Web3 experts cite innovation and PR as key challenges for NFT adoption
While non-fungible tokens (NFT) may strengthen their position in crypto, Web3 experts believe that barriers will prevent the adoption of a broader asset class.
Web3 executives believe that a lack of new narratives, the broader Web3 space's reputational problems, and complex user experiences are barriers to further adoption of NFTs.
Cointelegraph spoke to experts working in the space to ask what they think is holding NFTs back from wider adoption, and what the space can do to overcome these obstacles.
Lack of creativity and fresh narratives
Dev Kathudal, founder of social monetization platform Lively, believes the space needs new narratives and more innovation. “I think the main issue of reluctant adopters is the lack of innovation and new narrative in space,” Catudal explained.
Kathudal added that the market has a public relations problem rather than a “technology problem”. Kathudal explained:
“Fuzzy rumours, fraud and the threat of bad actors nearly destroyed the industry for the first time, and developers had to reinvent NFTs for the first time to create trackable and tradable digital assets.”
Tyler Adams, CEO and founder of Web3 company COZ, echoed this sentiment. However, Adams believes that the wider Web3 space's reputation will affect the NFT space as well.
The main obstacle is the reputation of everything that comprises the Web3 world. “Unfortunately, the actions of a few end up affecting the face of society,” Adams added.
Complicated and intimidating for non-technical users
James Toledano, Chief Operating Officer at Web3 Wallet Savl, believes that one of the main barriers to NFT adoption is the complex process of creating, purchasing and managing NFTs. The executive believes that this may scare away non-technical users.
“It's critical that we simplify these processes,” Toledano added.
Gabriele Giancola, co-founder and CEO of Qiibee, which helps businesses develop loyalty programs, also believes NFTs bring technical complexities and hype-based attitudes. The executive believes that the position should highlight the practical application and show the tangible benefits of NFTs.
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Returning the word NFT
Dr. Alun Evans, Founder of the Polkadot Parachain LAOS Network, stated that there is a need to “reclaim the word NFT”. According to Evans, the word is now mostly associated with digital collecting. The executive explained:
“While this is one use case, there are many more, from tradable items in games and virtual worlds to real-world asset tokenization, ticketing, authentication and more.”
Meanwhile, Justin Bannon, founder of the decentralized infrastructure network Fermion Protocol, believes the space is overcoming obstacles such as demand, difficult user experience and market awareness.
According to Bannon, the demand problem for NFTs will be resolved in the next bull cycle, while the difficult user experience issue has improved significantly. Meanwhile, the executive believes that as the Web3 technology continues to go mainstream, the market will begin to understand NFTs more.
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