The NFT market is the talk of the creator, gamer, and media world, isn’t it? Every industry from real estate to sports to media is fascinated by NFTs but that doesn’t make its limitations disappear. Here are the top 3 challenges in the NFT marketplace and the best strategies for creating sustainable solutions.
Expectations Vs Reality
Most of the artists who haven’t entered the NFT market as well as the ones who are new to it have a long list of unrealistic expectations from it. A lot of them believe that it’s very easy to be a part of the NFT market — just tokenize a piece of digital content and you will have a long queue of people with bags of money ready to buy it.
Alas! That’s not how it works. The reality is far far away from such an illusion. The NFT markets of today are complicated and cumbersome with a labyrinthine maze of steps before you actually reach the money. The huge upfront costs involved to make an NFT and gather buyers add up to these pressures.
The fact is only those artists who already have an established presence are able to maximize money selling NFTs. One such example is Beeple or Bansky. But almost every other artist has been vocal that without an established audience it’s hard to sell.
You can find the traces of these voices in places like Twitter and Reddit where artists are trying hard to #shill 🤑🤑 their work.
Thus, what artists and creators need is a space that allows them to not only sell but first build a potential audience base, a community-supported set-up to accelerate their fan base.
Platform Influx and disorganized
Let’s first talk about how the platforms available in the market are very unorganized. They are built on the assumption that the customers and artists of the world understand NFTs. They are open platforms but not curated. It becomes hard and time-consuming to search for a particular artist or type of art. However, there are some curated marketplaces as well. But, here the catch is — they allow only selected artists to join, which may keep it organized but also keeps most artists from participating.
This leaves artists looking for ways to promote their work on a few sites but not without sharing a cut of the profits. Or else you will have to do everything on your own, from marketing yourself, promoting your work, sharing links, and letting people know where they can buy your NFTized work, making it hectic and chaotic.
The curators and the customers are also in a dilemma leaving everyone confused on which type of platform to join in.
Scams and frauds
The NFT market is plagued with many scams and fraudulent activities coming to the forefront. The market is still in an evolutionary phase and wrongful elements can hurt this evolution. Impersonation, theft, token fraud has resulted in fear among creators and curators. Artists like Laufman and Kurtz have tweeted about wrongful minting practices and stolen artwork. Technological innovation, robust ecosystem, and strong platform regulation will be the hallmark design to scale NFTs into a reality.
With these challenges in hand, we at Boolien are coming up with such a digital ecosystem. Based on the NFT and blockchain, it is a digital ecosystem to accelerate your network effect.
With an open-source culture and community-driven projects, we encourage creators to share their works with other creators. The more your work gets shared, the better reach you get as an artist. In addition, with collaboration in mind, we aim to resolve the above issues to create an ecosystem built on trust, empathy, and love for creation.
This will help artists and creators go past the obstacles and take advantage of every opportunity that comes their way.
If you have any inputs on the issues and problems of the current NFT ecosystems that we missed out, or you think need to be addressed share in the comments or shout out in our official channels.