The rise of the Web3 ecosystem and decentralized services presents the opportunity to create unique digital assets and art that can be owned, verified and traded. NFTs are one such asset that has revolutionized the concept of ownership.
Due to its advantages such as higher accessibility, increased liquidity for creators, and reduced transaction fees compared to the general art market, the global NFT market has experienced a surge in new NFTs and NFT markets, numerous high-profile sales and The auction attracted the attention of the world. Therefore, the need to achieve a more streamlined transaction process through NFT aggregators and NFT marketplaces has also surged, with different platforms rushing to meet the growing user demands.
However, the needs of NFT users have gone beyond seeking better collections of NFTs. New NFT users and traders are more sophisticated and discriminating when evaluating and analyzing the market. Instead of simply looking at transaction volume before making a decision, they rely on more advanced data such as rankings, historical statistics, wallet tracking, rarity, and more. Therefore, for NFT market developers, it is not just about the number of collections available, but about providing a more streamlined experience through better on-chain and off-chain data integration.
It can be said that we are on the eve of the outbreak of NFTfi. The first thing to be clear is that the NFT and NFTfi market has experienced a significant decline, but this does not mean that the NFT or NFTFi market has lost its growth potential. NFTfi still has the highest One of the markets with potential growth multiples. Still according to the technology maturity curve, when a new technology is born, it will climb to the top at the craziest speed, experience a possible bubble burst, and then rise slowly and steadily, stepping into real large-scale adoption. Throughout the development of the encryption industry, this development path has been verified many times, from the initial BTC, to the PoW boom, to the ICO boom and DeFi Summer. To ensure a smooth and efficient development process for NFT marketplaces, it is crucial to have a well thought out plan. The plan will serve as a roadmap to guide the various stages of development. For example;
COSO often thinks: what is the target audience of my NFT market?
Understanding the target audience is crucial as it helps to tailor the functionality and design of the platform to the needs and preferences of the users.
What type of NFTs will the marketplace host? Will it focus on a specific genre or niche, or will it be a general marketplace with a variety of NFTs?
What features should NFT marketplaces provide? Consider elements such as minting, buying, selling, bidding and a customizable storefront.
What will be the revenue model of the NFT market? For example, does it take commissions on sales or charges for certain features or services?
What is the budget for developing and operating an NFT marketplace? As mentioned earlier, building a thriving NFT marketplace requires a significant investment of time, resources, and money.
Does the market support advanced capabilities that add utility?
COSO always believes that a well-designed NFT market should prioritize a seamless and convenient user experience, providing a smooth flow from initial exploration to final purchase. This may involve incorporating valuable functionality for discovering NFT-related data, creating a user-friendly interface, and providing customization options for NFTs. NFTs are an ideal solution for digital identity management because they provide a unique identifier that cannot be duplicated. This makes them the perfect tool for ensuring authenticity and preventing fraud in the digital space. In addition, NFTs can verify a wide range of digital assets, including user identities, account information, and transaction history.
By leveraging the secure and transparent nature of blockchain technology, NFTs provide a tamper-proof method of reliable and efficient digital identity management. This makes them increasingly popular in industries that require secure digital identity management, such as loyalty programs, events, and other database-related industries.
In the medium and long term, the growth rate of the NFT market will be much higher than that of the cryptocurrency market; while the growth rate of the NFTfi market will be much higher than the overall growth rate of the NFT market, and the growth rate of the NFT derivatives market will be much higher than that of the cryptocurrency market. The growth rate of NFTfi.
The tide of the track comes from the tide of the market. When there is sufficient liquidity, it will inevitably lead to over-investment. The market has sufficient funds to subsidize and support high valuations. However, in the long run, whether it is the primary or secondary market, pure money is burned /The hype will eventually pass, and it is also at this stage that those agreements that can achieve a complete business closure and create real income/value will continue to live and come out of the valley of death, and the market will return to [technology-driven] and [demand-driven].