According to Quaison Carter, the co-founder and CMO of the location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” Carter, however, insists that the value of NFTs will persist for “as long as there are communities willing to use them.”
The Role Played by PFP Communities
Concerning the process of onboarding users, the Lostworlds co-founder suggested making this simpler and making sure the user does not spend time trying to understand how they can become NFT holders.
When asked about the challenges associated with location-based NFTs such as location spoofing, Carter lamented how such practices harm the whole industry. He also briefly explained how his company is attempting to tackle the problem and thus help to maintain the “integrity of location-based interactions.” Also, in his written responses sent to Bitcoin.com News, Carter touched on why his firm chose Avalanche and the benefits of using that platform.
Bitcoin.com News (BCN): The so-called “expensive JPEGs” are said to have generated awareness about NFTs and have helped them reach or appeal to a larger audience base. What gives NFTs their value and do you foresee them holding on to this in the long run?
Quaison Carter (QC): The killer application for NFTs is really culture and community. NFTs are simply a verifiable digital asset that we project value and identity onto to give it meaning. In the long run, I believe there will be a few PFP [profile picture] communities that become entities of significance, like a religion, or a cult. The NFT is their symbol of choice. So as long as there are communities willing to use NFTs to represent their culture or identity they will persist.
BCN: We have seen big brands like Nike achieve some success with NFTs but that has not translated into the kind of mass adoption that some hope to see. In your opinion, what is preventing or stopping the wider adoption of NFTs and what do you think should be done to accelerate mainstream use?
QC: User friction has been a significant barrier to the widespread adoption of NFTs. While developing Lostworlds.io, we quickly recognized the challenges in onboarding users into the NFT ecosystem. Explaining the concept of NFTs is already complex, and asking users to create a wallet and fund it with cryptocurrency can be overwhelming and off-putting. So we focused on creating solutions that abstract away almost all the complexities…
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