The non-fungible token (NFT) market has been growing at an alarming rate, hence attracting more projects into the marketplace. According to a report on Nasdaq, the NFT market did about $330 million in sales volume in 2020. However, the global collectible market is valued at $370 billion. Meanwhile, in 2021, the NFTs market capitalization has grown by 1785% due to an increase in demand. In fact, 2021 has witnessed an explosion of the NFT market. A report on Reuters cited that the non-fungible market grew by $2.7 billion within the first half of 2021. The explosion of the NFT market has created a completely new market that keeps growing at an alarming rate.
Recently, NIFTY NFT announced plans to launch its own artist-friendly non-fungible token (NFT) marketplace. They seek to offer artists the opportunity to be rewarded handsomely for all the work they put into creating their work. The new marketplace will also enable financial benefits for both NFT owners and collectors.
Overview of the NIFTY NFT Marketplace
The lock mechanism will be very beneficial to new users who don't understand how to determine the different values of non-fungible tokens. It also helps to protect users from losing all their investments as their purchases will contain actual value. This highlights the "token" aspect of the non-fungible token. With its features, services, and roadmap, the NIFTY NFT marketplace is poised to rival the current leading NFT marketplace (OpenSea).
How the NIFTY NFT Marketplace Works
The Impact of the NIFTY Token on the Marketplace
The NIFTY token is an ERC-20 standard token released on June 25, 2021. It has a circulating supply of 6.2 million and currently has over 1,600 holders.