Understanding User Perspectives on Non-Fungible Tokens: Toward an Ideal NFT Marketplace Design

The digital art and collectibles industries are undergoing a significant transformation due to a phenomenon known as Non-fungible Tokens (NFTs). Enabled by smart contracts on a blockchain, NFTs thus provide creators with unparalleled control. They can be used to indicate the ownership of any unique object by serving as a deed for that item, whether it exists in the physical or digital world. This research aims to shed light on various obstacles to the widespread adoption of NFTs. A semi-structured interview was conducted with customers of NFT marketplaces to draw out valuable insights across diverse scenarios. The interview method has been utilized to observe and assess the perspectives of individuals who have engaged in marketplace transactions. Furthermore, a cognitive walkthrough was executed to evaluate the marketplace’s usability from a newcomer’s viewpoint. The insights gathered from the interviews and cognitive evaluation have pinpointed significant pain points and opportunities for improvement. The findings show that both experienced users and newcomers are seeking enhancements to the marketplaces before they are willing to embrace this technology on a larger scale. Their recommendations vary from ensuring safer ecosystem development to improving user interfaces. We present a review of our findings from multiple angles, addressing areas where challenges are evident and we suggest potential modifications to boost the promotion of NFTs. In conclusion, based on our results, we recommend an ideal design along with several essential strategies akin to other standard applications that could be implemented in the markets for greater acceptance.