D. Limitations on the revenue side
Currently, various NFT business projects are in progress.
Analyzing the NonFungible.com site, one CryptoPunks image was sold for about $390,000, and as of July 20, 2021, the 7-day transaction amount of the top 10 projects alone was about $35 million, and the total accumulated transaction amount was about $1 billion or more.
Figure 5. Analysis of NFT Top 10 Project Sales Source: https://nonfungible.com/market/history / Numerical analysis as of July 20, 2021 (Modify Image; VSTRO)
If the content of the project is excellent, it can be developed according to the business direction of the NFT by being activated through the participation of various users, but Most NFTs have a very low value because they are simply sold and bought with simple images.
The value standard of NFT is ultimately decided by the person who buys it, and the reality is that if a creator thinks highly of the value of the NFT he made, he has no choice but to keep it rather than sell it.
In addition, due to the nature of NFTs, since one NFT is owned by one person, there is only one person who uses it. This would be suitable for works of art or game items, but if a famous singer sells his song as NFT, it is very difficult to see whether the song will be sold even though it is known that only the NFT owner can hear it. Because singers want their songs to be heard by pens and by many, not owned by one person. However, if you make and sell tens of thousands of identical NFTs, it would be much more convenient to sell regular albums.
The business model structure of the NFT market has limitations in that even for digital assets, only the sale of ownership is possible and the sale of usage rights is impossible. Eventually, there will come a time when these problems will have to be addressed..