NFTs Are a 'Trojan Horse' for Crypto Adoption: NFT Factory President

Getting crypto into the hands of the masses may come one NFT at a time.

This is exactly what NFT Factory, an NFT-dedicated hub in the heart of Paris, is trying to offer within its 400 square meters physical building dedicated to NFT education.

“When we started this project we wanted to let as many people as possible discover NFTs and make them accessible,” NFT Factory president John Karp told Decrypt during this year's NFT Paris event.

NFT Factory is made up of around 130 tech and crypto leaders, artists, investors, and companies which include Blackpool, Ethereum France, Ledger, The Sandbox, and Sorare, where each of them is also a co-founder.

It's not just onboarding more people into Web3, but bringing together the oft-decentralized Web3 community, with physical installations and expositions to deep dive into all things NFT.

“Sometimes we say that NFTs are a trojan horse for crypto,” Karp told Decrypt. “We see physical art as the best way to touch as many people as possible.”

To further unite the community, NFT Factory has its own membership token in the form of NFT, owned by around 1,000 people who can get access to a closed space where they can have a cup of coffee, discuss things and generate business ideas.

Speaking of the overall state of the NFT market, which after an obvious decline last year saw another wave of activity in recent weeks, Karp said he believes that NFTs will be active regardless of market cycles.

Moreover, pointing to the big number of people attending the NFT Paris event, he believes that the bear market offers more opportunities from the standpoint of generating new ideas and developing new products.

“Of course, things will be much more active in the bull market, but when people say that the bear market is for builders, it’s for real. People are building, and they are building hard,” said Karp.