The emergence of NFT marketplace brought about a new hope for a host of different creative talents like artists, writers, musicians, etc.. that they would be able to make a fortune out of their creative outputs at last. Stories of NFT creators becoming overnight millionaires spread like wild fire. This was the scenario some months back. But as of now, a different scenario seems to be emerging with countless NFTs in the NFT marketplace bringing very little or no profits to their creators. So the question arises as to if the NFT economy will survive and thrive?
If we examine how the present NFT marketplaces are promoting the NFTs, one glaring mistake by many of these marketplaces becomes evident. That is, giving away of free NFTs! This, in my opinion, is the biggest mistake on the part of these NFT marketplaces. When you keep giving away free NFTs to anyone and everyone, why would they bother to purchase NFTs by shelling out big money?
So, the most urgent action to be taken by these NFT marketplaces is to arrive at a consensus not to give away even a single NFT for free. This is the only way to ensure that the NFT economy will survive and thrive in the times to come.