Published: 29.03.2022
Article reading time:
2 minutes.
Ripple believes that outside the crypto industry, NFTs do not have a positive image, so it is advisable for market participants to work on it.
Ripple’s recent report “The New Value of the Cryptocurrency Trend in Business and Beyond” states that NFT creators, collectors and analysts are now trying to understand the trends that will ensure the maximum return on investment in this type of token. Moreover, users in different regions buy NFTs for completely different reasons.
Most respondents would like to buy NFTs for “functional reasons”. But, for example, users in the Asia-Pacific region say they purchase a collectible token to commemorate an important achievement in their lives. Collectors from the same region buy NFTs to support a celebrity or brand. The report states that creators should focus on releasing music-related NFTs.
In different regions, music is the most interesting for users, collectibles are in second place, and games are in third place.
According to the authors of the report, NFT creators have a bad reputation among the majority of non-crypto users. They tend to think that NFT creators don’t care about the environment. Ripple reports that NFT platform creators and developers alike prefer secure tokens on a stable blockchain. A fifth of the customers surveyed said they would only buy trusted NFTs, two-thirds of the developers said their customers want to choose a “more sustainable blockchain.”
The authors of the report note that the widespread introduction of NFT is accompanied by an increase in user complaints. Traditional and digital artists have accused the NFT marketplace OpenSea of facilitating art theft and not combating copyright infringement of NFT authors. In addition, game makers looking to incorporate NFT into their products have already experienced backlash from users. The authors of the report emphasize that NFT creators need to innovate in order to maintain their niche in the market.
Real Vision CEO Raoul Pal recently called on NFT collection creators to develop efficient tokenomics.
Source: Bits
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