Challenges of data accessibility in the NFT market

cointelegraph.com:

Nonfungible tokens (NFTs) have grown into a distinct sector within the blockchain industry, but they still have to address several challenges before aiming for mass adoption. One of the key issues of the space has to do with data accessibility, or mostly, the lack of it. Unlike the broader crypto industry, the NFT market is still in its infancy, and there are relatively few resources available for tracking NFT collections, exploring detailed statistics and analyzing market trends.

To begin with, the NFT market lacks standardized data formats and metadata. This can make it difficult for NFT buyers and sellers to share and analyze data, such as ownership history, provenance and other important details. Without access to meaningful data, it can be challenging for buyers to make informed purchasing decisions and for creators to accurately price their NFTs.

One of the reasons for the current situation is that the NFT market is highly fragmented, with thousands of different collections and individual NFTs available for purchase. This makes it challenging for any single resource to provide a comprehensive view of the market as a whole.

Users can still rely on blockchain analytics resources like Nansen or DappRadar, but they are not NFT-oriented and may not cover the NFT market from all angles.

Boosting data accessibility in the NFT space can contribute to a more mature and efficient market in which buyers and sellers can make informed decisions based on a complete view of the space. This, in turn, can drive growth and innovation in the market, leading to increased adoption and participation over time.

Here are some ways in which dedicated NFT analysis resources could help the market:

The huge demand for reliable NFT analytics tools