Kireyev, Pavel 
ORCID: 0009-0004-4776-753X and Evans, Peter C.
(2021)
Making sense of the NFT marketplace.
Harvard Business Review.
ISSN 0017-8012
Abstract
NFTs, or non-fungible tokens, have become a major industry. But as with most emerging technologies, there are many competing platforms and approaches to growth, and it’s not always obvious which is the best fit for a given business. In this piece, the authors first argue that NFT platforms fall on a spectrum from streamlined (lower-cost, more-generic services) to augmented (higher-cost, more-specialized services), and that content creators should focus on those key differences when determining which platform to work with. They offer several examples to provide some inspiration to NFT industry newcomers, illustrating the wide variety of ways in which NFT platforms can add value to both buyers and sellers. Next, the authors suggest that unlike traditional market platforms such as Amazon, we’re unlikely to see a single victor emerge, both because of the fundamental openness of publicly-accessible blockchain technology, and because of the significant value offered by a variety of custom services. As such, the authors advise that both firms and individual creators should evaluate how the many options currently available and align with their unique business needs, and if a particular platform or strategy seems like a good opportunity, they should go ahead and give it a try.
| Item Type: | Article |
|---|---|
| Divisions: | LSE |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HF Commerce T Technology > T Technology (General) |
| Date Deposited: | 02 Oct 2024 10:21 |
| Last Modified: | 01 Nov 2024 05:54 |
| URI: | http://eprints.lse.ac.uk/id/eprint/125596 |
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