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NFTs Offer Cultural, Crypto Bridge out of Fiat

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Non-fungible tokens (NFTs) are inextricably tied to blockchain technology and the wider crypto ecosystem by the nature of their technical design.

In the early days of the technology, this meant there was a significant overlap between the community of people who created and collected NFTs and those with an interest in what had previously been the primary use case for blockchains — cryptocurrency.

In the last few years, NFTs have been picked up by artists, gamers, marketers and others with an interest in owning digital objects. Yet with growing mainstream acceptance, a host of actors who previously had no interest in crypto have now found themselves face-to-face with Ethereum and other related blockchains.

As Eytan Messika, co-founder and CEO at French-Israeli crypto startup Nilos, told PYMNTS in a recent interview, “NFTs were the bridge from culture to crypto.”

It was from this observation that NFTs had brought a range of “culture-type businesses” into the crypto market that Nilos, which this week (Sep. 21) announced a $5.2 million funding round, was founded as a…

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