NFT's in Healthcare
Updated: Nov 28, 2022
So much has attention has been paid to the NFT craze. One report suggests that the market size is expected to reach >$60Bn by 2031 with a CAGR of 19.2%.
But as we have also seen, the Bored Apes and CryptoPunks pictures have fallen from their dizzy heights to become virtually worthless, and sales on OpenSea have plummeted - after reaching a peak of approximately $5 billion in January, OpenSea sales fell sharply in August when it generated only $502 million — an 89% decline within seven months.
As the above report suggests, the types of NFT projects vary, but the most disappointing perhaps statistic is the market for utility NFTs. It is unfortunate, but not entirely surprising, that the focus has not landed here. In an hype cycle, in an unregulated market, cowboys will prevail.
At Catena.mba, however, we remain quietly optimistic. There is, perhaps, nothing more broken than Healthcare, and nothing quite as urgent as saving the planet. Our mission is to help companies meet these challenges in novel ways, to provide measurable value and to create leaders in uncontested markets. We believe that NFT's are part of that story. This article focuses on Healthcare, but the Circular Economy use cases are just as valid - something we will explore in a future article no doubt.