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Why NFT Accessibility is Important In Attracting New Industries?

NFT

cryptoknowmics.com 31 March 2022 22:47, UTC
  
Reading time: ~5 m

When NFTs initially hit the market, they were heralded as the future of sports trading cards, with NBA Top Shot topping headlines. Soon after, traditional and digital artists realized what was going on. NFTs began to permeate the realm of fine art and the walls of Christie's Auction House. NFTs flowed into popular society with further evolution. They are currently employed to symbolize special fan experiences that digital collectibles and tokenized fan clubs offer. NFTs have just entered the gaming world. Their use is to further the concept of play-to-earn, enabling video games and asset acquisition to consider their full-time jobs. How Companies Are Building Digital Asset and NFT Strategies | Toptal These use cases represent significant success for the larger blockchain industry as moviegoers, sports fans, and art enthusiasts now equally invest in the crypto ecosystem. However, many curious players still believe the NFT area is unreachable to outsiders. Several markets, aggregators, software platforms, and authors now advocate for more NFT accessibility. These game-changers are increasing access to NFTs. They focus more on creating and minting structures, buying and selling processes, and, most importantly, privacy and security upgrades. They do all of these without changing the heart and soul of the NFT ecosystem that has fueled the adoption of crypto across so many new communities.

Fiat Purchasing is On The Rise

One of the most significant hurdles to entrance into the NFT market is the necessity to invest in the crypto ecosystem. Buyers often acquire these famous NFTs with popular cryptocurrencies, like ETH, instead of fiat currency. The process of crypto onboarding can be time-consuming. This is especially for people with no technical or crypto knowledge, referred to as "outsiders." Marketplaces such as Nifty Gateway are addressing this issue by implementing fiat purchasing. You may buy NFTs using fiat currencies such as the US dollar, bypassing the need to deal in cryptocurrencies. Furthermore, a recent partnership between Mastercard and Coinbase let buyers use their Mastercard debit and credit cards to purchase NFTs on Coinbase's future marketplace. Such initiatives by market leaders demonstrate the industry's intent on streamlining the NFT buying and selling process. Such initiatives allow access to an entire digital ecosystem formerly exclusive to crypto enthusiasts.

Adjusting the Process of Creating NFTs

There is no doubt fiat purchasing may simplify the process for NFT collectors and buyers. However, there is still significant worry about the ease of creating and minting NFTs on some of the industry's top platforms. When minting an NFT, developers must first decide which blockchain to build on. They also need to decide which marketplace to use as their "location" for selling. These options may appear easy to those familiar with the global crypto ecosystem. However, for those who are unfamiliar with the crypto ecosystem, they can lead to a dilemma of complex information. This can discourage a prospective individual or entity from progressing. To tackle this, a rising number of Web3 and blockchain companies are creating "white-label tailored NFT solutions." The design for White-label solutions is specifically for businesses and brands wanting to mint their own NFTs. They can tailor these solutions to meet an NFT issuer's demands, considering their budget, technical know-how, and business needs. Aside from lowering the intricacies of NFT minting, crypto businesses are also working to reduce the costs of creating NFTs. For example, OpenSea notably provides a free minting tool. This tool reduces the upfront gas fees that NFT issuers should pay. Marketplaces are constantly cutting their gas fees to remain competitive. They recognize that doing so may restrict paths to entry for people wishing to spend a lesser amount of upfront capital in the digital collectibles market.

Increased Digital Assets Privacy

Certain free tools and competitive fees have recently been the subject of privacy concerns and misleading claims. OpenSea revealed in January that "more than 80% of NFTs issued for free on OpenSea are fraud or spam." For over $500,000, a group of hackers scammed an NFT collector into giving up ownership of their digital art in February. NFTs have become easier to buy and create, but there is no final solution to improving their validity, storage, and privacy. There's progress in this area over time. Integrations with privacy-focused partners have made it easier for some NFT participants to use more safe and resilient methods of accessing NFT data. This allows for the searching and accumulation of sensitive NFT data without putting the information's privacy at risk. As a result, companies can reliably store NFTs on these platforms. They do this knowing that third parties can search the NFT data but not reproduce it. Although these collaborations have been effective, they are yet to reach the mainstream. As a result, NFT privacy remains a key obstacle to universal accessibility.

What the Future May Bring

So, who exactly are the outsiders? They are people trying to amass digital assets in the form of an NFT. Furthermore, "outsiders" might be a company or brand aiming to leverage the burgeoning NFT industry. Among the most significant "outsiders" are companies that have not fully adopted the NFTs' diverse use cases. Many traditional industries often misunderstand NFTs. These industries view NFTs as puzzling and risky. Government agencies, healthcare, and supply chains are some industries that don't widely use NFTs but have great potential. For example, patients may mint health data as NFTs, trace where their data goes, how it is used, and if it is accessible without their consent. Patients might sell their data and generate an auxiliary revenue stream using NFTs. Government entities may use NFTs to track the global flow of goods, services, and even monies between domestic and foreign departments. This helps them focus on privacy and security and, in certain situations, bypass the need for local fiat currency exchanges. NFTs can destabilize the traditional supply chain method, which many enterprises in several sectors presently use. Tokenizing automobile parts and monitoring them on the blockchain can provide more insight into the production to the secondary sales pipeline. Furthermore, tokenized assets can give transparency to prospective recalls and damages. Perhaps, this may prevent future losses and crises. Bringing new insights and knowledge into the NFT market and widespread digital asset use across new industries will help the NFT ecosystem thrive. Accessibility, as a result of enhanced simplicity and privacy, will surely broaden the application possibilities for digital assets.


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