- Regulatory hurdles and compliance: The regulatory environment surrounding NFTs was constantly evolving.
- Competition from established NFT marketplaces: The NFT market was becoming increasingly crowded, with established players dominating the market.
- Adoption and awareness: The adoption of NFTs was still relatively low, with many potential users still unaware of the technology and its potential uses.
- Scalability and transaction throughput: As the popularity of NFTs grows, the demand for scalability and transaction throughput would increase.
Solutions we developed
- Engaged with regulators and comply with applicable laws and regulations
- Leveraged unique features and partnerships to differentiate from competitors
- Implemented a targeted marketing strategy to drive adoption and awareness
- Explored scaling solutions such as layer 2 protocols and sharding.