The largest NFT marketplace, OpenSea, is launching an app for users in the Google Play and Apple App Store on Thursday.
Harvard Business School associate professor Scott Duke Kominers emphasized consumer ease as a tenet of success for platforms in the NFT space. "A lot of the most successful players are the ones that have submerged some of the crypto-ness of the system in ways that make the experience for the consumer feel more like a normal online purchasing experience," Kominers told CNBC.
Barriers to entry in the NFT space remain high, according to Kominers. Significant costs plus a long chain of mechanics are just two challenges for the industry players.
Kominers says there is plenty of risk for early leaders in the space. The first players in an industry aren't necessarily the most successful — take Vine and Tiktok, as an example. "Your network has to be powerful enough to overcome competitors who later borrow the successful parts of your business model and target a slightly different audience."
Still, he says total engagement is understated, which means NFTs, OpenSea, and its competitors, may still have room to run.
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