NFTs Will Persist As Long As Communities Are Willing To Use Them – Lostworld Co-Founder – Interview Bitcoin News
According to Quaison Carter, co-founder and CMO of location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” However, Carter insists that the value of NFTs will persist “as long as there are communities willing to use them.”
The role played by the PFP community
Regarding the process of registering users, the Lostworlds co-founder proposed to make this easier and ensure that the user does not spend 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 hurt the entire industry. He also briefly explained how his company is trying to tackle the problem and thereby help maintain the “integrity of location-based interactions.” Also in his written responses sent to Bitcoin.com News, Carter touched on why his firm chose Avalanche and the benefits of using that platform.
Bitcoin.com News (BCN): The so-called “expensive JPEGs” are said to have created awareness of NFTs and helped them reach or appeal to a larger audience base. What gives NFTs their value and do you see them sustaining this in the long run?
Quaison Carter (QC): The killer application for NFTs 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 a few PFP [profile picture] societies that become entities of importance, such as a religion or a cult. NFT is their election symbol. 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 NFTs, but that hasn’t translated into the kind of mass adoption that some are hoping to see. In your opinion, what hinders or stops the wider use of NFTs, and what do you think should be done to accelerate mainstream use?
QC: User friction has been a significant barrier to the widespread use of NFTs. While developing Lostworlds.io, we quickly discovered the challenges of integrating users into the NFT ecosystem. Explaining the concept of NFTs is already complex, and asking users to create a wallet and fund it with cryptocurrency can be overwhelming and intimidating. So we focused on creating solutions that abstract away almost all the complexity of Web3. For example, our platform offers email-based wallet creation and allows users to purchase digital collectibles using Apple or Google Pay in less than 30 seconds. The user should not have to think.
BCN: Described as a location-based NFT startup, your company is said to enable users to earn money by collecting NFTs from real-world locations they visit. What are these location-based NFTs and what are their real-world applications?
QC: 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 very elements that make any placement important. By allowing brands and individuals to place NFTs in the physical world, we are creating an innovative method of encapsulating culture and community in digital collectibles. Furthermore, our LOST token is influenced by this approach, becoming scarcer as more Geo-NFTs are minted and integrated into the real world.
BCN: It has been said that users can easily spoof their location to mint the so-called location-based NFTs. Is there a way to stop or prevent this so-called location spoofing?
QC: Location spoofing poses a significant challenge in our industry, as demonstrated by the extensive efforts of games such as Pokémon Go to address this issue. While we do not claim to have completely solved the problem, we have diligently developed a robust anti-spoofing 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?
QC: We started at Avalanche because we felt they were focused on the future. Their innovations with subnets 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 the hybrid experiences that are said to bridge the divide between the real world and the virtual metaverse can make it more fun and engaging for players, shoppers and other users?
QC: A hybrid experience is a digital experience that enhances your physical experience. For example, at NFT NYC 2023, we partnered with DeGods and Stepn to organize a series of scavenger hunts throughout New York City. Participants embarked on a landmark tour, exploring major NYC locations and collecting a Geo-NFT for each location. Collecting all the landmark NFTs provided an opportunity to win a special DeGods-Stepn sneaker collaboration, further advancing the embossing process. This engaging experience can be compared to Pokémon Go for NFTs, seamlessly blending the digital and physical worlds.
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