NFTs
Web3 experts cite innovation and PR as key challenges for NFT adoption — TradingView News
While non-fungible tokens (NFTs) may have solidified their position within cryptocurrencies, Web3 professionals believe barriers are preventing wider adoption of the asset class.
Web3 executives believe that the lack of new narratives, the reputational issues of the broader Web3 space, and the complicated user experience are hindering the mass adoption of NFTs.
Cointelegraph reached out to professionals working in the industry to ask what they think is holding back the wider adoption of NFTs and what the industry could do to overcome these barriers.
Lack of innovation and new narratives
Dave Catudal, the co-founder of social monetization platform Lyvely, believes the space needs new narratives and more innovation. “I think the main issue with reluctant adopters is the lack of innovation and new narrative in the space,” Catudal explained.
Catudal added that the market does not have a “technology problem,” but rather a PR problem. Catudal explained:
“Overhype, scams, and threats from bad actors nearly killed the industry the first time around, and developers will need to reinvent NFTs for their original value in creating traceable and tradable digital assets.”
Tyler Adams, CEO and co-founder of Web3 company COZ, expressed a similar sentiment. However, Adams believes that the reputation of the broader Web3 space affects the NFT space as well.
“The main barrier is the reputation of everything that involves the Web3 world. Unfortunately, the actions of a few end up affecting the image of the community as a whole,” added Adams.
Complicated and intimidating for non-technical users
James Toledano, COO of Web3 wallet Savl, believes that one of the main barriers to NFT adoption is the complicated process of creating, purchasing, and managing NFTs. The executive believes that this can be intimidating for non-technical users.
“It is crucial that we simplify these processes,” Toledano added.
Gabriele Giancola, co-founder and CEO of Qiibee, which helps companies tokenize loyalty programs, also believes that NFTs bring technical complexities and insights driven by hype. The executive believes that the space needs to demonstrate the tangible benefits of NFTs by emphasizing their practical applications.