NFT Projects: Understanding market entry challenges

Abstract

This article deals with the entry barriers for NFT projects on the market. It discusses issues related to capital intensity, legal regulations, access to knowledge and patents, as well as the diversity of products and suppliers in the NFT market. The aim of the paper is to identify and describe entry barriers that new companies face when entering the market. The authors predict that as consumer interest grows, entrepreneurs will become more interested in launching NFT projects and can use the presented results to streamline their entry process into the NFT market. The first stage of the work introduces the problem tackled, in which the authors explain blockchain technology and present an overview of the situation prevailing in the NFT market, which was the motivation for the creation of this article. In the next part, based on case studies, the authors discuss five entry barriers for NFT projects. The final part presents conclusions, based on which the authors state that entry barriers to the NFT market are small and attractive to entrepreneurs, which, along with the influx of new consumers, may indicate an increase in the number of new projects released on the examined market in the near future