United States, 28th Apr 2022, The cryptocurrency market has started to recover, and we have some good news. If you’re following Openspace now and taking the time to understand the platform, you should know that we offer a unique value proposition for NFT creators and NFT market makers, giving them complete control and unparalleled flexibility to develop NFTs Market, release projects and connect with global buyers and fans. Our platform is ready for deployment and continues to improve compliance requirements to welcome the first batch of “leaders” (NFT creators and NFT market makers) to enter the market and start NFT market making revenue rewards on the platform Dividends.
We are naturally confident in the potential and practical utility of the NFT market, and the report from this well-known US bank gives us further encouragement. In its latest commissioned report, Bank of America predicts a massive bull run in the NFT and DeFi industries, a trend that cannot be ignored. The report pointed out that institutional investors have poured into the NFT and DeFi industries, creating a lot of investment and business opportunities. The same was reported earlier this year in the second quarter report of Coinbase, the largest cryptocurrency exchange in the United States.
In the latest report released by Bank of America, one of the highlights is to clearly identify the NFT market, with a special mention of the Openspace platform. As the NFT market booms and cryptocurrencies become more popular among investors of all types and sizes, there is a need to find another decentralized solution that will make the sale of NFT products easier and make creators profitable picture. Openspace meets this requirement and was originally designed to allow NFT creators to create liquidity for NFT products in the easiest and most profitable way, and earn market-making revenue rewards and dividends.
NFT Market and Growth Opportunities:
NFTs are a niche market that, unlike most traditional cryptocurrency markets, derive their value from the actual utility they provide. This is especially true when brands such as Coca-Cola have successfully gone the NFT route to raise funds for charities. Immutable authentication certificates are game-changers in the digital creator economy, and it best explains why NFTs in the gaming industry are growing in popularity. We have had high-level communications with decentralized applications in the gaming space, as well as gaming industry-focused blockchain platforms looking to expand their offerings and industry extension on the Openspace platform.
The market share and sales of NFT cryptocurrencies have exploded. NFT sales increased by 1785% in the first quarter of 2021
While market share and sales of NFTs are peaking (the Bank of America report will only increase investor confidence in NFTs), it is important that this market is not just based on transactions, nor is it just speculative. Non-fungible tokens provide a real use case, and most NFT collectibles are not purchased for simple resale for profit. Both creators and buyers of NFTs rely on the utility created by the technology, which makes their sales and purchases real, immutable, and unique. That said, the value created by NFTs is utility-driven, not entirely market-driven. Once NFT’s market share reaches mainstream levels, the gap between its market-driven value and utility-driven value will narrow.
Mainstreaming challenges of NFTs
There is no doubt that NFTs provide enormous utility in a decentralized economy that is booming to billions of dollars, but there are still challenges to be widely accepted by the market. The field is still in its early stages, and for the average creator or small brand, creating an NFT product and then selling it through a centralized marketplace is a cumbersome and expensive process. It should be noted here that the challenges faced by NFTs to reach the mainstream are different from those of alternative currencies. Most altcoins do not provide real utility for users, and their utility is mainly obtained by integrating tokenization with DeFi features such as staking, liquidity mining or autonomous yield liquidity generation.
This is not the case with NFTs. NFTs are inherently useful to all stakeholders (buy-side and buy-side). In order for NFTs to achieve mainstream market share, the challenge they face is how to realize the minting, issuance and sales of tokens without emptying their pockets. The current market allocation is dominated by centralized NFT platforms, which results in far less sales and keeps what originally belonged to the creators. Also, they are expensive and NFT creators have little control. Therefore, the NFT creator market is a niche market that small and medium-sized creators cannot enter. The NFT market ecosystem forms an oligopoly, with the term defined by a handful of leading centralized NFT platforms. This fundamentally goes against the basic idea of the blockchain revolution and decentralization, and actually prevents newcomers from entering the NFT market.
Openspace addresses adoption challenges
Whether you are an NFT creator, collector, DApp or venture investor, Openspace will give you the opportunity to become a market leader. Tech giants, such as Facebook and Google, don’t shy away from catering to the needs of the creative economy. Institutional investments are flowing seamlessly into the cryptocurrency market. The future of the creator economy will be of two different types: centralized and decentralized. The scale of the decentralized creator economy has reached billions of dollars. Catering to a decentralized creator economy, Openspace is designed as a low-cost tool open to everyone to help creators add liquidity to NFT digital assets.
It also gives users access to DeFi. The surge in DeFi popularity has also coincided with the popularity of decentralized solutions for the emerging creator economy.
Openspace realizes the economic ecology in its unique way. It gives users real theory to utilize NFTs, allowing them to get paid for their creations, and NFT market makers can also get bonus rewards. At the same time, it also provides collectors and buyers with a strong proof of the authenticity of the product. Best of all, Openspace is the cheapest, efficient and scalable solution on the market. This is our ultimate opportunity to grow together as market leaders.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Currency Purpose journalist was involved in the writing and production of this article.