Our Viewpoint

When NFT creators and developers acknowledge their products' and marketplaces' potential drawbacks, concerns, and limitations, they can utilize them as a roadmap to resolve current issues. This approach can enhance the quality, efficacy, and functionality of their NFTs and platforms. It also adds more value, usability, and significance for their NFT audiences. It contributes to the advancement, expansion, and durability of the NFT industry and ecosystem.

Thus, the Decuple ecosystem recognizes and tackles NFT problems as a delicate challenge and an opportunity to elevate the responsibility of creators and developers for the entire NFT industry. Here are some suggested ways to handle the stated problems of the market.

· Providing real utility: Creating more use cases or applications for NFTs could generate more value and usefulness for both customers and the project. For instance, NFTs can simultaneously be utilized for gaming, social media, education, entertainment, or e-commerce in a lead platform and its subprojects. This approach can ensure that NFTs are evenly distributed and utilized to their full potential.

Also, if possible, giving owners more incentives and benefits for circulating their NFTs in different correlative projects is advisable. This change can be achieved by offering rewards, royalties, dividends, or governance rights to NFT owners and an interwoven bed of related projects.

· Establishment of Valuation Standards: NFT platforms and creators should set up guidelines and exemplary procedures to guarantee that NFTs are validated for their genuineness, origin, and superiority. By doing so, there would be an improvement in trust and valuation system. We can consider these attitudes as solutions: data aggregation and analysis, blockchain-based verification and provenance, integration of AI and machine learning, and education and awareness.

· Planning liquidity infrastructure: To increase the liquidity and accessibility of NFTs, platforms and creators can utilize interoperability and compatibility features across various blockchain networks, protocols, and standards. This can include leveraging bridges, wrappers, and generally cross-chain solutions to transfer NFTs between different operating systems. This approach will engage more platforms and projects to use a particular NFT collection as their utility NFTs. Consequently, it will increase the demand for that specific NFT package.

Decentralized exchanges, aggregators, or marketplaces can also facilitate the exploration and trading of NFTs. These two viewpoints can evenly increase the accessibility of NFTs, making them more obtainable to a larger audience and lowering the barriers to entry and exit from the market.

· Devising monetization mechanisms: NFT owners will be unpredictably pleased if offered other tools to monetize their NFTs rather than just selling. Tools like NFT staking and lending to be rewarded or make passive income. Also, it is feasible that NFT project providers share some of their gains with all business participants. In this way, loads of money-making doors will open to NFT customers.

· Upgrading NFTs to new styles: what if there was an inclusive ecosystem of blockchain and Web 3.0 that you could upgrade your plain NFT to an astronomical version of itself in a matter of time to open up new opportunities and facilities in digital and real life? This has been a long entangled concern of the Decuple team for some time.

· Enhancing NFT compatibility: to advance user experience and ensure the price, liquidity and value of NFTs, a series of seamless and compatible platforms is needed to employ NFT collections in diverse ways. This could be done by inventing a number of platforms with in-harmony standards and components like graphical user interfaces (GUIs), web3 browsers, metadata standards, and mobile applications to streamline the process of creating, purchasing, or transferring NFTs between all these operating systems.

All in all, NFTs are facing multiple obstacles and limitations that hinder their advancement, adoption, and influence. Consequently, NFT creators and platforms should employ diverse measures and strategies to address these challenges and increase mass approval. By doing so, they can foster the innovation, expansion, and longevity of the NFT industry and ecosystem.

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