Fintech 21 Recap: Almost 99% of NFTs fail — so is Australia’s future really fungible?

Last week Sugar Glider Digital’s founder, Emilya Colliver spoke at the Fintech 21 Forum discussing ‘NFTs: Fad or Breakthrough?’ Reflecting on the topics discussed, this article by Smart Company relays ideas from leaders in the NFT space revealing what makes the 1% of successful NFTs.

“Non-fungible tokens, or NFTs as they are most widely known, are non-interchangeable units of data stored on a blockchain, allowing artists to create and sell unique tokens.

While the emerging technology makes waves across marketing, music, sport, art and event industries, many individuals and businesses alike remain sceptical.

But this scepticism isn’t solely rooted in Australia’s technophobic demographic, it’s also because of a simple fact: almost 99% of NFTs fail in the first few months, Crowd Media Group chief executive Judy Sahay told SmartCompany.

Sahay says that it’s a simple calculation: if an NFT doesn’t sell well in the first hour, then that’s it. It won’t.

Yet for the 1% that have succeeded — those that we see selling for millions upon millions — it all apparently comes down to marketing.” - Sophie Venz, Smart Company

Sugar Glider Digitals’s Founder Emilya Colliver speaking at the Fintech21 Forum ‘NFTs: Fad or Breakthrough?’

Emilya Colliver speaking at the Fintech21 Forum with fellow panelists Bobby Oparaocha, Judy Sahay, Mariella Mejia and String Ngyuen.