NFT and Metaverse — Issues and problems in the ecosystem.

The problems and painful experiences in the current NFT markets.

NFT Ecosystem issues and problems.

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.

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.

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.

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