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The wave of non-fungible token (NFT) adoption is rising beyond sea-level and Sweet, an emerging NFT platform for digital collectibles and digital merchandise is looking to ride on that wave. In light of this, it is pushing the narrative of mainstream NFT adoption, especially among young millennials through a series of strategic partnerships and innovations.
Lately, reports of high-profile sales of non-fungible tokens (NFTs) have been flying across the airspace of the DeFi sector. Different marketplaces are pooling massive transaction volume. Seeking to decentralize the art industry, the innovation has brought respite to artists who until now suffered marginalization in the hands of auction houses acting as intermediaries. Enabling artists to showcase their works directly to the globe, the role of these intermediaries is eliminated.
However, the recent traction is putting digital collectibles out of the purchasing power of retail investors, who can only fold their arms and watch as their favourite NFT collections are acquired by collectors with deep pockets.
Pushing Mainstream Adoption Through Blockchain Technology
Using blockchain technology, Sweet aims to drive the generation of new revenue and quality engagement for artists and big players in the consumer and entertainment industry while also creating fun and memorable moments for their fans and followers through digital collectibles. Thus, it becomes a win-win situation for both parties such that the latter get express access to the works and collectibles of their favorite artists and brands, respectively. Moreover, they are able to showcase and trade them on the Sweet NFT platform.
In view of the above, the Sweet solution will aid brands to flexibly distribute digital merchandise via several means, like purchases on e-commerce platforms, attached to physical products via QR codes, giveaways and as rewards for performing easy tasks.
Sweet Partners with Dave & Buster’s on Uber Rare Collectible
Staying true to its mainstream adoption goal, in June, Sweet partnered with popular restaurant and gaming franchise, Dave & Buster’s for a 1-of-1 ERC-721 uber-rare 3D digital token. The token was released to celebrate the rich history of Dave & Buster’s, a pioneer of coin-based games. An auction for the uber-rare NFT was held on June 30 on the Sweet platform, and ended with a final and winning bid of $3,800. Proceeds of the sale were donated to Make-A-Wish, a charitable organization whose cause D&B has been supporting since 2012.
Sweet has delineated NFT for collectors in terms of costs and adoption. Usually, collectors will have to connect their wallets to NFT marketplaces, which is more often than not a rigorous process. By providing a simple signup process on its platform, collectors will be able to easily purchase the NFTs listed. As such, they don’t have to bother themselves with the complexities involved in purchasing digital collectibles on other platforms.
High gas costs have been a recurring challenge for the mainstream adoption of NFT, particularly on Ethereum-based marketplaces. In a bid to address this challenge and simplify adoption for collectors, Sweet is leveraging the Simple Ledger Protocol and Bitcoin Cash (BCH) network, both renowned for their speed, scalability and low costs. As Tim Mozzone, CEO of Sweet noted:
“SLP was an excellent fit for Sweet’s digital collectibles platform. We looked at several blockchain solutions and found Bitcoin Cash and SLP to be fast, scalable, and highly cost-effective. We couldn’t be more excited to participate in the growing SLP ecosystem.”
Sweet’s Sophisticated NFT Wallet
The Sweet platform features a mobile blockchain wallet that works on both iOS and Android. Collectors will enjoy the simple user interface of the wallet, which was aesthetically designed for them to trade their collectibles, while also scrambling to acquire rare items and collections.
Each NFT has a URI attached to it, which allows collectors to access relevant information, including ownership. Sweet has more than 600 brands and artists with works and collectibles featured on its platform. With a wide range of blockchain collectibles and salient features, Sweet is empowering the young generation to pave their way in the NFT space.