Offices with a view: “Innovations that occur in entertainment spaces quickly have a global presence,” Nayana Singh tells TheWrap.
Nayana Singh, General Manager of Products at ConsenSys, knows that more and more people are skeptical about NFTs, but she encourages them to “separate the hype from the technology.”
Singh, who entered the industry as one of Microsoft’s first product managers focused on blockchain, said:Service, told TheWrap this week office with a view“The price of the underlying cryptocurrency may have fallen, but that doesn’t mean business use cases, supporting NFTs, or collectibles themselves are different or fewer.”
Despite the recent plunge in cryptocurrency stock prices, Singh quipped, “The concept of NFTs hasn’t changed…the concept of owning something digitally and having it tied to you alone hasn’t changed.” ‘ reminds me.
In fact, according to Singh, recent crashes may be due to the technology not being used for its intended purpose. Most notably, when individuals or groups create “trusted intermediaries” and mispromote themselves in the NFT space. This is an incompatible concept. We use NFTs because the technology relies on decentralized networks.
“Unfortunately, people invested a lot in centralized exchanges, which created a lot of negative perception because they were not using the technology as intended,” Singh said. says Mr. “You don’t have to trust anyone, there shouldn’t be a trusted middleman. Everything that crashed was caused by a centralized media entity, but unfortunately they called themselves Web3 or NFT positioned as.”
As the mainstream community unravels the hype and controversy surrounding NFTs and begins to pay attention to their use cases, Singh predicts that the entertainment industry can lead the way for NFTs.
“The entertainment space is the most visible space, so any innovation that happens in the entertainment space will immediately have a global presence,” said Singh. “What people don’t realize is that it’s actually laying the groundwork for so many other industries…in many ways, the entertainment industry is going to be a big part of the disruption that’s happening in the NFT and he Web3 space. is a role model.”
As Hollywood steps into NFTs, Singh believes the entertainment industry will “simplify and humanize” technology and make it accessible to everyday users, encouraging other consumer industries to follow this path. By encouraging , he says he is bringing technology one step closer to mass media.
While the entertainment industry is just one way to make NFTs more accessible, Singh highlighted how NFTs can be better leveraged for innovation across industries such as gaming, retail and supply chains.
“Whether you are a creator, a collector, a developer or an investor, there is a platform for everyone, wherever you are in the NFT world,” Singh said. “There is so much innovation going on. If there is not enough innovation, there is an opportunity to innovate in this particular area as well.”
What is the path forward for those skeptical of NFTs?
Make sure you are educating yourself in the right way. Reading articles that are hyped in some way doesn’t get you the right news. Same with political parties. If you keep reading things based on one party, you never see the other side. Likewise, if you read about the hype because of what happened in the industry, read the technical side of it too.
What have you learned from the industry that you would like to pass on to those struggling in their careers?
I’m a tech woman so things are never easy. Do not give up. I don’t understand the word “no”. When people hear the word “no” they should really think of “no” as a very temporary object. Whether you’re struggling at your current job or struggling in your career, [or] Everything is temporary in your personal life. Negative events and obstacles are temporary and we need to find a way around them.
What do you think is the key to your career success?
Having a strong network and a strong support system is very important. we are human There are good days, bad days, strengths and growth areas. [Having] Someone who can be in our corner and have very open discussions and help us navigate or who sees things in a way that they see things in a way that is very different to you Someone to give you perspective… on how you get back to work the next day and navigate things.
This interview has been edited for length and clarity.
