1. Emphasizing Multi-Time Metric Frameworks

Kate emphasized the importance of moving beyond traditional metrics such as trading volume and floor price in evaluating NFTs. She proposed a multi-time metric framework that provides a more comprehensive understanding of NFT success by considering various stages of the NFT lifecycle. This includes metrics from deployment to minting to trading, allowing for a nuanced analysis that reflects true engagement and adoption in the NFT ecosystem.

2. Shifting Landscape of NFT Deployments

According to Kate, we are witnessing a dramatic shift in NFT deployments, with a noteworthy increase from 36k in October 2023 to 172k by October 2024 across various chains. Most notably, she pointed out that less than 0.5% of deployments were on Ethereum by December 2024, a stark contrast to the 70% recorded a year earlier. This trend signifies not only a diversification in platforms but also indicates evolving contexts for NFT usage beyond the Ethereum blockchain.

3. Expanding Use Cases for NFTs

Kate highlighted that the NFT market has matured beyond art and collectibles, with categories expanding into finance, identity, and gaming, among others. This instantiation reinforces that NFTs can represent any digitized or physical asset, broadening their utility. She pointed out that the public's understanding of NFTs is evolving, indicating a shift towards recognizing NFTs as the tokens that signify ownership and utility rather than just speculative assets.

4. Variability in Trading Metrics Among Blockchains

Kate illustrated the distinctive strengths of different blockchains by presenting trading metrics. In the last year, while Ethereum commanded 57% of the trading volume, Solana excelled with 1.6 million active trading wallets, generating considerable creator royalties despite its smaller market share. This insight stresses that active user engagement and creator sustainability might offer a more significant narrative of success beyond mere volume metrics.

5. Stakeholder Perspectives on NFT Success

It's crucial to assess success metrics from various stakeholder perspectives, according to Kate. Creators might value minting rates and royalties, whereas holders focus on unique holder concentration and utility benefits. Traders, on the other hand, may prioritize price volatility and market activity. This stakeholder-centric approach encourages tailored strategies for diverse audiences within the NFT market.

6. Insights from the OpenSea OS2 Launch

Kate provided a case study of the OpenSea OS2 launch which aimed to attract new wallets. She noted a substantial increase in new wallets trading, indicating that the launch successfully drew in first-time NFT traders rather than just transferring them from competitor platforms. However, she cautioned that the event did not significantly enhance retention among previously inactive wallets, indicating areas for improvement in user engagement strategies.