Web3 Execs Believe That Barriers Prevent Broader Non-Fungible Token (NFT) Asset Class Adoption

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

Web3 professionals believe that several factors are hindering the broader adoption of non-fungible tokens (NFTs) beyond the crypto space. These include a lack of new narratives, the reputation problem of the broader Web3 space and the complicated user experience.

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, told Cointelegraph 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 said, adding that the market has a public relations problem rather than a technological one:

“People are starting to understand NFTs, but we need to tell them why they should care about them. I believe that NFTs will become more widely used as the market gains a better understanding of them and how they can be applied.”Catudal believes that the space needs to focus on practical applications and use cases for NFTs in order to drive broader adoption. “We need to show people how NFTs can improve their lives and make them money,” he said.

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. I believe that in order for NFTs to be adopted by the masses, we need to demonstrate how they can benefit everyone, not just a select few.”Adams added that the NFT community also needs to be more welcoming and supportive of newcomers in order to encourage broader adoption.

Complicated and intimidating for non-technical users

James Toledano, chief operating officer at Web3 wallet Savl, told Cointelegraph that one of the main barriers to NFT adoption is the complicated process of creating, buying and managing NFTs, which he said can be intimidating for non-technical users:

“People who are not familiar with the technology find it difficult to understand how to use NFTs. This can be discouraging for those who want to get involved in the space but don't know where to start. I believe that we need to simplify these processes and make it easier for everyone to use NFTs.”Toledano added that Web3 wallets and other platforms can play a key role in simplifying the NFT experience for users. “We can integrate NFT management tools and educational resources into our platforms to help users navigate the NFT ecosystem more easily,” he said.

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, telling Cointelegraph that the space needs to demonstrate the tangible benefits of NFTs by emphasizing their practical applications:

“I believe that one of the main barriers to broader NFT adoption is the technical complexity involved in using them. This can be intimidating for non-technical users who may be interested in NFTs but unsure of how to get started. Another barrier is the hype-driven perception of NFTs, which can lead to unrealistic expectations and disappointment among some users.”Giancola added that highlighting the practical use cases of NFTs in various industries will help demonstrate their tangible benefits and drive broader adoption.

Reclaiming the term NFT

Dr. Alun Evans, co-founder of the Polkadot parachain LAOS Network, expressed the need to “reclaim the term NFT,” which he said is currently mostly associated with digital collectibles, telling Cointelegraph that the space needs to focus on other use cases:

“The term ‘NFT’ has become synonymous with digital collectibles, which I believe has hindered broader adoption. We need to reclaim this term and highlight the diverse range of applications for NFTs beyond collectibles. I believe that NFTs have the potential to revolutionize industries such as supply chain management, ticketing and digital identity.”Evans added that modular blockchains and NFT standards will play a crucial role in enabling these diverse use cases for NFTs.

Justin Banon, pengasas rangkaian infrastruktur terdesentralisasi Fermion Protocol, percaya bahawa ruang itu sudah mengatasi halangan seperti permintaan, pengalaman pengguna yang sukar dan pemahaman pasaran, memberitahu Cointelegraph bahawa kitaran lembu seterusnya akan menyelesaikan masalah permintaan NFT:

“Yang sukar pengalaman pengguna telah meningkat dengan ketara. Pada masa itu, anda perlu melalui tujuh menu berbeza untuk mendapatkan NFT anda. Kini, kebanyakan platform mempunyai bahagian NFT khusus. Memandangkan teknologi Web3 terus memasuki arus perdana, saya percaya pasaran akan mula memahami NFT dengan lebih mendalam.” Banon menambah bahawa blok blok modular juga akan membolehkan lebih banyak kes penggunaan dan aplikasi NFT khusus, yang akan memacu lagi permintaan dan penerimaan.

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