Non-fungible tokens (NFT) began disrupting the waters of the art and crypto worlds several years ago, but 2021 was the year when the NFT tsunami struck. In that year, according to Chainalysis, the market cap for NFTs hit $40.9 billion, a figure within touching distance of the annual value of the traditional art market.
And with NFTs only making bigger and bigger waves – just look at the unstoppable demand for CryptoPunks and Bored Ape Yacht Club or the fact that one of Beeple’s works sold at Christie’s for close to $70 million – we can expect the NFT market to eclipse its centuries-old predecessor any year now.
Aware of this momentum, the world’s most successful and profitable brands, from Nike and Adidas to Budweiser and Disney, are launching NFT series of their own. They know that the innovation and dynamism of the NFT market is where the best opportunities for trade and profit will be found in the years ahead.
When the waves get dangerous
As impressive multibillion-dollar market caps and world-famous brand names are, the fact that we’re talking about these things in the same sentence as NFTs is a warning sign. There’s a risk that one day we’ll be looking at a market that’s moved out of reach of the artists and crypto enthusiasts who put in the hard work that made NFTs the phenomenon they are today.
And if we look a little closer at the NFT market, we can see distortions are already creeping in:
- More than 90% of NFT transactions are done on one dominant platform.
- The most valuable NFT collections are also controlled by just a few giants.
- About 9% of wallets hold 80% of the NFT market cap.
- While a few NFTs sell for millions, over 75% of NFT collectibles are traded for less than five-figure sums.
- The NFT market is increasingly operating based on the traditional art market’s model, which leaves no space for interactions between buyers and creators.
It’s time for NFTs to reclaim the values of freedom, creativity and openness. It’s time to set a course for SeeSea.
SeeSea.io: Harnessing the NFT tide for the benefit of all creators and collectors
SeeSea.io’s mission is to become the leading community-driven interactive NFT marketplace – a place where creators can communicate and share their creative processes with NFT collectors.
- Instead of just trading NFTs, SeeSea.io’s users can publish and livestream videos alongside their listings to tell the unique stories behind their NFTs.
- SeeSea.io offers users forums and other interactive spaces for discussing NFTs, sharing what they love and building social networks of like-minded collectors and creators.
- Whereas other NFT marketplaces make no concessions to users’ diverse levels of tech expertise, SeeSea.io’s groundbreaking UX-centered design makes buying and selling NFTs as straightforward as posting a tweet.
And SeeSea.io is keeping NFTs open and democratic through its unique transaction options.
- The SeeSea.io marketplace is open to both digital and physical NFTs, with robust third-party guarantee mechanisms in place to keep transactions of physical NFTs secure.
- By offering options for trading NFTs in satoshis, the smallest BTC denomination, SeeSea.io is making sure that no creator or collector is crowded out of the NFT market.
- SeeSea.io’s users can also buy and sell fractionalized NFTs, further enhancing universal access to the market.
- SeeSea.io has exciting plans for running airdrops and distributing tokens to members of its community, giving people more options than ever to take their first steps into the NFT world.
- Different upload modes are available to suit different users’ needs. SeeSea.io will even have a zero gas fee upload mode.
- Not only do creators on SeeSea.io have an unparalleled range of options for customizing royalties for their works, but the platform also rewards artists’ key early supporters by allowing them to set royalty rates on resales of NFTs that they buy.
Finally, SeeSea.io will continually evolve so it can be the home to the latest NFT trends.
- In addition to being the ideal space for trading traditional NFT media categories such as artwork, games, photos, videos and music, SeeSea.io also offers dedicated spaces for fast-developing categories such as avatar NFTs.
- Awed by the creativity that NFTs have unleashed in children, the SeeSea.io team hopes to nurture future creators through a space designed just for young artists.
NFTs are now the top driving force behind art and creativity, and they will be for long into the future. But if we as a community of NFT enthusiasts are not careful, NFTs will become as out of reach as the traditional art market, seen only by an elite on restricted platforms.
We need to make sure the platforms where NFTs are released and traded are universal, open and democratic. That’s SeeSea.io’s mission. Offering innovative options for social interactions, affordable transactions, customization and new formats, SeeSea.io is set to be the place where anyone gets to see NFTs’ true potential and beauty.
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