Today's NFT Market Struggles

The NFT world is overwhelmed with big and small projects with millions of owners and users, which raised billions of dollars to circulate money in the industry. Pioneering and successful projects facilitated human digital life in various aspects. Nevertheless, NFT enthusiasts are not fully satisfied with their expectations of this market. This appetite has led to a drop in the NFT market by billions of dollars. They know it's just the beginning of the NFT era, so they strive more from this market to respond to other aspects of their real life.

Some of the challenges that need to be considered more by project developers to accelerate the progression of the industry are as follows:

· Lack of actual use cases: except for NFTs designed to be used in video games or other applications, there are stacks of NFTs created randomly by algorithms or AI power just for decorative uses. So, you can hardly find a project that connects digital assets to real-life affairs to elevate life quality and the actual value of NFTs for their scarcity.

· Unreliable valuation system: The lack of a reliable valuation system for NFTs presents a significant disadvantage in the current landscape of the volatile and untrusted NFT market. The absence of standardized valuation methods has led to several challenges like uncertainty in overvaluation or undervaluation, lack of comparable data, irrational market volatility, and limited transparency.

· Disappointing liquidity: The NFT marketplaces are swamped with many newly added projects with liquidity for buying and illiquidity for selling. People can buy NFTs in a flash of time but are unable to sell if necessary. So, the market is relatively illiquid even for higher market cap projects.

· Defective monetization procedure: The NFT owners struggle with an inadequate monetization process that can harm or exploit them when they buy and hold an NFT. For example, a buyer of an NFT may not receive the proper recognition or compensation for their work and do not have the exclusive rights to control their assets for gaining more profit rather than just selling them.

· Lack of promotion of NFTs: you can rarely find an NFT asset that could upgrade itself in a period to a better version of quality and broader use cases for applying in other upper-class projects. Most NFTs nowadays remain at a constant level of application and traits; you cannot promote them to a more comprehensive level and use them on different platforms.

· Limited ecosystems interoperability: NFT collections and packages of a system cannot function out of that system or with a partner project, and they are only limited to their territory. This will suppress the price, liquidity and intrinsic value of those NFTs.

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