How Poor User Experiences Lower the Market Cap for NFTs
Interest in the revolutionary technology “NFTs” has been growing over the last few years; in many countries, it peaked last year, in others, such as Singapore and the United Arab Emirates, the NFT boom is now. as interest grows, so does the number of people hearing about and buying NFTs reaching well beyond the world of crypto enthusiasts. Since the real hurdle to expanding a market is turning curious people into investors in order to raise the market cap of NFTs, it’s the new investors that need to be supported. The problem is that the current poor user experiences in the NFT space are pushing away new investors and lowering the market cap. Research shows that the barriers to NFT adoption are reliability, education and necessity.
These barriers have severely limited the adoption of NFTs. One columnist for The Daily Eastern News claims that NFTs are “really confusing”, while other writers criticize NFT marketplaces for being too technical, confusing and fragmented across Web 3.0. Among the different marketplaces, many have attempted to remove barriers to entry for new NFT investors. One such example is Opensea which added MoonPay as an option to purchase cryptocurrencies. By using MoonPay, an investor can directly add funds and purchase NFTs through their app. However, MoonPay is banned in numerous countries and states. Other issues include lack of education, reliability and support.
Currently, no marketplace offers a solution to any barrier, let alone all of them. The real challenge for users is that NFTs marketplaces are all on separate blockchains, which creates a huge fragmentation of communities, fanbases, art and assets. Therefore, what is urgently needed to raise the market capitulation of the NFT space is an all-in-one platform that removes barriers and then educates and supports new users.
Enter Ludo, a revolutionary all-in-one Web 3.0 app for play-to-earn projects and NFTs. Ludo aims to be the gateway to the metaverse and all things NFT. Using the platform users can discover, collect, showcase, promote and earn. Ludo is aware there are barriers to NFT adoption and aims to remove them all, as shown in their Manifesto, which states: “At Ludo, we don’t simply want to be part of this New Renaissance. We want to shape it.”. The question is, how is Ludo tackling the barrier to NFT adoption and thus raising the NFT market capitulation?
Ludo removes the inaccessible nature of other marketplaces by creating a hub of all things NFT. Instead of a user being separate from other marketplaces, creators and buyers, Ludo offers a platform that displays information from every marketplace. With Ludo, a user’s first NFT experience is simplified to accessing their app and finding the NFT they want. There’s no need to search across blockchains to search for a marketplace.
Ludo provides a clean and sleek interface that is clearly labeled and newcomer-friendly. The app avoids technical jargon and explains terms in simplified ways, such as concert ticket NFTs and gaming NFTs labeled as ‘experiences. Further, the search tools are simplified with filters such as blockchain, cost and type. The NFTs have clear icons dictating NFT price, blockchain and other important information. Information on NFTs is compiled, allowing users to educate themselves and learn more.
NFT-based content is rapidly growing as music, gaming, metaverses and physical assets join the market. The necessity comes from the growing fragmentation of the NFT space. As iterated previously, Ludo provides an an-all-in-one hub of information, creation, advertisement, community and content. As the NFT market grows, so does the need for Ludo.
Thus, Ludo removes every barrier by offering a seamless and necessary platform that is reliable, educational and supportive. By providing a high-quality, accessible and supportive platform, Ludo provides greatly enhanced user experiences. Resulting in new investors who are more likely to stay, purchase and grow the NFT market. The poor user experiences of newcomers are a thing of the past as Ludo supports the growing NFT market capitulation. Find out more about Ludo and apply to be an alpha tester on their website here.