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Roadblocks to Mass Adoption It is clear that non-fungible tokens are extremely powerful and hold immense promise for their future application. After all, they are exceptionally flexible instruments, and appeal to an innate human desire to own rare and unique items. The uses cases are endless, limited only by developers’ imaginations. Despite this potential, however, it is hard to argue against the fact that NFTs are still extremely niche. NonFungible estimates that the number of active addresses belonging to active users of NFT Dapps is around 70,000. Although this number has more than tripled since 2018 and doubled since the beginning of the year, 70,000 is still a far cry from the 71 million crypto owners globally, by our estimation (the methodology for our Crypto Adoption Index can be found here). How does one explain the fact that adoption is still relatively low for a technology that seems so promising? We explore these roadblocks below: Crypto.com 14 Inaccessibility The most popular uses for NFTs are collectibles, art, and gaming. Although the market for these kinds of assets should naturally be very large, the fact is that NFTs are limited mainly to relatively veteran crypto users familiar who know how to use Dapps. In other words, not all collectors, art enthusiasts, and gamers are crypto traders. Novel Technology The technology behind NFTs is only a few years old, having been created in their current form a few years ago. The understanding around these assets is still very poor, leading many to question NFT’s safety and authenticity. This likely means that current adopters of NFT technology are still well within the early adopter, niche user demographic. Transaction Fees As NFTs live mostly on the Ethereum blockchain today, creating and transacting NFTs can depend highly on the network activity at any given moment. During the height of the DeFi craze in September as Uniswap launched their token and yield farming incentive, gas prices reached a staggering 1000 gwei. 14PDF Image | Crypto Com NFT Brief Introduction and History
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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