Challenges in the NFT Marketplace today: The Way Forward

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• Challenges in the NFT Marketplace today The Way
  Forward
• The growth of NFTs dates back to when an art
  collector, Pablo Rodrigues-Fraile, resold an art
  piece by Beeple with a 1,000 profit margin -
  ever since then, the NFT industry has continued
  trending. However, although the NFT Marketplace
  is currently booming and generating impressive
  profits for dealers, it is not yet free from
  some fundamental challenges.
• Challenges in the NFT Marketplace
• High and Hidden Fees NFT trades are associated
  with high and hidden gas fees of which most
  first-timers are ignorant. Many NFTs are based on
  the Ethereum blockchain and ERC-20, ERC- 721,
  ERC-1155 and some other token standards are used
  for issuing smart contracts. The Ethereum
  blockchain, in particular, uses the proof of work
  mechanism to determine their value, which causes
  high gas fees and this is one of the downsides
  that is undermining the NFT Marketplace today.
• Problematic User Experience NFT users often need
  to search different crypto platforms, launchpads
  and undergo lengthy sign-ups as well as
  verifications. They also need to provide
• personal details such as their government IDs
  (KYC), address and telephone number in order to
  obtain a user account. In fact, this situation is
  worsened by the fact that some popular NFT
  platforms do not provide onboarding tutorials for
  newbies, thus leaving them struggling to work
  things out themselves. In this case, navigating
  all platforms without a guiding template can
  breed an unfriendly experience for prospective
  users.
• Defective Copyright Protection There is a rising
  argument that NFTs are good for digital artists
• as it enables creators to fully own and earn from
  their work. The challenge, however, is that
  without the creators' consent, images can be
  duplicated, personalized and spread online
  easily. In the same vein, the NFT Marketplace
  lacks the legal framework and precedence to
  validate or reinforce the true ownership of an
  NFT and the associated copyright evidence.
• Lack of Creative Freedom and Expression for
  Artists Initially, the NFT Marketplace was
  intended to allow artists to sell their artwork
  to their fans directly. However, most NFT
  Marketplaces have
• censorship and moderation features that limit
  artists from expressing their creative freedom.
• The Way Forward
• A well-designed, intuitive, and fully
  decentralized NFT Marketplace is necessary so
  that artists can take advantage of blockchain
  digital art exchange.
• Integrating decentralized exchange movement in
  the NFT space would also help to explore these
  Marketplaces.
• Through an on-chain protocol, buyers can buy and
  sell NFTs seamlessly within a bonded interface
  across an aggregated market pool. As a result of
  this, there will be new ways and dynamics of
  bundling or swapping NFTs. Each platform will not
  be required to render any support to them within
  their specific silos.

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• In addition, NFTs can be evaluated more
  transparently by being more explicit about the
  permission given to them. This will be based on
  the existing IP asset valuation techniques used.
• In conclusion, the NFT Marketplace is a virtual
  economic space that models the physical world.
  Generally, in the physical arena, the more
  Marketplaces within an environment, the higher
  the tendency for sub-standard products. There is
  also a similar trend with the current
  proliferation of NFT Marketplaces, with products
  that may undermine the value, trust and worth of
  some NFT ecosystems. However, the way out is
  that different projects should have significant
  authentication mechanisms which will easily
  reveal some fake projects and thereby making the
  Marketplace seamless for users. Know more about
  visit our blog Challenges in the NFT Marketplace
  today The Way Forward