Christine Brown, COO and co-founder of NFT startup Floor, believes that much as Dogecoin helped introduce the crypto world to a new audience, NFTs can do the same. She said the wide array of potential use cases could make non-fungible tokens another accessible gateway into crypto.
The former COO of Robinhood Crypto highlighted economics, education, and emotion as three barriers to entry to crypto. Brown says buying crypto requires money and there’s a risk associated with any cryptocurrency, especially volatile meme coins like Dogecoin. The executive shared that when she was with Robinhood, people were reluctant about DOGE as it was a meme coin. They asked why should they support and trade it and felt that it was a “bad thing” for the overall crypto market.
Brown says Dogecoin got a bad rap. She pointed out that the meme coin does not get the credit it deserves for helping onboard people into the space. Onboarding, in terms of education, remains one of the biggest challenges in the crypto space. This is quite evident when it comes to handling crypto assets in a self-custody wallet. Brown said education is an ongoing piece of crypto onboarding. It’s going to be informational, and some will be baked into products that evolve in this space over time. She outlined that the educational perspective has to be lowered as it’s handled from a product perspective.
The emotional barrier is big because potential investors may be held back by questions over whether they can really understand the space and should be handling crypto. Brown says Dogecoin added layers of fun and accessibility to help ease those concerns for some buyers. It made it easy for people to say that it’s a coin with a dog on it and start from a minimum of $1. People can just try it out and see what happens. It’s like dip and see!
In regards to her new NFT startup Floor, Brown said it’s focused on NFT collectibles. Investors can buy an NFT as an access pass to the platform. It lets users view their NFT holdings and see changes in valuation.