Problem

NFTs have gained significant traction in recent years, and their popularity is only expected to grow as businesses and individuals continue to explore new ways to utilize this innovative technology. NFTs provide a unique way for creators to monetize their digital content, offering a means of ownership and authenticity for digital assets that were previously unattainable.

However, despite the numerous benefits of NFTs, there are also several challenges that come with the territory. One of the most significant challenges for creators and businesses is the cost associated with developing a custom NFT marketplace. Setting up a marketplace from scratch can require a significant initial investment in development, infrastructure, and ongoing maintenance, which can be a barrier for many studios.

In addition to the cost, creating a custom NFT marketplace can also be a time-consuming process. It can take up to three months to build a marketplace from scratch, which can divert valuable time and resources away from the core business of game studios - developing great games. This can be particularly challenging for smaller studios with limited resources, who may not have the luxury of dedicating a significant amount of time and effort to building a marketplace.

Moreover, building an NFT marketplace requires specialized knowledge in blockchain technology, smart contracts, and cryptocurrency integration, which may not be available in-house for most game studios. These technical skills are in high demand and are often expensive to acquire, adding to the overall cost of building an NFT marketplace.

Another significant challenge associated with managing an NFT marketplace is maintaining the security and reliability of the platform. NFTs represent a significant investment for both buyers and sellers, and ensuring the safety and security of the marketplace is essential to maintaining the trust of users. This requires continuous effort and expertise, including regular updates, patches, and monitoring to prevent vulnerabilities and ensure smooth operation.

Despite these challenges, the potential benefits of NFTs make them an attractive option for businesses and individuals looking to monetize their digital content. That's where Innovaz comes in. With Innovaz's turnkey solution, businesses can quickly and easily launch their own NFT marketplace, without the need for in-house blockchain knowledge or technical skills. This empowers game creators to lower their costs, reduce time-to-market, and focus on what they do best - creating great games.

In conclusion, the problems can be summarized to these points:

• High costs: Many NFT artists and game studios face high costs to develop and maintain their own NFT marketplace. The costs include development costs, hosting fees, and transaction fees, among others. These costs can be a barrier for creators who are just starting or those who are not well-funded.

• Time-consuming: Developing an NFT marketplace on their own website can be a time-consuming process, requiring significant development time, resources, and technical expertise. This can divert the attention of creators from their core competencies, such as developing great games or creating amazing digital art.

• Technical skills: Creating an NFT marketplace on a website requires a deep understanding of blockchain technology and smart contracts, which can be challenging for creators with limited technical skills. This can make it difficult for them to launch and manage an NFT marketplace on their own.

• Centralized platforms: Many NFT marketplaces, such as OpenSea, are centralized, which means that the control and ownership of the marketplace lie with a single entity. This can create a lack of transparency, as well as issues with censorship, user privacy, and security.

• Limited customization: Some NFT marketplaces limit the customization options available to creators, which can limit their ability to create a unique and engaging marketplace that reflects their brand and identity.

• Lack of interoperability: Many NFT marketplaces are built on different blockchains or use different smart contract standards, which can create interoperability issues. This can make it challenging for creators to create, buy, and sell NFTs across different marketplaces.

Overall, these problems can create significant barriers for NFT artists and game studios to enter the NFT market, limiting their ability to monetize their work and reach a wider audience. Innovaz aims to address these problems and provide a turnkey solution for creators to launch and manage their own NFT marketplace with ease, efficiency, and affordability.