What is an NFT (Non-Fungible Token)?
A non-fungible token is simply a unique digital asset. examples could be tokenized real estate property, tokenized outfits, tokenized certificates, or a piece of art, in the case of artwork two identical art works may look the same however, they are entirely unique on the blockchain as each has been assigned a unique digital ID that differentiates it from another piece of asset with similar physical appearance.
In the early years of cryptocurrencies, many have criticized its viability and that of the blockchain technology, they have also expressed concerns on its inability to be used in everyday commerce. However, in recent times the application of blockchain technology to traditional commerce has grown significantly from Tesla adding Bitcoin to their balance sheet and accepting the same as means of payment for Tesla vehicles, to Visa Card settling USDC transactions on the Ethereum network the list goes on and on, there has also been a great surge in the tokenization of traditional assets in the form of Non-Fungible token (NFT).
The need for NFT Market Place:
In order to trade an asset two conditions must be met, there must be a buyer and there has to be someone willing to sell the particular asset. With recent activities in the NFT niche, it becomes obvious that there is a need for an All-in-one market place for NFT, that is where NFTmall comes in.
NFTmall prides itself as the first Creator-Centric, DeFi-Powered, and physically-Redeemable NFT Marketplace. It is worthy of note that the project is developed on the Binance Smart Chain BSC, this is a valuable factor especially for retail traders and NFT creators alike who have had unpleasant experience with the congestion and associated high transaction fees on the Ethereum network in recent times.
Problem addressed by NFTmall:
Asset Creators:
As an All-in one NFT Marketplace, NFTmall provides the ease of use and a creator-friendly market environment for asset creators, every creator on the platform is guaranteed to receive the full price and tracked royalties of their work, in addition to this the platform charges ZERO fees on such transactions.
Collectors:
Making sure one buys a genuine digital asset be it a cryptocurrency or an NFT is a tough work on its own, this is so due to the rampant activities of bad actors in the space who mint counterfeit assets and sell to unsuspecting buyers, on NFTmall platform, collectors can shop with confidence that they are buying a genuine asset. The confidence is derived from Copyright protection and the assurance of asset quality.
Affiliates:
NFTmall recognizes that project affiliates are an essential part of the ecosystem, in view of this, provision is made for anyone to promote their favorite creator’s NFTs, in return get rewarded with the affiliate commission predetermined by the creators.
Curators:
For Curators, NFTmall creates a win-win market environment where Curators can earn rewards by contributing to keep the marketplace as authentic and safe as possible.
Physically redeemable NFT:
Up until now, there has been the gap between digital assets and physical copy of the same assets. NFT mall has bridged the missing link from digital assets (NFT) to the physical version of the same assets while maintaining the intrinsic value of the assets. This feature ensures the flexibility of ownership where a particular digital asset can actually be backed by a real physical version of the same unique asset. It has also opened a whole new world where NFT and eCommerce meet.
The Growth Potential on BSC network:
A few years after the Bitcoin whitepaper was published, users had seen limitations of the Bitcoin network, this gave birth to improved network such as Ethereum in 2014. One major feature of the Ethereum network is the availability of Smart Contracts, this provides the opportunity for Dapps to be built on the Ethereum network. Following the launch of Ethereum, similar projects have been developed either to improve on the existing ones or to grow the eco-system. One of such platforms is the Binance Smart Chain, BSC is a branch of the Binance company which similar to Ethereum, provides features such as Smart Contracts making it possible for developers to build different types of projects on the network.
In recent times, due to surge in the use and adoption of cryptocurrencies, the Ethereum network has experienced congestion causing high transactions fees ranging from an average of $35 to as high as $120 depending on the time of transaction and the amount being transacted.
On the Binance Smart Chain, the story is quite different, transactions fees can go for as low as $0.10 to $0.50 per transaction. additionally, the significant growth in the DeFi space has led many developers to either choose BSC from the beginning, bridge to BSC, or migrate to BSC. Retail traders, and investors alike see the BSC as a safe haven in which they can lock in better profit rather than having a substantial portion of their profit go to network fee on the Ethereum network.
Building NFTmall on the Binance Smart Chain is such a smart decision by the Devs, this will help grow the DeFi and NFT ecosystem on the BSC thereby creating a huge revenue potential for NFTmall platform users. NFTmall plans to expand its reach into other network in the short to mid term.
Useful Links:
🌐 Website: nftmall.io
NFTmall Official TG : https://t.me/nftmall
NFTmall News Official TG: https://t.me/NFTmall_newsOfficial
NFTmall Discord : https://discord.gg/fs5HwAWY
📖 Investor pitch deck: nftmall.docsend.com/view/hv7mx4savkksnqb7
📖 White paper: nftmall.docsend.com/view/aqitrk9vsfhbahe8
💻NFTmall Twitter :▶️https://twitter.com/NFTmall
👮♀️Certik Audit : https://www.certik.org/projects/nftmall
