Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Unifty: The Crypto Firm Committed to Making NFTs Cheaper and More Accessible

CryptocurrencyJul 21, 2021 02:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Unifty: The Crypto Firm Committed to Making NFTs Cheaper and More Accessible

Some people may think that non-fungible tokens (NFTs) are new to the crypto space, when in fact they’ve been around almost as long as Bitcoin.

The first use of NFTs dates back to 2012, with the development of color-coded Bitcoin. Each different color coin was linked to different software, with different capabilities and uses. For example, green coins could be programmed as currency, while purple Bitcoins could be linked to works of art.

Since then, NFTs were little more than novelties until they started gaining traction in 2017 at the launch of CrypoKitties and CryptoPunks, which are collections of digital trading cards. According to nonfungible.com, total NFT sales in 2017 topped $30 million globally. Annual adoption and sales continued to grow through the end of 2020, when NFTs exploded into the mainstream, exceeding $315 million in yearly sales – due in large part to the launch of the NBA’s “Top Shot” NFT website. Since 2020, some individual NFTs have sold for more than $50 million each.

In an exclusive interview with DailyCoin, Colin Platt, co-founder of Unifty claimed that there’s a need to make NFTs cheaper to create.

“Most NFTs are launched on Ethereum. Ethereum gas is a big consideration. Right now, in July 2021, gas is relatively cheap – in the dollar range of high single digits to low double digits, which is quite reasonable. A few months ago, creating an NFT would cost you a minimum of a couple of hundred dollars. So, the first thing Unifty has done is we’re actually live and deployed in production on eight different blockchains.” Platt says Unifty doesn’t make NFTs, it makes NFTs easier to use as a platform dealing with infrastructure for NFTs. The Unifty website defines its mission as “…developing and enabling fully decentralized no-code solutions for creators, with all things, and services around the NFT space. Mint, buy, sell, swap, and create NFTs, and NFT farms with just a few clicks, while you fully own your contracts.”

To put it simply, Unifty is to NFT creators what WordPress is to blog website developers.

Platt explains that the Unifty project was conceived by a German gentleman named Markus Bopp, who started it in 2020. Bopp was working for a German software company at the time, and Unifty was a spin-off project that he launched. Platt, who was a former investment banker, came aboard in January 2021 as COO, and later CEO of the project.

Platt says he and Bopp believe the first step to driving mainstream adoption for NFTs is making them available across different blockchains.

“We’re deployed on Polygon, MATIC, and Binance Smart Chain (BSC), which are our two most active platforms right now. We’re also deployed across a number of other blockchains including Avalanche, XDAI, we’re deployed now onto Moonbeam, Celo, and others,” said Platt. “We also have done some things with test nets, and we have bridges to actually move NFTs over, so NFTs can start on one network and then move to another one, which is a unique feature, specifically coming out of test nets regarding NFTs.” Platt says that making NFTs available via blockchains with lower fees, makes the non-fungible tokens cheaper and more accessible for the end-user, while providing a higher percentage of the end sale to the NFT creator.

“There are smaller artists that can’t pay $100 dollars to create an NFT, and then give up 20% or more to the sales auction platform. That would leave the creator with nothing,” said Platt. “So, we set out to build a platform that was reasonably priced, and we give 100% of the control over to the person that creates it and they don’t have to know how to code. There are some forms, there’s a little bit of technical stuff, we have tutorials, but it’s relatively easy to learn if you know how to use the basics of the app.”

On The Flipside

  • Despite ongoing efforts by projects such as Unifty to democratize NFTs for everyone, mainstream media continues to promote the myth that the NFT boom is over.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Unifty: The Crypto Firm Committed to Making NFTs Cheaper and More Accessible
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email