NFTs are still not widely used due to what Quaison Carter, co-founder and CMO of location-based NFT platform Lostworlds, calls “user friction.” However, Carter insists that the value of NFTs will persist for “as long as there are communities willing to use them.”
Concerning the process of onboarding users, the Lostworlds co-founder suggested making this simpler and ensuring 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.
The killer application for NFTs is 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.
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 of Web3. For example, our platform offers email-based wallet creation and enables users to purchase digital collectibles using Apple or Google Pay, and it can be done in less than 30 seconds. The user shouldn’t have to think.
Location-based NFTs, also known as Geo-NFTs, incorporate geographical locations as a source of scarcity and value. NFTs have always found their greatest potential in fostering culture and community, which are the very elements that make any location significant. By allowing brands and individuals to place NFTs within the physical world, we create an innovative method for encapsulating culture and community within digital collectibles. Furthermore, our LOST token is influenced by this approach, becoming scarcer as more Geo-NFTs are minted and integrated into the real world.
Location spoofing presents a significant challenge in our industry, as demonstrated by the extensive efforts of games like Pokémon Go to address this issue. Although we do not claim to have completely resolved the problem, we have diligently developed a robust anti-spoofing mechanism to maintain the integrity of location-based interactions and ensure a fair and secure experience for our users.
Lostworlds chose to build on Avalanche because they felt they were focused on the future. Their innovations with subnets allowed them not to worry about scaling or cross-chain issues. They are currently also on Polygon and Ethereum.
A hybrid experience is a digital experience that enhances your physical experience. For example, at NFT NYC 2023, Lostworlds collaborated with DeGods and Stepn to organize a series of scavenger hunts throughout New York City. Participants embarked on a landmark tour, exploring major NYC sites and collecting a Geo-NFT for each location. Collecting all the landmark NFTs provided an opportunity to win a special DeGods-Stepn sneaker collaboration, further incentivizing the minting process. This engaging experience can be likened to Pokémon Go for NFTs, seamlessly blending the digital and physical worlds.
In conclusion, NFTs are still facing challenges with user friction and location spoofing, but Lostworlds is working to simplify the onboarding process and maintain the integrity of location-based interactions. The value of NFTs lies in their ability to represent culture and community, and as long as there are communities willing to use them, they will persist. Lostworlds has chosen to build on Avalanche for its focus on the future and innovations with subnets, and they are exploring hybrid experiences that enhance physical experiences with digital collectibles.