Problems in NFT MARKETPLACE
Monetization is not an easy process for an artist. For a long time, artists were relying on a subscription model to monetize. As NFTs entered through blockchain technology it was bound to boom, as artists finally got a way to make their art memorable and valuable to people.
As the NFT craze rose, a lot of problems started to show up in the NFT marketplace. Here we discuss some of them and offer some plausible solutions through which they can be solved.
Even though NFTs have been around for a long time now, not everyone is educated enough to find the real value of NFTs. This led to a lot of fake NFT sales in the NFT Marketplace.
Example: Reuter NFT Marketplace had to stop selling every NFTs other than tweets to stop fake NFTs.
An NFT holds value only because of the artist and the utility behind it. A lot of people are rushing to buy these NFTs without understanding this. It leaves room for scammers to come up with fake projects and scam people.
Copying Of NFTs
Other than selling NFTs with no utility, some scammers are also copying NFTs and selling them.
It stems from the anonymous nature of blockchain that lets these things happen in the NFT space. As It’s hard to track down people involved in such plagiarism, scammers get away with it.
Copying any digital asset is easy but NFT doesn’t hold any value without the smart contract which acts as proof of ownership. Such copied NFTs don’t have any value because the ownership is incorrect.
How MOM Is Solving Problems
We will take the example of the MOM token to understand the potential solutions to the problems that are creeping into NFT marketplaces. These solutions are not perfect but a good starting point to solve the NFT marketplace crisis.
MOM is not just a meme token, it’s a community of meme lovers. Other than being fun, such communities are very educational as there is a constant flow of information that goes back and forth among the community.
Even this blog is educational content for everyone to be aware of this space. This makes sure no one is buying the wrong NFTs and every project is scrutinized before investing.
As fewer people buy into scams, there will be a decrement in fake NFT projects.
Niche Based NFT Platform
MOM is launching an NFT platform soon. The best part about this platform is that it’s meme centric which means every NFT here will be a meme.
If a closed community around one common theme is formed, it becomes difficult for anyone to copy someone’s NFT and try to sell it again.
Such a marketplace can be applied anywhere. A niche Based NFT platform makes it easier to cite scams. It is similar to how Reuter restricted themselves to tweets to reduce scams.
We are moving into the world of NFTs and figuring out their use cases as fast as possible. Until people are fully educated about NFTs, it will be difficult to drive out scams. Although, projects like MOM are making sure their HODlers are safe by being niche-based and forming a healthy community around them. Such initiatives will make the future of NFTs safe and secure like blockchain for everyone.
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