NFTs (non-fungible tokens) have come a long way, from being ridiculed as pointless JPEGs, to acceptance as digital assets worth millions of dollars.
But amid all the hype, there’s a major problem being ignored. The meteoric growth of NFTs led to an influx of hundreds of new platforms, marketplaces, and tools. While these welcome additions have helped creators and consumers tremendously, NFT platforms and marketplaces are scattered across blockchain networks. Accordingly, each marketplace and platform has its own rules, complicating the on-ramp for many intrigued observers. This fragmentation makes it difficult for general users to participate fairly in new NFT drops and exclusive releases.
With NFTs becoming more and more popular, the odds of being able to purchase an NFT have become slimmer, especially during primary sales. Deep-pocketed investors have commandeered the NFT market, leaving little room for those with limited funds at their disposal. At the same time, creators, too, are finding it extremely difficult to manage and track their assets. From adding royalties to keeping a tab of subsequent sales, to managing the gas costs, to ensuring that their creations reach a wider audience – the process is not as easy as advertised.
Given the NFT market’s rapid growth, the need of the hour is to inject some order into an otherwise chaotic ecosystem. This very cognizance of the core problems has laid the groundwork for ensuring a more sensible maturation of the NFT market that reflects blockchain’s desired traits – democratic, inclusive, fair, and transparent.
Simplifying NFTs for Creators and Consumers
Spearheading the efforts to make NFTs accessible for the masses is Binance, the largest cryptocurrency exchange by trading volume. Binance recently launched its first-ever “Subscription Mechanism” on the Binance NFT Marketplace, signaling a new era wherein all participants stand an equal chance of buying an NFT during primary sales and exclusive drops.
The newly-launched Subscription Mechanism feature consists of four distinct phases, including preparation, subscription, calculation, and distribution. Each phase empowers users to participate in the latest drops and exclusive releases on the Binance NFT platform fairly.
To start, users have to hold a minimum amount of tokens during the “preparation” phase. If the user’s balance meets the minimum requirement set by the NFT creator, they’ll be added to the “subscription” phase and provided with “participation tickets” per the predefined limit. Next, in the “calculation” phase, the platform selects winning “tickets,” enabling selected users to purchase the NFT during the primary sale.
Finally, in the “distribution” phase, all users who purchased the NFT will receive their assets. Concurrently, all users who had deposited their tickets but didn’t win the chance to buy the NFT will be refunded the tokens they invested in during the “preparation” phase.
Despite the sometimes exceptional monetary value of NFTs, the ecosystem’s momentum is driven by a handful of secondary marketplaces. While marketplaces allow creators to add royalties for all subsequent sales of their NFT, there’s a catch. Creators can earn royalties only if the sales are processed through the same platform where the NFT was originally minted. CXIP Labs overcomes uneven royalty distribution through minting-as-a-service (MaaS), offering creators access to a diverse range of personalized smart contracts.
Each smart contract is purposefully designed to help NFT creators highlight their contributions, ensuring creators receive their fair share of royalties, irrespective of where the original NFT was minted or sold. The platform’s plug-and-play API can be integrated into any existing marketplace, delivering a universal minting solution that supports cross-market royalties, permanence, authenticated provenance, payload immutability, counterfeit prevention, and copyright registration.
CXIP Labs is also building the first-ever decentralized autonomous organization (DAO) for NFT creators. The CXIP NFT DAO consists of renowned artists and brand advocates like Pharell Williams, Jen Stark, CXIP co-founder Jeff Gluck, Chad Knight, and others. CXIP is currently airdropping $CXIP tokens to every creator who has minted NFT on Ethereum, enabling creators to claim the $CXIP tokens and join the DAO.
Finally, there’s Mintverse, the leading NFT aggregator working to bring order to the chaotic NFT ecosystem through its revamped NFT collection tracking solution. To build a comprehensive NFT aggregator and marketplace, Mintverse supports features like an updated user dashboard to enable users to connect their wallets, keep track of all NFT collections, and explore new collections.
Besides for aggregating the NFT universe, Mintverse addresses gas costs, NFTs’ limited utility, and the narrow financial incentives for creators with offerings such as an end-to-end NFT marketplace, gaming incubation, governance DAO, and more. The platform will also roll out other features like automated marketplace scanning, advanced filters, and a dedicated Initial Game Offerings (IGOs) GamePad for gaming projects that wish to launch their NFTs.
In chaos lies opportunity, and the young NFT market is no exception. However, the true winners to emerge from this still-early marathon will be those platforms and initiatives that facilitate inclusivity, simplicity, accessibility, and most importantly, reward creators fairly for their contributions.
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