Even though NFTs seem to have cemented its place in the world of crypto, the Web3 specialists are convinced that there are some hurdles which do not allow the wider classes of assets to enter the sector.
Currently, Web3 executives stated that there is no new narrative in NFT development, the Web3 industry’s reputation issue, and the system’s complexity inhibit the public’s increased acceptance of NFTs.
To get the answers to these questions, Cointelegraph turned to the professionals active in the sphere and asked them what they believe hampers NFTs’ adoption and what the sector could do to eliminate such issues.
Lack of innovation and coming up with good stories
Dave Catudal of Lyvely, the social monetization platform, was asked about his views on the sector and he opined that it requires new paradigms and to innovate. According to Catudal, the key problem of the reluctant followers is a lack of innovation and a new story in the market.
Catudal further said that the market does not have a tech problem, but has actually a public relations problem. Catudal explained:
“Raised hype, scams and the danger of bad actors almost killed the industry the first time and developers would have to re-imagine NFTs of what it was initially created for – to enable trackable and tradeable digital assets. ”
Tyler Adams, the CEO, and co-founder of Web3 firm COZ had a similar view. However, according to Adams, there is still a problem of association, where the problems experienced in the other areas of the Web3 universe also impact the NFT universe.
“The main issue remains the reliability of all what is connected to the Web3 world.” Unfortunately, several actions are damaging the image of the community, Adams said.
While relatively simple for the technical-oriented personnel, it becomes complicated and intimidating for common users.
Savl’s chief operating officer James Toledano said that one of the chief issues with NFTs is that the process of creating, purchasing and managing them is challenging. The executive also thinks that this can be rather daunting for those users who hardly ever take anything to the ‘tech’ level.
“These procedures must be made less complicated,” Toledano contributed.
Co-founder and CEO of Qiibee which assists companies to tokenize loyalty programs, Gabriele Giancola, also acknowledges that NFTs offer technical enormous complications and what he refers to as the ‘fomo effect’. According to the case, the executive feels that it has to show the usefulness of the space by explaining the application of NFTs.
Reclaiming the term NFT
LAOS Network co-founder Dr. Alun Evans explained the need for the “retracing” of NFT to its original meaning, noting that today hat abbreviation is almost solely relevant to digital assets. The executive explained:
Indeed, for while this is one example there are in fact many more – ranging from items traded in online games and virtual worlds including representational slices of real world assets, to tickets, certificates and much more.
Read also: New tool allows for the implementation of ‘No Code’ blockchain.
On the other hand, Justin Banon, the founder of the Fermion Protocol decentralized infrastructure network, is confident that these problems have already been solved, starting from demand, further through a rather challenging experience of using such solutions and, finally, the recognition of the market itself.
With regard to Banon, the difficulties encompassing demand will be resolved as soon as the next bull cycle shifts the market’s dynamics; the issue of creating a favorable user experience has already been enhanced greatly. However, the executive feels that as Web3 technology goes to the masses, the market will start to appreciate NFTs.