NFTNYC 2023 Recap: Safeguarding NFTs

My Neighbor Alice CEO, Lenny Pettersson, spoke at the three-day NFTNYC conference, which happened between April 12th and 14th, alongside other NFT projects and creators—sharing his insights with calmer than usual audiences to highlight the shifts in NFT for games, metaverse, as well as the importance to protect NFTs from falling in price.

Speaking on the recent uptrend in investing in collectibles and gaming assets, Lenny has highlighted how blockchain games are now at the forefront and equivalent to the mainstream gaming industry. The younger investors are now looking to invest in blockchain games with reliable and credible development teams, with a much lesser interest in the token ecosystem of a project than in previous years.

Another spotlight moment for Lenny was the moderation of a panel discussion on “NFTs: Placing More Power in Players’ Hands”, Lenny discusses the potential of a significant IP that offers interoperability through NFTs and the importance of keeping a healthy relationship between developers and players.

He closes off his topic by addressing the issues of falling NFT prices. Although there is no guaranteed way to protect an NFT from falling in price from various factors, which includes market sentiment, supply and demand, and broader economic trends. 

Lenny advises NFT collectors to take additional steps to help mitigate the risk of their NFTs losing value by doing a thorough research and due diligence before buying an NFT. Look into the artist or creator, the rarity and uniqueness of the NFT, and the historical sales data for similar NFTs. Information on credible news channels to help investors make informed decisions and avoid overpaying for an NFT.

In most cases, diversifying the NFT holdings by investing in various assets with different creators and themes can help spread the risk and reduce the impact of any individual NFT losing value. NFT collectors were advised to take a long-term approach to NFT investing and focus on assets with long-term potential value, such as those with strong community support, unique functionality, or historical significance. 

About My Neighbor Alice

My Neighbor Alice is a social online multiplayer builder game built on the Chromia blockchain platform. The project is designed to promote an end-to-end blockchain game ecosystem that allows for an easy transactions within the NFT and gaming community. 

The technology behind My Neighbor Alice is based on a staking and renting system. The system is being developed and will debut next year, allowing users to rent their NFTs for even more significant earnings potential. Ultimately sets them apart from other play-to-earn games. My Neighbor Alice aims to become a dominant entity in the blockchain gaming space and seeks to maintain and develop a vibrant community for diverse players.

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