1-4. Problems and solutions
| Issues
High-value transactions centered on a few well-known artists and fewer NFTs compared to other works of art.
Lack of a valuation system for non-famous general and new artworks, with the burden on customers when it comes to artist-centric unilateral pricing criteria
Limiting the entry of talented emerging artists centered on Generation MZ
Stable community-based vulnerability
Flagship NFT Platforms’ deteriorating competitive environments due to large digital asset exchanges entering the NFT market.
| Solution
Discovering NFT art through NCOP’s NFT contest. NFT contests function the same as popular user auditions. The result is increased marketability that boosts NCOP’s user base. By creating the foundation for a fanbase, NCOP preserves and defends its price.
User community centered on artist fanbases. Making NFT art sharable across various channels increases interaction between artists and users (co-marketing effect). It also creates artist fanbases, builds a more robust user community, and maximizes the NFT Contest’s effectiveness.
Collective Intelligence Assessment System. With the NFT Contest, users and experts collaborate jointly to assess NFTs in a collective-intelligence manner. The results are published for user reference, solving the issue related to authors arbitrarily setting NFT reference prices.
Incentives on participant activity criteria. Services based on the activation of user and community engagement should be supported by Tokenomics, where incentives based on the level of activity can be distributed as compensation.
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