According to Quaison Carter, co-founder and chief marketing officer of location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” Carter, however, insists that the value of NFTs will persist “as long as there are communities willing to use them.”
The role of PFP communities
Regarding the user onboarding process, Lostworlds co-founder He suggested making this simpler and making sure the user doesn’t waste time trying to understand how they can become NFT holders.
When asked about the challenges associated with location-based NFTs, such as location spoofing, Carter lamented how such practices harm the entire industry. He also briefly explained how his company is attempting to address the issue and thereby help maintain the “integrity of location-based interactions.” Additionally, in his written responses to Bitcoin.com News, Carter mentioned why his company chose Avalanche and the benefits of using that platform.
Bitcoin.com News (BCN): So-called “expensive JPEGs” are said to have raised awareness of NFTs and helped them reach or attract a larger audience base. What gives NFTs value and do you foresee them holding onto this for the long haul?
Quaison Carter (QA): Killer app for NFT is really culture and community. NFTs are simply a verifiable digital asset that we project value and identity onto to give it meaning. In the long run, I think there will be some PFP (profile picture) communities that become meaningful entities, like a religion or a cult. The NFT is his symbol of choice. So as long as there are communities willing to use NFTs to represent their culture or identity, they will persist.
BCN: We’ve seen big brands like Nike achieve some success with NFT, but that hasn’t translated into the kind of mass adoption some expect to see. In your opinion, what prevents or stops the wider adoption of NFTs and what do you think should be done to accelerate widespread use?
QA: User friction has been a major barrier to the widespread adoption of NFTs. While developing Lostworlds.io, we quickly recognized the challenges in onboarding users to the NFT ecosystem. Explaining the concept of NFTs is already complex, and asking users to create a wallet and fund it with crypto can be overwhelming and unpleasant. So we focused on creating solutions that abstract almost all the complexities of Web3. For example, our platform offers email-based wallet creation and allows users to purchase digital collectibles using Apple or Google Pay, and can be done in less than 30 seconds. The user should not have to think.
BCN: Your company, which describes itself as a location-based NFT startup, is said to allow users to earn revenue by collecting NFTs from the real-world places they visit. What are these location-based NFTs and what are their real-world applications?
QA: Location-based NFTs, also known as Geo-NFTs, incorporate geographic locations as a source of scarcity and value. NFTs have always found their greatest potential in fostering culture and community, which are the elements that make any place meaningful. By allowing brands and individuals to place NFTs in the physical world, we created an innovative method of encapsulating culture and community within digital collectibles. Also, our LOST token is influenced by this approach, becoming more scarce as more Geo-NFTs are minted and integrated into the real world.
BCN: It has been said that users can easily fake their location to mint so-called location-based NFTs. Is there a way to stop or prevent the so-called location spoofing?
QA: Location spoofing presents a significant challenge in our industry, as evidenced by the extensive efforts by games like Pokémon Go to address this issue. While we do not claim to have fully resolved the issue, we have diligently developed a robust anti-phishing mechanism to maintain the integrity of location-based interactions and ensure a fair and secure experience for our users.
BCN: Why did you choose to build on Avalanche?
QA: We started Avalanche because we felt like they were focused on the future. Their innovations with subnetting allowed us to not have to worry about scaling or cross-chain issues. We are currently also on Polygon and Ethereum.
BCN: Can you illustrate how hybrid experiences that are said to bridge the gap between the real world and the virtual metaverse can make it more fun and engaging for players, buyers, and other users?
QA: A hybrid experience is a digital experience that enhances your physical experience. For example, at NFT NYC 2023, we collaborated with DeGods and Stepn to host a series of scavenger hunts throughout New York City. Participants embarked on a historical tour, exploring New York City’s top sites and collecting a Geo-NFT for each location. Collecting all of the iconic NFTs provided a chance to win a special DeGods-Stepn sneaker collaboration, further incentivizing the minting process. This engaging experience can be compared to Pokémon Go for NFT, which seamlessly blends the digital and physical worlds.
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