According to Cointelegraph, Web3 executives believe that the recent decline in nonfungible token (NFT) prices is not a sign of distress, but rather an indication that the technology is maturing. Decentraland Foundation executive director Yemel Jardi made these comments in response to a September report from dappGambl, which analyzed over 73,000 NFT collections and found that up to 95% of the NFTs studied had no value. Jardi attributed the falling NFT floor prices to speculative trading and emphasized that the value of NFTs should be tied to their utility.

Anjali Young, co-founder of tokenized community-management platform Collab.Land, also expressed her belief that NFTs are here to stay and will be increasingly used for loyalty programs, rewards, advertising, and proof of authenticity in the coming months. Jardi added that governments and institutions will likely leverage NFTs for various use cases in the future, and the entertainment sector is another significant market for the NFT industry to capture. The NFT market capitalization currently stands at $5 billion, according to data from Forbes Digital Assets.