Inside NFT Tech’s Infrastructure for Non-Fungible Artwork
Tim Berners Lee just sold the internet. Few days ago, at a Sotheby’s auction, the founder of the web sold his NFT for $5.4 million. “It’s not the source code,” he quickly explained. Thank goodness. Rather, the founder created an NFT which is “a picture that I made…the only signed copy of the code for the first web browser in existence”.
It’s just the latest high-profile example, alongside Beeple’s The First 5000 Days artwork and Jack Dorsey’s The First Tweet, of the surging interest in Non-Fungible Tokens, or NFTs. Digital artwork is about to go mainstream, and NFT Tech ($NFTT) is likely to be the platform that unlocks it for the everyman.
The NFT Market
The rise of NFTs continues the democratization of wealth accumulation that first started back when Lee conceived the internet. We’ve gone through the dotcom bubble, the advent of social media and found critical mass with cryptocurrency. Now, with NFTs, the latest digital goldrush is here.
Using NFTs, artists, creators and influencers can consecrate their own art, without the need for galleries or gatekeepers. The elite citadel of the art market has finally been breached, giving people the chance to define their own value and collect it on their own terms.
No Fancy Trading – NFT Illiquidity
Of course, people don’t just want to collect art – they want to trade it. Doing so is currently a cumbersome affair – other solutions require plenty of fees, awkward cross-chain migrations and a lack of liquidity. All this makes trading NFTs difficult for all but the most tech-savvy and wealthy collectors, with quickfire and seamless trading being near impossibility. To both realize and exponentially grow value in the NFT market, that needs to change.
The current difficulty of swapping NFTs for crypto, money or other NFTs makes them less attractive as an investment overall. The clogging of the Ethereum network stunts the porous trade that breeds wealth, and reduces the possibility for the growth of red-hot “micro-collectible” markets (such as early NFT trailblazer CryptoKitties) that are expected to gather pace as the space matures.
Moreover, the need for artists to make a down payment to mint their work puts yet more obstacles up in front of the creators that are the lifeblood of the market. A photographer might have to stump up a fee just to mint a picture they may not be able to sell. If old gates are torn down only to be replaced by new ones, then the whole endeavour necessarily suffers for everyone.
NFT Tech’s Revolution
This is why the NFT Tech platform is the cause for so much excitement. If NFTs are the key for artists to sell directly to collectors, then NFT Tech is for the platform that lets anyone, with no specialist knowledge, start investing in their collection and – crucially – reap maximum benefit from it.
Seen as an instant competitor to platforms like Rarible and Opensea, it is backed by investment from over 25 investment capital firms. Furthermore, development is supported by big-hitters DuckDAO and VYSYN. The team behind NFT Tech certainly has the credentials to bring such an ambitious project to life.
NFT Tech’s Oracle, built on the Orion Protocol, will be able to synthesize and aggregate market data such as price history and trading volume from the biggest NFT marketplaces, providing historical trading data and volume insights – thereby creating sure footing for investors to trade, collect and speculate. If Amazon brought retail shopping to everyone’s thumbs and fingers, then NFT Tech promises to do the same for NFTs and the digital collector’s market.
There are no fees for NFT creators either. A simple “one-click” process will mean creators can immediately scribe their work onto the blockchain then put it out for tender on the platform. Users can engage in auctions, akin to eBay, which will bring the thrill of the gavel-slapping auction house to the online space. And buyers of NFTs will be able to relist and sell their assets, or even borrow funds based on their collection – further adding to the platform’s dynamism.
The Liquidity Matching Engine and the Making of a Market
How is this possible? It’s all due to the innovation of NFT Tech’s liquidity matching engine. By bringing market-making liquidity to the NFT space, it allows for a more seamless transfer of digital assets via the creation of a bid order book for NFTs. Whether it’s direct swapping for other NFTs or for other cryptocurrencies like Ethereum, the platform gives buyers a clear overview of the market and the easiest route to engage with it using the cryptocurrencies they already own. Essentially, it’s Uniswap for NFTs – and it promises to propel the NFT market ever upward and capitalize on the emerging interest in the space.
To reward liquidity providers, the engine harvests data from the NFT Oracle to snap up NFTs when they hit a minimum price, automatically upselling them as appropriate to generate passive income. The $NFTT token gives liquidity providers a chance to gain an excellent rate of return.
Now For Trading Time with $NFTT
The $NFTT token will open up NFTs to the wider crypto and ultimately mainstream marketplace, and reward liquidity providers with reliable passive income. Current NFT ecosystems are clogged and clunky, with rewards for participants locked at the very top. NFT Tech’s new platform targets these concerns and lets creators and investors generate the rarefied returns associated with the wider crypto space.