By ADMIN / Sep 22, 2022
Non Fungible tokens, commonly known as NFTs, have definitely taken the world by storm. NFTs are unique and irreplaceable digital representations of real-life and digitally curated assets, they reside on the immutable digital ledger called the blockchain.
NFTs are the hottest selling assets in the crypto domain. It all started with one digital painting by the renowned digital artist Beeple selling it out for a staggering $70 million to MetaKovan.
The peak of the NFT spree has started a series of ripples of a lot of nonfungible tokens being created left, right, and center.
Parallel to musicians and artists, several global celebrities and big names including Jack Dorsey, Lindsay Lohan, Shaquille O’Neal, and Amitabh Bachchan have released their own NFTs featuring some of the most iconic creations from their journey, the path forward, and more.
This creates a slight clash between two different creator sets. On one hand, small artists might want to capitalize on the crowd presence in marketplaces, so they can maximize their chances of selling the artwork for a good value. Slowly, they can start building their brand within NFT marketplaces.
On the other hand, people who have already established a proper brand or prominent names might not want to get lost in the massive flurry of artworks that are present in marketplaces. They might want to create a unique proposition for themselves using signature websites that list only their own NFTs and only for buying. Such websites or platforms are fittingly referred to as NFT launchpads.
In short, the NFT marketplace is best suited for someone who does not have enough brand muscle and who does not have deep pockets to build their NFT ecosystem from scratch. Also, it’s up to the entity to ensure the platform’s flexibility in accordance with the creators and brands.