The demand for Non-Fungible tokens (NFTs) in the global NFT Marketplace has been rising exponentially lately.
We decided to check out several of the leading NFT marketplaces to see if the cryptocurrency space is ready for its next phase of growth.
Here’s what we found.
There’s no Truly Global NFT Marketplace
While it may come as a shock to many people, we discovered there’s no really global marketplace for Non-Fungible tokens. At least, not yet.
The platforms available currently cater to members from specific regions.
It is without due recourse to considering the global nature of the cryptocurrency space.
Of course, it has led to speculation that the NFT interest is nothing more than a bubble.
We don’t think so.
While many of these NFT marketplaces have the potential to become global powerhouses, they have limited their ability to grow because of interest in centralizing most of their NFT token providers by location.
Many of the NFT Marketplaces are Centralized Via Invitation-Only Requirements
We also discovered that many of the so-called leading NFT marketplaces are also centralized around their invitation-only processes.
While this may work in the physical world, these invitation-only features negate the values that have brought the cryptocurrency space so far.
If the world is to gain from this incredible industry, the barriers to entry must be minimal but secure.
While some may look at the human resource cost for verification and authentication of intellectual property, the easiest way out of this would be to include the allowance for future commissions on every user verified in such ecosystems.
That way, everyone wins.
We find it strange that the guys making the news in the NFT spaces do so by invitation-only.
If entry into the cryptocurrency industry were by-invitation-only, we won’t have gotten this far in such a short space of time.
The High Cost of Minting NFT Tokens on the Ethereum Blockchain is Discouraging
The cost of minting NFT tokens on the Ethereum blockchain has been hovering around $100.
The focus has been on getting experienced artists into the NFT space.
It may work for some time but won’t have any natural growth because of the lack of traction.
We expect this situation to b resolved with the emergence of new Layer-2 solutions on the Ethereum blockchain.
We also believe that this year, we shall see several Layer-2 solutions that will aid transaction scaling before ETH 2.0 is set.
Poor Customer Service is Prevalent
One particularly troublesome aspect of NFT marketplace operations we discovered was the existence of poor customer service.
Customer service that is supposed to be the hallmark of operations was largely laissez-faire or nonchalant in several instances.
It enabled us to see through the NFT marketplace facade that many of these platforms have put up in the name of the cryptocurrency space.
It is also something that needs urgent attention if the NFT marketplace is to thrive this year.
There is a Focus on Visual Arts
Visual artists have been ruling the NFT space for a bit. While this brings everyone’s attention, other artists such as writers, singers, and so on have been left out.
It’s almost as if the NFT marketplaces we reviewed only cared for visual artists and no one else.
We are looking forward to a day when the NFT space is open to all artists, not just the visual guys.
So, here is our roundup of the top NFT Marketplaces and what we think about their Modus operandi.
Rarible’s Tech is Cool yet They Won’t Make the Final Cut
We tested Rarible and even performed the first transaction (there are two transactions required for NFT listings) and discovered that Rarible’s technology works seamlessly.
However, their human processes are still stuck somewhere in the 1950s.
Verification on Rarible takes ages, and it’s almost as if the support team takes decisions in any direction they choose without recourse to proper business processes.
Rarible even states on the site that they reserve the right to decline profiles for any reason.
That doesn’t sit well with us.
By doing that, Rarible’s management has shot themselves in the foot while this NFT revolution has barely even started.
We noticed the lack of responses to customer service issues too.
So, while their tech, their governance rules, and all the technical stuff is exceptional, we will have to give them a thumbs down for their people skills.
OpenSea Holds Promise
During our study of the OpenSea NFT Marketplace, we discovered that OpenSea probably has the best bet of all the platforms out there currently to become the “Google” of NFTs.
The reason for this is the minimalist approach in everything anyone does on the OpenSea platform.
They allow for a more “hands-on” approach towards doing everything on their platform.
The fact that other platforms see OpenSea as a de-facto standard tells us a lot as well.
We are keenly interested in seeing what comes next for them.
Their approach is easy and seamless.
And, if their technology dominance is anything to go by, we will be seeing OpenSea remain a key player in the NFT space for several years to come.
The Invitation-Only Guys Run the Show Albeit Temporarily
Invitation-only platforms have shown us the direction the NFT space is going in.
However, it doesn’t mean they will lead us there.
The reason for this is the open and transparent nature of the cryptocurrency space.
Somebody does something, and another person does it differently.
That’s creativity at work!
These invitation-only guys will rule, for now.
However, we are going to see openness and transparency win in the long run.
New platforms that lower entry barriers and ensure ease-of-use of NFT marketplace technology will be the Kings of the hill.
Superare Works but is Restricted by its Invitation-Only Feature
Superare could be the NFT marketplace of the future, but being invitation-only, its current dominance of the NFT space could quickly go into decline.
By being an invitation-only platform, Superare has limited itself to a few artists.
It in itself also limits the offerings to buyers and collectors.
However, with some form of openness to new artists and creators, the NFT Marketplace could scale far beyond anything we have seen so far.
Their focus should be on unique forms of art they can verify, not on the invitation-only verification process.
That way, they will remain far ahead of the competition when NFT summer comes around.
Makersplace Needs to up Its Game
Without a doubt, Makersplace works.
However, there are several issues the NFT Marketplace needs to watch out for.
Firstly, is the three weeks verification process.
On no account should any internet-based process take three weeks. Even packages by courier move around the world in 2021 in a matter of days.
They have done well by having an invitation-only form anyone can fill. It makes the verification process easy.
However, the invitation-only process should be done away with as soon as possible.
Other than that, Makersplace will hold its own in the NFT space.
RAIR will Rule the Global NFT Marketplace
Out of all the NFT Marketplaces we reached out to, it was only the guys at RAIR who were happy to answer all the questions we had for them without any qualms.
That’s a big plus in our book for any business. Be willing to market your project to anybody, anywhere, and at any time!
The reason for this is because you don’t know who will become your biggest fan or what advantage you can gain from doing so.
RAIR which is yet to officially launch is putting together the works for everyone who wants to create and own NFTs.
They’re bringing some not-seen-before features which will blow the NFT space out of the water.
From talking to the team and seeing what they’re doing, we can only say one thing: watch out for RAIR!
Like in all marketplaces, the global NFT marketplace still has some way to go.
Many of the current marketplaces at the top of the pile will succumb to the competition when the NFT boom period hits the cryptocurrency space.
Several of them have outstanding technology processes but terrible human processes, which is a no-no in our book.
However, we shall continue looking at the global NFT marketplace and keep our readers in the loop on what’s going on there.