22/07/2024 Web3 experts cite innovation and PR as key challenges for NFT adoption

Web3 professionals discuss the barriers to broader NFT adoption, including the need for new narratives, improving reputation and simplifying user experiences.

Web3 experts cite innovation and PR as key challenges for NFT adoption

Web3 professionals discuss the barriers to broader NFT adoption, including the need for new narratives, improving reputation and simplifying user experiences.

While non-fungible tokens (NFT) may have solidified their position within crypto, Web3 professionals believe that barriers prevent broader asset class adoption.

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Web3 executives believe that the lack of new narratives, the reputation problem of the broader Web3 space and the complicated user experience are hindering further mass adoption of NFTs.

Cointelegraph approached professionals working in the space to ask what they think hinders NFTs from broader adoption and what the space could do to overcome these barriers.

Lack of innovation and fresh narratives

Dave Catudal, the co-founder of the social monetization platform Lyvely, believes that the space needs new narratives and more innovation. “I think the main issue with reluctant adopters is lack of innovation and fresh narrative in the space,” Catudal explained.

Catudal added that the market does not have a “tech problem” but has a PR problem. Catudal explained:

“Bloated hype, scams and threat of bad actors almost snuffed out the industry the first time, and developers will need to reinvent NFTs for its original worth in creating trackable and tradeable 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 too.

“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,” 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 complicated process of creating, buying 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, the co-founder and CEO of Qiibee, which helps businesses tokenize loyalty programs, also believes that NFTs bring technical complexities and hype-driven perceptions. The executive believes that the space needs to demonstrate the tangible benefits of NFTs by emphasizing their practical applications.

Reclaiming the term NFT

Dr. Alun Evans, co-founder of the Polkadot parachain LAOS Network, expressed the need to “reclaim the term NFT.” Evans said that the term is currently mostly associated with digital collectibles. The executive explained:

“While that is one use case, there are many more, from tradable items in games and virtual worlds to tokenization of real-world assets, to ticketing, certification and more.”

Meanwhile, Justin Banon, founder of the decentralized infrastructure network Fermion Protocol, believes that the space is already overcoming barriers like demand, difficult user experience and market understanding.

According to Banon, NFTs’ demand problem will be solved by the next bull cycle, while the difficult user experience issue has already improved significantly. Meanwhile, the executive believes that as Web3 tech continues to go mainstream, the market will start to understand NFTs more.

Arts

https://cointelegraph.com/news/nft-adoption-barriers-solutions

Interesting NFTs
Cockerel and chick
Katsushika Hokusai (1760-1849) Cockerel and chick late 1810s - Japan
T(r)opical
Inspired by and for the 2018 North American Bitcoin conference in Miami, Florida. The palm tree that has a cracked open Bitcoin coconut suggests that by traveling you can enjoy this tropical digital fruit. The peacock nesting in the tree has spread its wings to flaunt other integrated crypto logos as well. The famous Miami skyline at the bottom incorporates the coins, as well as the code that is transforming the banking buildings that made it. The origin of that skyline is in the 80's cocaine craze, so it is all incorporated into the story of foundational transformation, linked to a global movement. The file size is suitable for an 8K TV. Mr. Moe Levin, the founder of the conference is a collector a physical print of the work. Explainer video: https://www.youtube.com/watch?v=2J0ZfPCJdxY&feature=emb_title Upload resolution 8000x4000 PX at 300DPI
Not Forgotten, But Gone
Not Forgotten, But Gone by WhIsBe
Founder Cat #93
Good day! I'm Founder Cat #93. I've never told anyone this, but I once snuggled a dog. Sometimes I daydream of a life full of reading garfield, cereal, and watching reality tv. I hope you like kitten around as much as I do!
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.