It will not have escaped you that non-fungible tokens (NFTs) have been booming for a few months. NFTs now occupy a major aspect in the cryptocurrency industry, having remained in the shadows until the later parts of 2020. Today, NFTs have become so popular that even the mainstream media have begun covering this sector.
The democratization of this new category of assets is driven by many platforms that make it possible to buy, sell, manage, exhibit, and create NFTs. The possibilities for creators and collectors are numerous, and it happens that some platforms create a governance token, which is distributed to early users via an airdrop.
The most striking example is that of the Rarible Marketplace. In July 2020, the platform revealed the RARI, the first marketplace governance token for NFTs. To celebrate its token’s launch, Rarible distributed 10% of the total RARI supply to all those who bought and created NFTs from the platform before July 15, 2020.
Each eligible user received an average of 40 RARI tokens, or nearly $20. Indeed, when the RARI arrived on the markets, it was trading around $ 0.50. RARI token is currently valued at $32, and the initial airdrop of around $20 is now worth $1,500.
We will be exploring five NFT projects that could be launching their tokens very soon. Please note that these are only hypotheses, and nothing can affirm that a governance token for each platform will be developed and distributed to users.
However, some signals suggest that these platforms could be creating their tokens very soon. So if you are an NFT lover, it may be in the best interest to use each platform at least once.
Foundation does not play in the same category as other NFT marketplace like OpenSea or Rarible. Firstly, Foundation mandates that all NFTs sold on their platform are unique pieces auctioned by their creators.
Another notable feature strongly linked to the first is that Foundation does not have a secondary market. This means that those that buy NFTs on Foundation cannot resell them on the platform. However, they can freely put it on sale on other platforms.
Also, access to Foundation for artists is by invitation, which is a limiting factor. Thus the Foundation retains a significant influence and indirectly decides who can sell their works on their platform.
This has led to criticism from members of the crypto community. Despite its limiting factors, Foundation is regarded highly since NFTs sold on the platform often sell for more than 1 ETH.
There is growing optimism that Foundation will soon adopt a governance mechanism. This could give rise to the launch of a token and could be distributed to the first users.
Zora is a protocol designed for the Ethereum blockchain that establishes universal and perpetual markets for digital works in NFTs. This platform works like other NFTs marketplaces. However, Zora does well by allowing the creators of NFTs and buyers to decide which cryptocurrency they wish to sell or acquire the work.
Zora Protocol is based on Ethereum, and NFT lovers can use any ERC-20 token to buy an NFT, including the USDT stablecoin. Creators also receive a share of the selling price of their NFTs for each resale between users.
Since its deployment, Zora has grown into a large ecosystem that begs to be exploited. A governance token could emerge if the platform continues to grow.
MakersPlace is a marketplace for discovering and collecting unique creations made by big names in digital art. This platform works broadly like Foundation but participates in the development of non-fungible tokens with the general public.
At the end of February, MakersPlace achieved the feat of collaborating with Christie’s, one of the world’s largest auction houses. Together, they organized the first auction of an NFT in the auction house. The NFT auctioned is the most famous and expensive digital work to date: “EVERYDAYS: THE FIRST 5000 DAYS”. This digital work by famous artist Beeple sold for $69.3 million, a record that is unlikely to be surpassed anytime soon.
This collaboration has given MakersPlace significant visibility, and not only within the crypto-community. The platform is one of the most used at the moment, and it would not be surprising if it creates its governance token soon.
Platform founded in 2018 for a startup of the same name, Nifty Gateway allows its users to buy NFTs (or “Nifties”) with a credit card. Acquired by the Gemini exchange at the end of 2019, Nifty Gateway benefits greatly from its parent company’s security and trust.
The Nifty Marketplace is a platform for buying, selling, and managing high-quality, limited edition digital works. Nifty Gemini’s reputation gives it certain visibility with renowned artists such as Beeple, deadmau5, Steve Aoki, Madeon, or even Justin Roiland.
Powered by Gemini and the Winklevoss brothers, Nifty Gateway could be one of the platforms looking to create its token. However, the probability that Nifty Gateway acquires a token remains relatively low. As the platform is centralized, users will never have a say in governance unless Nifty Gateway changes models eventually.
Rightly regarded as one of the largest platforms for buying and selling NFTs, it is quite surprising that OpenSea does not yet have its governance token. Founded in 2017, OpenSea is a pioneer in the world of NFTs and acts as an aggregator of NFTs from other platforms.
OpenSea sees itself as the premier marketplace for digital goods in the form of NFTs, which includes collectibles, game items, domain names, digital art, and other blockchain-backed assets.
The platform is funded by the famous venture capital fund a16z and other renowned investors such as Ben Silbermann (co-founder of Pinterest), Alexis Ohanian (co-founder of Reddit), Mark Cuban (billionaire and businessman), and Justin Kan (co-founder of Twitch).
An equivalent of $5-10 million is traded daily on OpeanSea, which shows its popularity among NFT lovers. Everything suggests that OpenSea could create its token in the near future. If the platform wishes to remain in competition with Rarible in the long term, this is a crucial step. Thus, buying a few NFTs on OpenSea could make you eligible for the airdrop of a potential future token.
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