Singapore, July 23, 2021 / Over the past decade, the blockchain has been the single most influential technology triggering shapeshifting changes in world finance. Now, the non-fungible tokens (NFTs), a new class of cryptocurrencies, have become one of the fastest-growing and most sought after digital assets. However, unlike typical cryptocurrency tokens, over 90% of the sale and purchase of NFTs takes place on dedicated NFT marketplaces. These digital marketplaces act as an intermediary between the NFT creators (often artists, influencers, sportsmen, and musicians) and the fans who purchase them. Data aggregator firms estimate, on average, NFT creators and their fans pay up to 20% of the cost of sales to these intermediary businesses.
While creating NFTs is a great way to sell “creative assets” by digitizing them, the process is expensive. NFT creators often have to rely upon several NFT marketplaces to reach potential buyers. Moreover, there are several other additional costs and limitations. All popular NFT marketplaces charge a significant commission. Often these marketplaces set the prices and also control the market. On average, if an NFT creator sells an NFT token for $100, they end up pocketing $60 or less. The way the market is structured, creating NFT marketplaces is arguably a highly lucrative business for all – except the artists, musicians, influencers and other creators.
One would ask if NFT marketplaces are not the most profitable way to sell NFTs, why don’t NFT creators try selling them directly? The problem is NFT creators will have to create a digital marketplace where potential buyers can participate in auctions, make bids and buy. Building an NFT store from scratch is costly.
To help creators sell NFTs directly to buyers, Xircus, a blockchain-based startup, has created an intuitive platform anyone can create and launch a custom NFT marketplace and build their own NFT ecosystem. Based on a decentralized software as a service (DSaaS) model, Xircus claims to be the world’s first multi-chain gamified DAO platform that allows both individuals, brands and even startups to create and deploy custom NFT marketplaces.
Explaining how Xircus helps NFT creators, Co-founder Falco Pangkey said: “With Xircus, we have made it easy for all NFT creators to launch a custom NFT marketplace. Launching NFT marketplaces is free on the platform – the best part is they can do it without having to write a single code.”
Michael Molina, Xircus Co-founder and CTO added, “Our solution is blockchain agnostic, token usage agnostic and decentralized infrastructure. The idea behind Xircus has been to create an ultimate solution that empowers individual artists, influencers and collectors, by giving them the control that comes with the power to create their own NFT marketplaces. It is an important development because now NFT creators can own the ecosystem and have their own rules and custom features”
Last week, Xircus NFT also shared a demonstration video explaining how to create and launch a DIY NFT marketplace using simple tools on the platform. The team is planning to go live in the coming week.
Company: Xircus Pte. Ltd.
Contact: Falco Pangkey
Source: Xircus NFT