Firms are launching innovative NFT marketplaces to serve different industry verticals TechInsight360

Firms are launching innovative NFT marketplaces to serve different industry verticals

Despite the dropdown in the cryptocurrency markets which has also impacted the NFT subsector, the momentum in the space has continued. This shows that there is more underlying strength in the NFT industry. Venture capital and private equity firms have poured billions of dollars in the segment in 2022, as big players and startups continue to innovate in the space. Notably, these startups and well-established players are launching innovative NFT marketplaces with the long-term growth perspective in mind. These NFT marketplaces are meant to cater to the rising demand across industry verticals. For instance,

In August 2022, Genies, a digital avatar startup, launched its fashion NFT marketplace, The Warehouse. Notably, the firm launched the NFT marketplace in strategic collaboration with Dapper Labs. The Warehouse allows users to leverage in-app tools for modifying the clothes they purchase as NFTs. Because the clothes are sold as NFTs, the creators receive a royalty each time the item is resold. Currently, Genies is charging a 5% fee on each sale, which means that creators get to keep much of the revenue from each item sold.
In August 2022, Chingari, an India-based social media platform, also announced the launch of an innovative video NFT marketplace. Notably, the firm allows creators to convert their short videos and sell them as NFTs to earn revenue from their content. Creator Cuts, the video NFT marketplace, is the first of its kind NFT marketplace launched in India. Notably, the social media firm is following the path of Instagram, which launched the NFT showcasing feature within its app. The monetization feature for creators is expected to further drive engagement among its users.
In August 2022, Tykes, a Web3 startup, announced the launch of the NFT marketplace with a focus on the real estate industry. Notably, the NFT project is part of the firm’s strategy to connect real estate professionals with Web3 experts and investors. To launch the NFT marketplace, Tykes deployed 5,000 tokens. These NFTs give holders access to events and conferences which focuses on digital real estate education and networking. According to a press release from Tykes, it had garnered more than US$2.4 million on presale.
In September 2022, Aperion, the play-to-earn game, also announced the launch of an NFT marketplace. This launch is part of the firm’s strategy to accelerate its business growth by leveraging gamers' loyalty. Notably, the NFT marketplace will allow gamers to trade Aperion Planets at the prices they see fit. This launch of the NFT marketplace comes after the firm raised US$17 million in its seed funding round.

Apart from innovating and targeting different industry verticals, some players are also launching NFT marketplaces to simplify the buy, sell, and trade NFT process for users globally. For instance,

In September 2022, LG Electronics announced the launch of the NFT platform, LG Art Lab. Notably, the platform makes it easier for LG smart TV users to discover, buy, sell, and trade NFTs. The announcement of the NFT platform comes eight months after the firm announced that it is planning to integrate NFT features into its smart TV.
While the platform is initially available to users in the United States, TechInsight360 expects LG Electronics to further rollout the platform in more countries over the next three to four years, thereby making it easier for the global audience to discover, buy, sell, and trade NFTs.
Similarly, in July 2022, OneAset, an investment platform in Indonesia, announced the launch of its NFT marketplace which is in-built inside its investment platform. The platform makes it easier for Indonesian to discover, buy, sell, and trade NFTs. Using the marketplace, users can choose to buy and sell NFTs across different categories like literature, artwork, and photography. Currently, the NFT marketplace is available only for Indonesian users.

Over the next three to four years, TechInsight360 expects more such NFT marketplace launches globally. This is expected to further drive the popularity of the technology to the masses. With big players such as Meta and Starbucks driving innovation in the space, TechInsight360 projects the industry to weather the ongoing storm faced by the cryptocurrency and NFT market and recover from the medium to long-term perspective. Notably, the launch of all these innovative NFT marketplaces will also assist the growth in NFT sales volume over the next three to four years globally.

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