Blockchain case study  225

• Using a third party, the NFT platform can provide quick time to mar-

ket to launch a business globally. IOSpeed will not have to spend time

to deploy and maintain an NFT platform, which can take substantial

time.

• IOSpeed will not have to spend budget to deploy and maintain the

platform that can be very costly.

• The regulatory approval to launch the NFT platform can be lengthy.

IOSpeed can launch the digital marketplace without spending time on

regulatory approval.

• Designing, creating and deploying an end-to-end NFT marketplace

require a variety of technology skills. Some of those skills are rarely

available in the market due to supply of candidates with Blockchain

experience. It would be advantageous for IOSpeed to use an already

established NFT platform to launch a digital art marketplace.

Disadvantages of the third-party NFT platform

Using a third-party platform also has some disadvantages. The following

are the disadvantages of using a third-party NFT platform provider such

as crypto.com:

• The IOSpeed brand name will not improve by using a third-party

NFT platform, although the third-party brand name can flourish.

• IOSpeed will be limited to make a decision and execute changes on a

third-party platform as per their own strategic objectives.

• IOSpeed needs to carry a risk of cyber security and rely on third-party

cyber security policies. Recently, crypto.com was hacked. These kinds

of cyber-attacks can ruin the brand image of IOSpeed and impact

customer trust towards IOSpeed. This can lead to loss of artists and

customers.

• Using third-party services and platforms can be expensive in a longer

term. The third party will charge for their services, and that service

fees could have been invested in IOSpeed’s own platform.

Recommendations

• One of the IOSpeed strategies could be to acquire a start-up offering

an NFT platform and rebrand them.

• IOSpeed could use the third-party platform to launch a digital art mar-

ketplace in the short term whilst working on their own platform in paral-

lel. This would give them quick time to market to retain the business and

also work on strategic outcome to develop their own NFT platform.