NFTs :( 1 ) Challenges

1. Insecure resource storage

Humans build pyramids, Mayan temples and the Great Wall in stone, believing they can travel through longer spans of time, also build sculptures for heroes, burn inscriptions on stele, compile biographies and ballads to ensure the eternal survival of the sparkling spirit.

NFT.Storage Process

2. Lack of display scenes

Although NFTs provides provability for ownership, no one will go out of his/her way to access your wallet address to appreciate the artwork you own. an NFT artwork are more important to be used as a social currency to express collectors’ preferences and ideas not just for self-appreciation and edify sentiment, resulting in NFT needs various social arenas.

3. Piracy and plagiarism

Pirated NFTs can be searched on Opensea. In addition to blatant piracy and identity impersonation, it is even more difficult to guard against plagiarizing other’s ideas and image elements to generate a slightly tweaked version. On January 25, 2021, a case of plagiarism was reported on CyberVein’s newly developed platform called CROSS, where a total of 58 plagiarized works from the BCAEX platform appeared. Complaints also on Twitter about people who did not know each other making NFTs of their own tweets and putting them up for sale.

Screenshot of Terms&Conditions Page from Bored Apes Yacht Club Official Website

Conclusion: greater NFTs use-cases

on a conservative estimate, NFTs market may account for 5%-10% of the total market capitalization of crypto assets in the future. Radicals believe it will eventually exceed that of FT (fungible token). However, given the current situation, it is even less than 0.5%, maybe there is a huge space for growth.

Screenshot of Chinese Opera Mask Plus Page

References

[ Victor Alexiev ] NFTs And The Dawn of The Metaverse

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PAKA

PAKA

Founders fund in Polkadot ecosystem, running as a DAO venture. Long Polkadot, short Web2.0