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6 Challenges To enable the development of the above NFT applications, a series of barriers have to be overcome as with any nascent technologies. We discuss some typical challenges from the perspectives of usability, security, governance, and extensi- bility, covering both the system level issues caused by blockchain-based platforms and human factors such as governs, regulation, and society. 6.1 Usability Challenges Usability is to measure the users’ effectiveness, efficiency, and satisfaction when testing a specific product/design. Most NFT schemes are built on top of Ethereum. Therefore, it is obvious that the main drawbacks of Ethereum still exist. We dis- cuss two major challenges that have direct impacts on the user experience. - Slow Confirmation. NFT-related procedures are tyically conducted by sending transactions via the smart contract for reliable and transparent man- agement (such as mint, sell, exchange). However, current NFT systems are closely coupled with their underlying blockchain platforms, which makes them suffer from low performance (Bitcoin reaches merely 7 TPS [109] while Ethereum only 30 TPS). This results in extremely slow confirmation of NFTs. Conquering this issue requires a redesign of blockchain systems [113], optimization of its structure [110][88] or improvement on the consensus mech- anisms [71]. Existing blockchain systems cannot fulfil such requirements. - High Gas Prices. High gas prices have become a major problem for NFT marketplaces, especially when minting the NFTs at a large scale that requires uploading the metadata to the blockchain network. Every NFT-related trans- actions are more expensive than a simple transfer transaction because smart contracts involve computational resources and storage to be processed. At the time of writing, to mine an NFT token costs over USD 60 (equivalently in around 5 × 102wei) 1. To complete a simple NFT trade can run between USD 60 and USD 100 for each transaction. Expensive fees caused by complex operations and high congestion greatly limit its wide adoption. 6.2 Security and Privacy Issues The security of user data pose the first priority of systems. However, the data (stored off-chain but relates to on-chain tags) confronts the risk of losing linkage or being misused by malicious parties. We give details as follows. - NFT Data Inaccessibility. In the mainstream NFT projects [2,1,3], a cryptographic “hash” as the identifier, instead of a copy of the file, will be tagged with the token and then recorded on the blockchain to save the gas 1 Source calculated from https://coinmarketcap.com/ and https://ethereum.org /en/developers/docs/gas/ 13PDF Image | NFTs Non-Fungible Tokens Focus
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