Web3 Experts Identify Limited Innovation, PR as Bottlenecks to NFT Adoption

Even though NFTs (non-fungible tokens) have emerged as a groundbreaking technology in the digital age, their adoption is encountering significant hurdles. Experts believe the biggest barrier to this roadblock is limited innovation and public relations (PR) issues. In a series of interviews in the Web3 space, industry experts expressed the belief that there is a need for new narratives, improved reputation management and simplified user experiences to drive mainstream adoption of NFTs.

One of the primary bottlenecks raised by these industry experts is the perceived limitation in innovation within the NFT space itself. There is nothing that cannot be tokenized or sold, and yet most innovation is focusing on digital assets. Industry experts believe this is where creativity is derailed and innovation is stifled: people should be exploring the true potential of NFTs beyond simple digital ownership.

NFTs’ initial application gained popularity and a lot of interest, which experts believe will not be enough to sustain long-term growth and adoption. They think that there needs to be more innovative applications of NFT technology that solve real-world problems and provide tangible value to users.

Another major issue identified by Web3 experts is the public perception and understanding of NFTs and the broader Web3 space. Dave Catudal, cofounder of Lyvely, a social monetization platform, believes that even though NFTs have made headlines for multimillion-dollar sales of digital art and collectibles, they lack innovative use and fresh narrative. In fact, Catudal believes this is the main reason new adopters are often hesitant to adopt Web3.

This sentiment was echoed by Tyler Adams, CEO of COZ, a Web3 company, who believes that the reputation of the broader Web3 space significantly impacts NFT acceptance and adoption. He believes that negative perceptions stemming from scams and hype-driven volatility have painted a bad image of the potential of NFTs. Experts believe that the public must be educated on the benefits and uses of crypto and NFT space, as well as the vital Web3 projects that are improving the lives of people in the world.

What’s more, James Toledano, COO of Web3 wallet Savl, adds that user experience must also be improved to change public perception. He believes that creating, buying and managing NFTs is a complicated process, especially for users with no technical skills. Simplifying these processes is one of the best ways of widening NFTs’ appeal beyond tech-savvy enthusiasts.

On the positive side, experts on the web are already making significant strides to change the industry and overcome these NFT barriers.

As other companies, such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW), leverage other Web3 technologies, their success could help to popularize Web3 segments that haven’t enjoyed as much traction so far.

NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL

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