As any industry, NFT startups appear to focus on making it easy for the customer to spend money. Which is great, until the point you need to run anything slightly more complicated from the perspective of a creator.
A few observations I’ve made in the last couple of days:
“First time authorisation” fee for minting and listing, even on Polygon, should not be perceived as a ‘gas’ fee, which is an essential, unavoidable part for many things on ETH blockchain. The difference is that this fee actually goes to someone’s pocket, whoever set it up, and it may vary based on their own price-setting policies, rather than costs or market driven pricing.
Even a slight step outside of the main (and most expensive) street inevitably makes it necessary to get technical. I can’t imagine an average user (such as musicians) importing tokens onto Polygon network part of their wallet – it’s a hustle on either mobile or desktop, copying the token and contract IDs, looking for token decimals, what is all this? arrgh! As soon as auto-detection of NFTs doesn’t work, we have to go through tons of documentation and run trial and error experiments.
Why would someone bother looking for cheaper ways to run NFT business?
While learning about the NFTs extensively, I hear subject matter experts drop sentences like ‘took me about $300 in gas fees to set everything up’, or ‘when i woke up gas fee was $30 as opposed to $35’. Now, this may be just the cost of doing business for many in Wester Europe, or North America, but if we are talking about global adoption, it’s highly discouraging for artists residing in smaller economies. I live in Hungary, $300 to setup a playground is not an option for me, unless I have decent understanding of the returns, which as we know in NFT world is not an option yet.
It is also a potential gap to be filled or bridged, which makes such discoveries even more valuable as business opportunities still existing in great numbers in NFT world.
