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Untrading co-founder and CTO Yale ReiSoleil, Jr. shared insights on the future of finance and blockchain technology in an exclusive interview with crypto.news.
At age 16, ReiSoleil founded Untrading, a cryptocurrency and non-fungible token (nft) trading platform that allows users to earn future rewards for their sold assets. This is possible thanks to a technology described in an ethereum improvement proposal called ERC-5173 – nft Future Rewards (nFR), of which he is a co-author.
ReiSoleil says his interest in coding and development stemmed from his love of video games, citing his interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.
Here is the interview with the 17-year-old CTO of Untrading.
Q: We've seen major nft collections drop 90% in the current market. Are nfts about to disappear?
A: nfts are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some major collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of nfts as a technology or as a valuable asset class.
It's important to recognize that the nfts most people are referring to are the speculative, often copycat, lazy and childish caricatures that have flooded the market of late. These unimaginative imitations of previous category-creating projects, such as Cyberpunks and CryptoKitties, have relied heavily on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The disappearance of these low-effort “collections” is not surprising and is arguably necessary for the market to mature.
However, the nft framework itself has immense potential beyond these speculative projects. As the market evolves, we can expect to see a shift towards nfts that offer tangible benefits, real-world use cases, and long-term value propositions.
Q: “The true power of nfts lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance, and value creation.”
A: As the underlying blockchain technology and smart contract capabilities continue to improve, nfts will play an important role in various industries. From games and art to supply chain management and intellectual property rights, nfts have the potential to revolutionize the way we create, own, and exchange assets in the digital age.
Additionally, nfts offer a unique opportunity to properly leverage the value of asset ownership provenance. By providing an immutable and transparent record of an asset's history, origin, and ownership, nfts can unlock new streams of value and create more equitable markets for both creators and owners.
In conclusion, while the recent price drops in speculative nft collections may seem alarming, they are a necessary step in the market maturation process. The demise of unimaginative copycat projects paves the way for the emergence of more sustainable, value-driven nft ecosystems. As technology advances and awareness increases, nfts are poised to play an important role in shaping the future of asset ownership and value creation in the virtual and real world.
Q: How do you see the future of blockchain technology for widespread use in 2030?
A: This is a complicated question as we will definitely see drastic changes in the coming years. Just look back 6-7 years and see how dated everything seemed then. This technology is advancing extremely quickly, and in retrospect any projections will likely turn out to be absurd.
However, if I had to make a few, I think the main improvement we should see is a drastically better user experience (UX) and onboarding. It is foolish to expect that anyone interested in using blockchain will have to learn several complex concepts and navigate a minefield that could easily result in loss of funds or errors if they are not careful.
The current complexities surrounding this technology make its mass adoption extremely difficult. However, it is still important for users to have control over their own keys and funds, and this is where externally owned accounts (EOA) and account abstraction will shine. Only once we have achieved ease of use can we see a massive increase in usage, which in turn would pique the interest of more people and lead to greater innovation. It's a great positive feedback loop.
