Even though NFTs seem to have cemented its place in the world of crypto, the Web3 specialists are convinced that there are some hurdles which do not allow the wider classes of assets to enter the sector.
Currently, Web3 executives stated that there is no new narrative in NFT development, the Web3 industry’s reputation issue, and the system’s complexity inhibit the public’s increased acceptance of NFTs.
To get the answers to these questions, Cointelegraph turned to the professionals active in the sphere and asked them what they believe hampers NFTs’ adoption and what the sector could do to eliminate such issues.
Lack of innovation and coming up with good stories
Dave Catudal of Lyvely, the social monetization platform, was asked about his views on the sector and he opined that it requires new paradigms and to innovate. According to Catudal, the key problem of the reluctant followers is a lack of innovation and a new story in the market.
Catudal further said that the market does not have a tech problem, but has actually a public relations problem. Catudal explained:
“Raised hype, scams and the danger of bad actors almost killed the industry the first time and developers would have to re-imagine NFTs of what it was initially created for – to enable trackable and tradeable digital assets. ”
Tyler Adams, the CEO, and co-founder of Web3 firm COZ had a similar view.
