RECUR is betting on the future of nonfungible tokens, even with hype and NFT trading volume at an all time low.
The buzz and hype have faded, but RECUR, a company that helps brands create and build communities around nonfungible tokens, is still building out its infrastructure and making future plans. According to a recent analysis by Dune Analytics, NFT trading volume has dropped 97% from its 2022 highs. Trading volume went from $17 billion in January to around $466 million in September, according to cumulative data from OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible, and Foundation.
But there are some real questions around whether this is going to keep working, especially as even the biggest and most hyped NFT projects have seen significant drops in floor price in 2022. Zach Bruch, co-founder and CEO of RECUR still thinks there is a future in NFTs. MarketWatch spoke to him to ask how this is going to work, challenges to keeping NFTs relevant, and what he foresees the space to look like in the next few years.
AD: Say that I want to create an NFT collection and work with you. What are you providing me that I can’t just do myself using another NFT-creation platform? ZB: Thing that we’re noticing is that most people are looking at NFTs in a very one dimensional myopic way, when the reality is, is Web3 is about unlocking consumer and social markets in a way that was never before possible. And Web3 can and will transform every consumer experience and every consumer products business. So there are all sorts of different use cases that we’re now seeing a lot of large corporates and enterprises come to us with.
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