The non-fungible token (NFT) market has been growing at an alarming rate, hence attracting more projects into the marketplace. The NFT market was worth $330M in sales, according to Nasdaq. The global market for collectibles is estimated at $370 billion. In 2021, however, the NFTs market capization has increased by 1785% because of an increase in demand. NFTs have seen an increase in demand since 2021. A report by Reuters stated that non-fungible markets grew $2.7 billion in the first six months of 2021. A new market was created by the explosion in NFT markets. It continues to grow at an alarming pace.
NIFTY NFT recently announced its plans to create an artist-friendly, non-fungible token marketplace (NFT). Artists will be handsomely rewarded for the hard work that they have put in to creating their art. Both NFT collectors and owners will benefit financially from the new marketplace.
Overview of the NIFTY NFT Marketplace
The NIFTY NFT marketplace is an upcoming NFT marketplace that helps creators maximize the true value of their non-fungible tokens. NIFTY NFT will run the NFT blockchain project. NFT market place will utilize a lock mechanism to keep 50% of each NFT’s (in Ethereum) value. It is intended to boost the value of non-fungible tokens and keep the lesser-favorite NFTs at a lower cost. It will reduce the number of spam NFTs flooding the NFT marketplaces.
New users will find the lock mechanism very helpful, especially if they don’t know how to calculate non-fungible token values. The lock mechanism protects users against losing their entire investments, as they will be able to purchase actual value. This is the token part of the nonfungible token. NIFTY NFT market place is expected to be as popular and successful as OpenSea’s current NFT marketplace.
How the NIFTY NFT Marketplace Works
Before you can sell an NFT on the NIFTY NFT marketplace, you will have to use the NIFTY decentralized application to create your NFT and then list it on the platform. You will receive half of your NFT’s total value when someone purchases it. Half will then be locked in ETH on the NIFTY NFT market. The NFT buyer may choose to relist it, with the remaining 50% in ETH value. When someone buys the NFT, they will receive 50% of its value in ETH plus the remaining 50%. This locking mechanism is designed to help creators market their NFTs. The 50% lock ensures NFTs are able to gain true value on the blockchain and remove spam NFTs.
The Impact of the NIFTY Token on the Marketplace
According to the NIFTY whitepaper, the NIFTY token is vital in its NFT marketplace, especially the artist royalty program. The original creator of the NIFTY NFT Marketplace will be paid 5% royalty each time an NFT sells on that marketplace. This is in addition to the sale price. However, depending on the amount of NIFTY coins the creator has, their royalty percentage will vary. Holders of NIFTY tokens will receive 70% of NFT’s current value, up from the initial 50%. This incentive will increase the value and utility of NIFTY tokens by allowing traders to keep them in their possession.
NIFTY is an ERC-20 standard token that was released June 25, 2021. The current circulating supply is 6.2 millions and it has more than 1,600 holders.
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