Poor User Experience
Note: Data in this section last updated May 28th, 2022
According to research from Finder, over 70% of Americans don’t know what an NFT is and fewer than 3% own one.
The NFT space suffers from a perceived user experience problem. At first glance, buying an NFT seems quite complicated, as users need to:
Register on a centralized exchange, such as Coinbase or Binance
Provide KYC information such as a passport photo, driver’s license and / or utility bill to confirm their identity
Use the centralized exchange to purchase Ethereum
Set up a wallet via Metamask
Transfer their Ethereum to their Metamask wallet
Go to OpenSea or LooksRare and connect their wallet
Search for an NFT they like
Click to purchase it
Approve the gas fees and sign the transaction
I’ll admit, when I first tried buying NFTs I was definitely nervous navigating all these steps.
But once I did it, I realized how simple it was. In fact, once you’re used to it, navigating Web3 is much easier than navigating the traditional web because:
You don’t need passwords – once you have a wallet setup it can connect to any site
The checkout process is simple as you don’t need to input a credit card, check for fraud, etc..
That said, more work needs to be done to either educate the public or streamline the onboarding experience.
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