As the markets start to recover showing resilience to China’s blanket ban on cryptocurrencies, we have some great news coming in. If you have been following Xircus and have taken some time to learn more about the platform, you would know that we offer a unique value proposition to NFT creators by allowing them complete control and unmatched flexibility to create NFT marketplaces, launch them and connect to global buyers and fans. Our platform is ready for deployment and we are just boosting our compliance requirements before we have the first batch of Ringmasters (NFT Creators) deploying and launching their custom NFT marketplaces on the platform.
Bank Of America Predicts Bull Run For NFT And DeFi
While we were confident as we believe in the potential and practical utility NFTs offer, the latest report from the leading US bank, simply restores our faith and motivates us further. Bank Of America, in its latest commissioned report predicts a massive bull run for the NFTs and DeFi sectors. It acknowledges the prowess of emerging NFT markets and says the trend is simply too hard to ignore. The report notes how the institutional investors have been flocking into the NFT and DeFi spaces creating massive investments and opportunities. The same had been reported by Coinbase in its second quarterly report earlier this year.
One of the key highlights of the latest report from BOA, is that it categorically identifies NFT marketplaces and singles out Opensea. It is worth noting that Opensea generated $2.5 billion in Revenue in the first 6 months of 2021. The figures are self-explanatory. But one must ponder, how much of that $2.5 billion should have been shared with NFT creators or deployers. With the booming NFT market and crypto getting more popular with investors of all shapes and sizes, the demand for an alternative decentralized solution that makes NFTs sales easier and profitable for creators is pertinent. Xircus fits the bill and has been designed to enable NFT creators to get started with selling NFTs in the easiest and most profitable way.
NFT Markets And Growth Opportunities
NFTs are a niche market and unlike most conventional crypto markets, NFTs derive their value from the practical utility they offer. This is evident when brands like Coca Cola take the NFT route to successfully raise funds for charity. The immutable certificate of authentication is a gamechanger in the digital creator economy. It best explains why NFTs in the gaming industry are getting extremely popular. We are already at advanced levels of talks with gaming dApps and a few crypto gaming-focussed blockchain platforms thatwho are looking to expand their offerings and create a custom NFT marketplace on the Xircus platform.
Coming to NFTs and how their adoption and sales have exploded. The first quarter of 2021 saw a 1,785% increase in NFT sales.
While NFT adoption and sales are peaking (the latest BOA report only strengthens investor confidence in NFTs), what’s important is that the market is not simply trading based, it is not just speculative. Nonfungible tokens provide practical use cases and most NFT collectibles are not purchased for the purpose of simply reselling to book profits. Both NFT creators and buyers are relying on the utility created by the technology which makes their sale and purchase authentic and immutable and unique. This is to say that the value created by NFTs is utility-driven and not entirely market driven. And the gap between the market-driven value and utility-driven value of NFTs will be flattened once it gets more mainstream adoption.
NFT Mainstreaming Challenges
No doubt NFTs offer a great utility in the booming multi-billion dollar decentralized creator economy, there are adoption challenges. The industry is still in its early stage and for average creators or smaller brands, creating NFTs and selling them through a centralized marketplace is both cumbersome and pocket-ripping. Here it’s important to note that NFT mainstream adoption challenges are different to those faced by altcoins. Most altcoins don’t provide a practical utility to users and the utility is mostly derived by integrating tokenization with DeFi features like Staking, liquidity mining or autonomous yield liquidity generation.
With NFTs that’s not the case. NFTs inherently have a utility for all stakeholders — buyers and sellers. The challenge with NFT mainstreaming is to make it feasible to mint and launch and sell it on a marketplace without pinching the pockets. The current market dispensation which is dominated by centralized NFT marketplaces makes a big cut in the sales and keeps what rightfully belongs to the creator. In addition, they are expensive and NFT creators have little to no control. Consequently, the NFT creator market is a niche which is impenetrable by small or average or mid-cap creators. The NFT marketplace ecosystem is an oligarchy where terms are dictated by a few pioneer centralized NFT marketplaces. It is both fundamentally opposed to the basic ideals of blockchain revolution and decentralization and also practically deterring new entrants into the NFT markets.
Xircus Solves The Adoption Challenge
Xircus platform simply disrupts the NFT market. It is a decentralized platform where users can simply create and launch their own NFT marketplace within minutes. The necessity to rely on a centralized marketplace is eliminated and NFT creators can mint and launch their NFT at a fraction of the cost. In fact, deploying and creating a custom NFT marketplace with Xircus is absolutely free. The solution is also EVM compatible, which means creators can deploy their NFT marketplaces on the network of their choice. The entire design is created to enable NFT creators to launch and sell NFTs in the easiest and most profitable way. You can follow our timeline to see what the platform has accomplished so far. It is very important to understand that this is not just an idea. We already have a functional product and soon the first batch of Creators will have their NFT marketplaces deployed on the platform.
Becoming A Market Leader
Whether you are an NFT creator, collector, DApp or a Venture capital, Xircus brings to you the opportunity to become a market leader. The major tech-based business be it Facebook or even giants like google are not shying away from catering to the creator economy. Institutional investments are flowing seamlessly into the crypto market. The future of the creator economy will have two different categorizations: Centralized and Decentralized. The size of the decentralized creator economy is already in Billions. Xircus caters to the decentralized creator economy and is designed as an open-to-all cost-less tool to help creators launch their NFT marketplaces and sell their digital as
set NFTs. It also allows users access to unique DeFi opportunities. The surge in popularity of DeFi also goes hand in hand with the popularity of decentralized solutions for the emerging creator economy.
Imagine a platform that allows creators to sell their digital assets by minting NFTs, where they create their own NFT marketplace to connect to buyers and also get access to advanced data and analytics — that’s Xircus. The centralized creator economy has significant challenges, the earnings from platforms like youtube or Facebook will soon be saturated. A decentralized creator economy focuses on giving more control to users and eliminating intermediary platforms. Xircus delivers on the promise in its own unique way. It gives users the real power to leverage NFTs and get paid for their creations and also gives collectors and buyers the ultimate proof of authenticity and confidence. Most importantly Xircus is the cheapest, highly effective, and scalable solution on the market. It is the ultimate opportunity for us to grow together and become a market leader.
Visit our website @ Xircus.app