This was how a BBC tech journo described their experience of buying an NFT.
In the same article, we also hear about an artist who sold an NFT for $1, only to then pay up to $200 in transaction costs.
Transaction costs are themselves an issue. Most newcomers to Crypto are blissfully unaware that even if a transaction fails, the fee is still due. And that transaction costs can be variable.
And yes, once you know, you can do something about it.
But how many people will encounter such issues and then give up, viewing the whole thing as a bit of a 'scam'? Or simply, far too complicated to be worth the hassle?
Then we have to learn how to use a wallet;
"Wallets are awful,"... "Figuring out a wallet -- period -- is the worst thing ever."
So said Marc Cuban in a recent interview. Wallet use is increasing but many new Crypto traders/investors may be choosing to hold their assets on an exchange instead. Not all exchanges are regulated, and even where they are, the Crypto itself is obviously not. Some holders may not be aware that holding Crypto on exchange, through a broker, is not the same as holding shares in the same way, and there is little you can do about it if something goes wrong.
But, when using wallets, it's easy to make mistakes. Losing the wallet means you lose the Crypto. So it is literally like losing a wallet stuffed with cash!
Losing the password combination, (including with an online wallet), also means total loss. There is no password reset!
From the point of view of mass market retail customers, used to leaving it all to their highly regulated bank, with statutory complaints schemes and legal rights, this will all sound far too risky and difficult. Why bother?
Crypto and Blockchain have a lot to offer in terms of potential. But until the mechanics are given an overhaul, my guess is that wider acceptance will remain elusive.
