Our algorithms are so accurate that they can only use certain user actions on the site to predict what else they will like. Apparently, this is a happy ending.
But NFTs are different.
The last two years have shown us that the influence of NFTs is growing rapidly. NFTs have huge potential not only for buyers, but also for artists.
Buying an NFT not only reflects the buyer’s taste, but also tells us what they think might be a smart financial investment.
However, this potential is not being fully exploited. Failure to anticipate what NFT buyers want is one of the major issues preventing NFTs from becoming mainstream and empowering digital artists. The challenge is to solve the cold start problem for NFTs, where it is almost impossible for brands to provide accurate recommendations for new and anonymous users.
First of all, buying an NFT is different from what we usually buy online. Thousands of new NFTs are bought and sold every week, with buyers using multiple wallets and mostly completely anonymous.
Each of these features is the opposite of what we expect from online shopping. For example, we expect a finite number of genes, not an infinite number of choices. We link a credit or debit card, and while most online consumers are mostly anonymous these days, it’s usually possible for the site to remember your preferences.