NFT, or ‘New Financial Token’, is building a fully fledged marketplace for the digital currency and collectibles industry. They are combining the advantages of an online marketplace with the security and convenience of a closed-end investment fund, creating a truly unique hybrid marketplace.
This article will introduce you to the NFT project and its upcoming marketplace, as well as provide some helpful tips on how to invest.
What is NFT?
NFT is a digital token designed and built by a team of experienced software developers and digital currency enthusiasts.
It is intended to serve as a payment method for content creators, traders, and other members of the digital currency community. It’s open-source and built on top of the Ethereum blockchain, using some of the most well-known tools in the industry such as MetaMask and MyERC721Token.
The NFT project was originally started by Jon Choi, who began exploring the idea of a decentralized marketplace in early 2018. He envisioned a platform that would allow users to seamlessly make purchases with a variety of currencies, including BCH, BSV, Ethereum, and more. The funds from these transactions would then be managed and invested in a diversified portfolio of digital assets, ensuring that users have the maximum exposure to the greatest number of markets, all the while providing them with the convenience of instant settlements.
The NFT project received an overwhelming amount of traction in the form of positive press and community engagement, and the concept resonated with many people. It quickly became apparent that a digital token solution would not only be the preferred method of payment, but would also provide numerous additional benefits to content creators, traders, and other members of the digital currency community.
Why is the digital currency industry in such demand?
The rise of digital currencies and blockchain technology has been nothing short of magnificent. We’re now bearing witness to the incredible mainstream adoption that was once reserved for tech-forward industries such as online shopping and cryptocurrency trading.
The number of consumers engaging with cryptocurrencies has grown from 1% to 4% to 10% in 2018. And that doesn’t include the billions of dollars worth of market value that is constantly changing hands as a result of active cryptocurrency trades or value fluctuations due to the industry’s volatility.
Additionally, the number of people looking to enter or leave the cryptocurrency space has decreased, with an increasing amount of users staying in the market because they see it as a long-term holding, similar to investing in gold or another long-term store of value.
The demand for a hybrid marketplace consisting of both online and offline channels is significant, given the convenience that online shopping provides by making purchases available 24/7, 365 days a year from the comfort of one’s home. And with the ability to make instant settlements and minimal delivery times, online marketplaces allow for quick turnarounds and hyper-growth, two important factors for small- to medium-sized businesses, content creators, and other members of the digital currency community.
How does NFT plan to achieve mainstream adoption?
NFT intends to leverage the combined power of a blockchain-based digital token with the benefits of an online marketplace. The digital token will provide users with the ability to make purchases in a variety of ways, including but not limited to:
- purchasing digital content, such as novels, e-books, and music albums;
- paying for software and hardware upgrades;
- funding social media platforms; and
- participating in crowdfunding campaigns.
The combination of an online marketplace with the security and efficiency of a blockchain-based digital token will provide consumers with an easy way to participate in the cryptocurrency and digital asset markets while also ensuring that their transactions are always processed accurately and securely. The end result is increased confidence and comfort in the digital currency community, driving mainstream adoption.
What is the NFT marketplace?
The NFT marketplace is a hybrid marketplace that combines the benefits of a trusted third-party (TTP) with the security and efficiency of a blockchain-based digital token. It is a place where content creators, software developers, and other members of the digital currency community can sell their products and services to a sophisticated audience of online shoppers, utilizing the value of a token as a common currency.
The NFT marketplace is fully operational and available for use by the public, with users able to make purchases using a variety of cryptocurrencies and traditional fiat currencies. It also provides a fully-integrated solution for users interested in opening an account and utilizing the many features available, including:
- an escrow service to protect content creators, software developers, and other stakeholders from fraud and theft;
- a diversified portfolio of cryptographically-certified investments;
- a built-in knowledge base with tutorials, FAQs, and other helpful content; and
- full KYC/AML compliance for all users and investors, as required by law.
The NFT project is currently seeking to raise $25,000,000 USD in order to build and launch their NFT marketplace. If you’d like to learn more about NFT, visit their website, blog, telegram group, or reach out directly to their team via one of their social media channels. You can also watch their introductory video below, which provides an overview of the project and its upcoming marketplace.
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