential of NFTs lies in their capacity to merge virtual and real-world assets, opening new avenues for ownership, provenance, and value creation.”
A: With ongoing advancements in blockchain technology and smart contracts, NFTs are poised to revolutionize multiple industries. From gaming and art to supply chain management and intellectual property rights, NFTs promise to reshape how assets are created, owned, and traded in the digital era.
Furthermore, NFTs present an opportunity to fully realize the value of asset provenance. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and foster fairer marketplaces for creators and owners alike.
In conclusion, while recent price declines in speculative NFT collections may raise concerns, they are a necessary step in the market’s development. The decline of uninspired projects clears the path for more sustainable and value-driven NFT ecosystems. As technology advances and awareness grows, NFTs are set to play a pivotal role in shaping the future of asset ownership and value creation, both virtually and in the real world.
Q: How do you envision blockchain technology’s mainstream adoption by 2030?
A: Predicting the future in such a rapidly evolving field is challenging, given how much has changed in the past 6–7 years alone. Blockchain technology evolves swiftly, making any forward-looking projections likely to appear outdated in hindsight.
However, one key area for improvement should be significantly enhancing user experience (UX) and onboarding processes. Expecting users to grasp complex concepts and navigate potential pitfalls leading to financial loss is impractical. Simplifying these complexities is crucial for broader adoption. Nevertheless, maintaining user control over their keys and funds remains paramount, where concepts like Externally Owned Accounts (EOAs) and Account Abstraction can play a pivotal role. Easier usage will drive increased adoption, fostering greater interest and innovation in turn—a positive feedback loop.
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