How institutional grade NFT custody will boost mainstream adoption of NFTs
Similar to Cryptocurrency Custody, NFT Custody is a pre-requisit for NFT maintream users towards a NFT market that has the potential to reach several USD trillion marketcap.
Cryptocurrency custody (e.g. Coinbase) has been a catalyst for cryptocurrency mainstream adoption in the past and helped grow cryptocurrencies to reach a USD 3 tn market cap. The reasons were that Cryptocurrency custody enabled user-friendliness, enhanced security and reduced cost.
Currently the NFT space mainly targets collectors and artists taht use self-custody wallets. This provides the same barrier to entry for mainstream users Cryptocurrency in ca. 2012. First marketplaces offer custody services. While some major platforms that offer custody only support selected NFT collections, most other platforms provide only custody on encrypted databases.
Platform operators, early collectors and creators need to be aware of custodial solutions to drive mainstream adoption. They also might want to avoid being vulnerable to the very same hacks that hit Cryptocurrency self-custody holders as well as custodians and exchanges in the early days of Crypto.
I myself had to witness nearly 10.000 BTC getten stolen from a friend in the early days. I want to help NFT collectors stay safe and avoid this pain.
The talk will speak about the history of self-custody and custodians, the effect on Cryptocurrency adoption, what is needed to make NFTs secure and user friendly - and how custodians can contribute to this, best practices for custodians and what to look for as a platform operator, challanges and difference between Cryptocurrency and NFT custody, what offerings custodians can enable for creators and collectors in the future. Potnetially a demo of our custody platform if this is of interest.