Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.
Unless you’re living under a rock, chances are you’ve already heard of NFTs (non-fungible tokens). They are unique or rare on-chain tokens representing off-chain real and virtual assets like music, art, and videos. Each token has a unique value of its own and cannot be replicated. In other words, NFTs are collectibles or souvenirs of the digital world.
This trend of digital collectibles started with the popular blockchain game CryptoKitties and became popular with the recent DeFi boom. Popular digital artists and creators were quick to ride the NFT wave and some of them even made millions of dollars in profit. Beeple was one such artist who sold his artwork as an NFT for $69M. NBA too caught up on the trend and made $230M in revenue by selling game highlights as NFTs. Very recently, the popular disaster girl meme was sold as an NFT for $500,000.
Now, this new trend opens up new doors for artists, musicians, and creators across the globe to monetize and also secure their work online. Naturally, thousands of creators started listing their work as NFTs on platforms like Rarible and SuperRare. But the problem is that not all of them find success because of the demand-supply dynamics of NFTs.
NFT Demand-Supply Dynamics
The concept of digital collectibles in the form of NFTs is still new to the market. As a result, the active demand for NFTs is quite negligible. Creators who spend time and effort creating valuable digital art aren’t sure if their art will ever be sold. While some creators might end up making a fortune, there are thousands of other creators whose efforts go wasted.
On the other hand, if there is someone who wants to buy a specific NFT, there aren’t many options. There is no way for buyers to place requests and get customized NFTs made for themselves. This gap between demand and supply hinders the success of creators and also the mainstream adoption of NFTs.
The Solution – A Custom NFT Platform
Now, there is only one way to tackle this demand-supply problem in NFTs – a platform that allows buyers to place requests and get custom NFTs made for themselves. This is exactly where Creaticles comes into the picture.
Founded by renowned developers Trevor Keith and Micheal Cohen, Creaticles is the first-ever NFT request platform. When Trevor Keith was browsing through the NFT marketplace out of curiosity, he came across a really cool NFT that featured gangster babies. He really liked the NFT but just wished the babies were doing something else. He tried contacting the original creator but failed. This is how he came up with the idea of Creaticles.
Creaticles allows buyers (known as requesters on the platform) to place specific requests for NFTs and get them custom-made to suit their likings. These requests are then sent as projects to the artists on the platform. Artists work on these requests and create custom NFTs for the buyers. Buyers choose the one that appeals to them the most and pay for it. This way, buyers get what they want all while creators are rewarded for their work.
Creaticles offers three different modes for rewarding creators:
- Single Winner: In this mode, there is only one creator who ultimately takes the prize. When a buyer places a request in the single winner mode, artists can submit as many entries as they wish. But, the creator chooses the one that suits them the most, and the entire reward is given only to that artist.
- Multiple Winners: Multiple creators have the chance to win a reward in this mode. The buyer sets up a tier system and chooses a specific reward for each tier. Artists are then selected for each tier based on their work and rewarded accordingly.
- Community: Faucet mode allows every participating creator to receive a reward. The buyer sets a total number of entries needed and a total reward amount. Every creator who makes an entry gets an equal share of the total reward.
Now, just in case a buyer places a request and forgets to select the winner, the reward amount is sent to the community treasury.
The native Creaticles tokens are mined every time a creator makes a quality submission or a requester successfully selects a winner. The tokens are used as an incentive to avoid malpractices on both sides.
Creaticles, in this way, provides an excellent way of bridging the gap between the demand and supply of NFTs. It also provides a means for creators to be fully rewarded for their work without their efforts going to waste.
As DeFi (decentralized finance) gains more popularity, NFTs too are bound to grow. In fact, NFTs could become the very future of content creation. In this emerging marketplace, platforms like Creaticles provide a hassle-free way for creators to directly connect with their buyers and monetize their work in the right way. By doing this, they create excitement around buying and creating custom NFTs and in turn push for mainstream adoption of NFTs.