A. Problems of NFT Market

The essential problem of the NFT market is that it can be created only in the blockchain network supported by the market and that it is impossible to move between blockchain networks.

For example, if an NFT is made with ERC-721, it can only be traded in the Ethereum-based market and cannot be traded in other blockchain network-based markets. This is because NFTs made with other block chains cannot be implemented in their own market because of different block chain technologies. Of course, it is possible to convert the value of NFTs and sell them by linking them with an API through a contract between blockchain networks, but essential movement is impossible.

For this reason, in order to search for or find NFTs, it is necessary to check all NFT markets. The NFT you create is registered in the market wallet, not your wallet, and you must pay a fee when moving it to your own wallet or the same blockchain network.

In addition, the market business model consists only of simple sales, auctions, and purchases, so there is no case where users can earn profits by using their own digital assets, and it has only a structure in which users can earn profits only by selling.

When looking at these contents, since all NFT markets are centered on each blockchain network, there is a problem that NFTs created in each market must be viewed and traded only in that market. In other words, the buyer has to take a cumbersome and inefficient action to visit all the NFT markets to purchase the NFT they want to purchase.

Compared to general shopping malls and open markets, which show and sell numerous products, the current NFT markets have too many inconveniences in terms of services for customer convenience.