After years of discussion about the use cases that would drive blockchain adoption to the mainstream, it seems like in 2021, it’s finally happening. Seemingly even more popular than the price of Bitcoin or DeFi, NFTs have been making headlines around the world.
This trend is hardly surprising. Christie’s sale of Beeple’s NFT art collection was the first time the auction house had offered a purely digital piece, and it fetched a cool $69 million. Many artists, musicians etc have jumped on the bandwagon to create their own NFTs.
And it’s not all about the buzz, NFTs bring with them real potential as they bear lucrative features such as immutability, programmability, and uniqueness which have been lacking in the physical world.
The truth is, while NFTs’ novelty continues to unravel their current use cases don’t even begin to scratch the surface of their potential. NFTs may seem like an acquired taste for some people right now, but that’s only because the tech is still being explored.
Current platforms are limited!
Contrary to popular belief, you do not need a ton of money to participate in the NFT market. Anyone can generate their own NFTs, sell or buy them for fun or profit. Most digital-art trading platforms allow creators to earn royalties. OpenSea has been dabbed as the eBay on the blockchain by various market analysts and is home to almost everything from art to virtual reality, sports and trading cards.
NFT marketplaces like Super Rare, Nifty Gateway and Foundation provide artists with around 10% royalties on any future sales of their work.
Other platforms focus on having a lower barrier to entry for creators, Zora operates as invite-only, while Rarible and Mintable allow any user to upload and sell images and text as NFTs on the site.
Exciting upcoming NFT platforms
In June, Binance will launch Binance NFT, an NFT marketplace and trading platform. This new marketplace promises to bring together artists, creators and crypto enthusiasts from around the world.
With its NFT platform, Binance aims to create one of the most compelling metaverses with one-of-a-kind offerings and exclusive collaborations, paired with a seamlessly designed and intuitive digital platform to bring together artists, creators and crypto enthusiasts from around the world.
Binance NFT marketplace will debut with two main venues: a “Premium Event” category for the most sought-after collaborations and a “Trading Market” that allows everyday users to easily create NFTs at a minimal cost.
“We aim to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, Head of Binance NFT.
For curated “Premium Event” collections, artists receive 90%of profits from sales setting a new benchmark for NFT rewards. Users can also deposit their NFTs to the “Trading Market” and choose to list them for sale or auction, at a minimal cost. Binance charges a nominal 1% processing fee — and creators or depositors receive a 1% royalty payment for all subsequent trades.
“Binance serves millions of users around the world, many of whom will now be able to access the booming NFT space. In line with our commitment to the freedom of money globally and building an inclusive ecosystem, the Binance NFT marketplace will also support small value creators by providing the highest liquidity and cheapest fees for users,” said Changpeng “CZ” Zhao, CEO of Binance.
Chair.Finance is poised to become the world’s first decentralized NFT trading platform for rights and benefits when the project launches in June. The platform tokenizes rights and benefits to mint utility NFTs and establishes a brand new trading system with the decentralized technology concept.
The project is being developed by a very strong team of blockchain experts armed with vast experience spanning years in the sector. You can follow them on Twitter and Telegram for updates on the progress of the platform.
What makes the Chair.Finance NFT platform more fascinating is that it has been developed to explore and bring together two uncharted territories in NFT-world; decentralization and the exchange of rights & benefits. In this case, rights and benefits represent assets such as company equities, tokenized company shares, and even intellectual property that KOLs (Key Opinion Leaders) such as celebrities, influential people, outstanding entrepreneurs etc can tokenize.
The project utilizes the decentralized smart contract technology and DAO governance concept together with the unique features of NFTs and DeFi to provide trade mining, auction mining, and transaction tax to improve liquidity for rights and benefits assets.
The platform’s token, the BNCH represents users rights and benefits on the CHAIR platform. BNCH holders are entitled to in-depth participation in the governance and future development of the CHAIR platform.
BNCH can also be used toward the purchase of commodities and services on the CHAIR platform. All BNCH holders are entitled to share the revenue generated from CHAIRs development.
Though it’s in its early stages, this project could end up being incredibly useful to the rapidly expanding NFT market. What it does is create NFT pools specific to each collectible NFT project. Each time a new NFT is added to that project’s pool, 100 tokens are minted under that project’s name and given to the owner. This creates liquidity in the NFT market. The owner can then use those tokens to buy another NFT in the pool or can trade them on Uniswap. Their value will depend on the demand for that pool’s unique token.
It’s an interesting take on NFTs and derivatives, allowing investors to speculate on the project as a whole instead of needing to look for and buy specific pieces based on their judgement.
With NFT20’s MUSE token grants governance rights, but only to a certain extent. Don’t take it the wrong way: the creators are trying to scale their project without succumbing to the push and pull of a profit-hungry market.
This project turns the concept of NFTs completely on its head: instead of representing digital assets, Splyt’s eNFT (e-commerce NFT) represents real-world items. Brands and sellers can list their products as an eNFT, creating a globally updating blockchain inventory system, which prevents double sales since no NFT can be sold twice.
Each item’s eNFT acts as a certificate of authenticity, safeguarding against knock-offs and scalping. Its history and rating stick with it as it is bought and sold. It has a built-in commission that allows affiliates to list and sell any product without needing to negotiate a contract. When the item sells, they get paid immediately, no questions asked. The protocol keeps track of reputations and even facilitates disputes and arbitration.
Take everything gamified about the crypto world and combine it with NFTs to form AnRKey X. It’s an all-in-one gaming platform where games can be made and in-game items can be bought, sold, and traded in the market. They even gamified liquidity mining by pitting groups against each other and seeing which pool can outperform the others. While the AnRKey X team makes their games and gorgeous loot drops, anyone can build a game dapp and sell their rare items in the gDEX (decentralized finance gaming platform exchange).
To stay on brand, they call their ANRX “arcade tokens”. These tokens allow users to buy and sell NFTs, compete for rewards, and stake for yield farming and liquidity mining. And just like an arcade, you can use your tokens to play games. What’s interesting here is that you can own an NFT of an item in a game you don’t even play. It brings the items in the game to life.
It seems like there is nothing that NFTs cannot do, and the ways we interact with them are also increasing as well. Taking these new projects into consideration, there is no doubt that this technology is unlocking the next stage in the internet’s evolution.
The article above is written from an independent perspective and does not constitute financial advice. Independent financial advice should be sought before deciding whether to invest in any financial product.