Challenges of data accessibility in the NFT market
Lack of data accessibility is a key challenge for the NFT sector. Here is how a data analysis tool is bringing transparency and liquidity to the market. Nonfungible tokens (NFTs) have grown into a distinct sector within the blockchain industry, but they still have to address several challenges before aiming for mass adoption. One of the key issues of the space has to do with data accessibility, or mostly, the lack of it. Unlike the broader crypto industry, the NFT market is still in its infancy, and there are relatively few resources available for tracking NFT collections, exploring detailed statistics and analyzing market trends. To begin with, the NFT market lacks standardized data formats and metadata. This can make it difficult for NFT buyers and sellers to share and analyze data, such as ownership history, provenance and other important details. Without access to meaningful data, it can be challenging for buyers to make informed purchasing decisions and for creators to accurately...