"NFT explorer" (Google of NFT, It's a handy tool or guide for NFT traders or newcomers in the NFT space, since through it users can find info on all individual NFT or NFT collections minted on all the different chains, including their Rarity information.)
Powerful NFT API. ( Apart from using ourselves, we will also provide this API solution to third-party dapps under conditions such as NFTmarketplace, NFTAnalytics websites, and Various interested wallets willing to show NFTs of various chains in their user's wallet etc.)
Is it feasible to develop the product?
Exploring NFTs & Future Market Possibilities:
The non-fungible token (NFT) market is currently receiving huge attention. According to NonFungible.com research, the NFT market size tripled in 2020, with the total value of transactions increasing by 299% year on year to more than $250m. In foresight business L’Atelier BNP Paribas’ “third annual study of the NFT market” report, NFTs are primed to become a leading emerging asset class for the virtual economy in the years ahead, both in terms of their financial value and their practical uses, and a major driver of economic activity in virtual worlds. The report, which uses proprietary technology to track activity in the NFT market, found that the total value of all NFT transactions (which includes sales and all other transactions such as “breeding”, “minting” and renting) increased from $62,862,687 to $250,846,205 in 2019 and 2020 respectively. Also, NonFungible.com found that market activity has increased significantly: the total number of active wallets transacting NFTs (including buying, selling, holding, or using them in a blockchain application) skyrocketed, growing 97%, from 112,731 to 222,179 in 2019 and 2020 respectively. Similarly, the number of buyers and sellers rose from 44,644 to 74,529 (+66%), and 25,264 to 31,504 (+24%), respectively. The number of active wallets accelerated throughout 2020, suggesting even stronger growth ahead in 2021: Q4’s total growth was twice Q3’s, and three times that of Q2. NFT traders have also experienced unprecedented financial performance so far. Profits in a single year range from $500,000 to $100, 000 for some traders. Due to the NFT-ready market, big names are increasingly entering the space, creating lucrative NFT-based consumer goods and services. Current players include fashion and luxury brands like Nike, Louis Vuitton, and Breitling creating virtual fashion products; sports brands like Turner Sports, NBA, F1, and PSG, as well as entertainment brands like BBC, Warner Music, and Paramount creating online collectables and games; video game studios like Ubisoft and Atari creating virtual worlds, games and tokens; and tech companies like IBM, AMD, and Samsung creating new services and utilities. “As the boundaries between virtual and physical worlds become ever more blurred, we are seeing the rapid growth of virtual economies online, each offering a diversity of employment, investment, and commercial opportunities,” said Nadya Ivanova, COO and foresight lead at L’Atelier BNP Paribas. “For all the hype around cryptocurrencies, it is non-fungible tokens that are driving and driving much of the economic values and use cases within virtual platforms, and they are likely to become both an important asset class and a foundation for the virtual economy in the next decade. Investors and brands that want to capitalize on the shift to virtual activity should start by paying close attention to the NFT market as it continues to mature and grow.” The growth of the NFT market is partly the result of the increase in online activity following the pandemic. It also reflects a wider and accelerating trend towards people spending more of their time – and money – in virtual spaces on virtual goods, services, and experiences. “The exponential growth of the NFT market in 2020 has been remarkable, and historic,” said Dan Kelly, CEO, and co-founder of NonFungible.com. He went on to say; “The ecosystem is no longer just a speculative industry; it’s a value creation industry, reaching newfound maturity, utility, and growth. We’re still in the early days of a young and developing space with many new ideas and projects formulating, a testament to the loyal and tight-knit groups who have evolved around the NFT ecosystem. But these are laying the foundations of a future mainstream economy that will change the very way we relate to our online worlds.”
Having studied the vast market and considering the current rate of growth of the NFT industry & future possibilities of NFTs or Digital assets, it can be stated that the feasibility to develop an NFTmarketplace stays on the low-risk side and is expected to grow and make a profit. At NFTmall, we are certainly working in that direction to secure a market share of this evolving NFT market. Our response to the hundreds of billion-dollar future industry isn't just words but actions.we have utilised the power of various blockchain networks and combined it with Defi & ecommerce and came up with a super sleek, reliable, cost-efficient, secured, easy-to-use user interface Marketplace & Launchpad with NFT materialisation option, which is powered by a governance token GEM 💎 has various utilities & use-cases. Our Marketplace & Launchpad are already live on BSC, Ethereum, Avalanche & Polygon and currently integrating Thundercore, ETA of this launch is May last week 2022. Our AR & NFT verification app is also currently on a test flight and the NFT materialisation service is going live soon. We are also developing “NFT explorer” (Google of NFT) currently.