NFTMall Starts New Era of NFT Market

UTC by Julia Sakovich · 4 min read
NFTMall Starts New Era of NFT Market
Photo: NFTmall / Facebook

NFTMall supports both ERC-721 and BEP-721 standards, so the platform is not limited to Ethereum or BSC blockchains – it operates on both chains.

Non-fungible tokens (NFTs) market is the fastest-growing segment of the modern crypto and financial markets. In 2020, the total NFT market volume reached $338 million, in the first quarter of 2021 it has reached $2 billion. Naturally, today we see a proliferation of specialized NFT marketplaces.

You can’t reasonably use a “standard” crypto exchange to trade NFTs – since every single token is unique and non-fungible, buyers have to be able to access the value of each individual token. Thus, specialized NFT marketplaces started to appear – platforms where users can store, purchase, sell and most importantly, create NFTs.

Usually, the mechanics is quite simple: a user submits digital assets (digital art, proof of rights to the asset, etc.), pays the platform’s fee, and gets his NFT. Then they may store or put their NFT for sale, and when they do sell it, the rights to the asset used for NFT creation are transferred to the new token holder.

And NFT marketplaces are booming now. In 2020 the NFT market tripled in volume, and so far there are no signs of it slowing down. Of course, NFTs are the hottest trend right now, but besides the hype, there are a lot of fundamental reasons behind the NFT market growth:

  • NFTs make it easier for creators and artist to make money on their work without the need for intermediaries
  • NFTs lower the entry threshold into the art market for both creators and buyers
  • NFTs are easy to use, easy to understand and can easily be gamified.
  • NFTs have great potential for real-world use, not limited to art and games

These are only some of the fundamental reasons behind the NFT market boom. But this industry has its issues and limitations, and a lot of them are directly connected to existing NFT marketplaces.

A lot of them are still centralized and require users to pass tedious KYC procedures. Such marketplaces act as monopolies, dictating royalties for creators and conditions. Moreover, NFT marketplaces today are flooded with low-quality NFTs, created by spammers. Sometimes it can be really difficult to find anything of value due to piles of such tokens.

Fortunately, there is a project that addresses most of the pressing issues of the existing NFT Marketplaces – NFTMall.

NFTMall is a fully decentralized and creator-centered NFT marketplace, where the entry barrier is virtually eliminated: zero minting fee and low gas price thanks to the use of Binance Smart Chain means that it is accessible to virtually anyone. In addition, there is no primary sale fee or price change fee – creators get full price for their hard work.

NFTMall is also great for trading non-fungible tokens: there is no KYC, no need to apply for permissions and the secondary sales fee is only 2% (1% if you use $GEM, the platform’s native token, as a currency). Moreover, NFTMall supports both ERC-721 and BEP-721 standards, so the platform is not limited to Ethereum or BSC blockchains – it operates on both chains.

But two most innovative NFTMall features are the curation system and the option for physically redeemable tokens.

NFTMall uses a Google-like system to filter out low-quality NFTs, created by spammers, which is added by the community-driven curation system, that allows users to report any malicious activities, including minting the same NFTs on other platforms and copyright infringements.

Physically redeemable tokens open up a whole new market segment for unique designs for T-Shirts, printable canvas and so on. In order to gain access to the design the token must be burnt – that’s the mechanics behind physical redemption.

At the moment, NFTMall is in the middle of Round B of the Public Token Presale. You still have a possibility to get $GEM at a discount price.

Altcoin News, Blockchain News, Cryptocurrency News, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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