Apart from cryptocurrencies and DeFi, another product of the ecosystem has managed to animate the news in this year 2020. Non-fungible tokens or NFTs have indeed grown in stature as they have been associated with the world of games. The influx of capital in this branch therefore began to interest certain exchanges in search of income diversification. This is particularly the case with Zebpay which claims to have a user base of over 3 million people in India. The exchange decided to enter the market for NFT-powered collectibles to meet the demand of a certain class of people among its customers. Explanations.
Promote blockchain engagement beyond cryptocurrencies
Used to symbolize all kinds of virtual or real goods, NFTs offer thanks to their uniqueness a prime opportunity for any collector. This has facilitated their success in fields such as art and video games known to their collecting community. Globally, the still growing NFT market has already reached a total value of $ 100 million. This established observation, Zebpay has decided to launch a new market called Dazzle and which will develop around the world of NFTs.
According to the exchange, this is a way for her to promote blockchain engagement beyond cryptocurrencies. With a total of around 5 million active crypto investors in India there is indeed reason to go with this idea. The exchange hopes thus provide innovative solutions in areas such as the local digital art market. These would consist for example of provide Indian artists with opportunities to protect their digital copyright, but also to monetize their work.
An autonomous ecosystem that will develop at the rate of its members
Yes Zebpay intends to promote the NFT differently at the local level with Dazzle, she didn’t no intention of having absolute control. The exchange thus made it known that she was going distribute the NFTs to members of the program without financial compensation. No restrictions should also be set on the terms of trade, the ecosystem to develop at the rate of its members.
” We’ll start with reward tokens offering zero membership or redemption fees : some to our most loyal and active members, some as random distribution, and some through fun contests. We’ll probably never sell them. We want to seed the ecosystem and let our members develop it as they see fit. If they want to trade their NFTs, they can do so The exchange declared.
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Beyond the aspect of protecting property rights, NFTs above all help develop an ecosystem dedicated to communities of fans in sports, art and games while generating income. The last area mentioned offers a good illustration of this potential with the many initiatives of The Sandbox which has taken advantage of the explosion of the NFT market.