Why Competition Between NFT Marketplaces Is Good News

Why Competition Between NFT Marketplaces Is Good News

While crypto is in a bear market the one sector that has weathered the storm relatively well is NFTs. A new report estimates the global NFT market will be worth $231 billion by 2030, growing at a compounded growth rate of 33.7% over the next eight years. However, this quarter the NFT market has been on somewhat of a roller-coaster ride, though in terms of trading volume and sales compared to Q2 of 2021 they are up by 533% and 59% respectively. In addition, metaverse NFTs also had a good quarter, with the trading volume for ETH-based collections has increased by 101%, while Polygon collections have unfortunately declined by 26%. Overall, it has been a growth of 96%, according to DappRadar.

If that positive trend whets your appetite to get involved in NFTs trading, then you’re not alone. The recent crypto bull market was like an electromagnet for investors who flocked to NFTs. Either to try to get in early by getting whitelisted on a project and then sell once the particular project went live, or purchasing them from another user before selling them on one of the growing number of marketplaces. As reported in late 2021 by leading crypto analytics firm Chainalysis, “NFTs are far from a surefire investment” however: “Transaction data from the OpenSea marketplace shows that just 28.5% of NFTs purchased during minting and then sold on the platform result in a profit. Buying NFTs on the secondary market from other users and flipping them, however, leads to profit 65.1%of the time.” In plain English what this means is that your average NFT buyer is likely to be out of luck when it comes to turning a profit on a newly minted or a secondary market NFT trade.

If those headline figures haven’t put you off, what can help you can see the wood for the trees when it comes to trading NFTs? A little context might help for starters; namely the commercial pressure from the bear market and the competition between NFT marketplaces mean this could be a good time to up your NFT trading game.

NFTs are traded in NFT marketplaces, which are well-organized platforms for selling digital collectibles. As a rule of thumb NFTs are sold at a fixed price, while others are auctioned off. Opensea is by far the largest NFT marketplace, with a 90% market share by dollar trading volume across multiple marketplaces in 2021. But what’s changed in the last few months is that OpenSea’s market share has started to diminish. In response OpenSea has improved its service with the launch of Seaport, an open-source trading protocol which enables trading multiple NFTs at a time. And with OpenSea’s purchase of NFT market aggregator Gem, its likely they will go up against Uniswap, which recently acquired NFT aggregator platform Genie. Finally, despite the failure of Coinbase’s NFT offering, eBay has both purchased marketplace KnownOrigin and in partnership with OneOf, recently announced its first foray into the NFT space with the launch of a series of sports themed, featuring iconic athletes.

What hasn’t changed is the fact that most NFTs are released in collections. A collection is a group of NFTs that are all different but share some characteristics. Bored Ape, the most popular NFT collection, has a total sales value of approximately $2.5 billion. While the top ten NFT collections had over $15 billion in trading value in 2021, accounting for roughly 60% of the total NFT market. The fact that a few collections dominated a large portion of the market is most likely due to NFT investors’ preference to trade within collections. They do this because it is easier to value an NFT in a collection when there are “similar” NFTs to compare it to. Experienced investors know where the money is, therefore, they trade NFTs within those collections.

These NFT traders speculate and identify a specific collection with liquidity, trade, and keep flipping until they make a profit. The truth is that most speculative traders do not profit from trading NFTs. Information is key, and traders who have information on the collection with liquidity are more likely to make a profit. Instant tradability of non-fungible tokens will lead to higher liquidity. NFT marketplaces can cater to a variety of audiences—from hardcore traders to more novice players—allowing for greater exposure of the assets to a wider pool of buyers. In the same way that the ICO boom of 2017 gave birth to a new asset class driven by instantly liquid tokens, NFTs expand the market for unique digital assets.

Another factor we must consider is fraud in the NFT sector. We’ve seen a lot of bad actors sell and trade NFTs they don’t own or have access to. I believe that it is critical for every NFT trader to conduct their own research to determine the best collection to trade. In simple terms the NFT sector is still growing, and there are still certain gaps to fill.

Market liquidity is still concentrated in a few NFT collections, and a trader must be able to identify those collections where the demand is to make a profit. I am also about to publish an in-depth guide to NFTs in a new book, said I believe the NFT market was only going to get stronger in 2022. “The growth of NFTs on rival platforms to Ethereum such as Solana , and the competition with OpenSea from players ranging from DEX leader Uniswap to e-commerce king eBay, shows how dynamic this sector is. Despite the collapse of the wider crypto market with the Luna Terra collapse, the demand for NFTs shows no stopping. I was struck also by how GameStop’s new marketplace launched just a couple of days ago is already doing well, with ETH in trading volume too.”

 

Original Source: https://www.benzinga.com/22/08/28375889/why-competition-between-nft-marketplaces-is-good-news

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian, Judge at Pitching Competition: “Fundraising in the Era of a Pandemic”

Anndy Lian, Judge at Pitching Competition: “Fundraising in the Era of a Pandemic”

Anndy Lian, Intergovernmental Blockchain Advisor will be one of the judges at Online Roadshow “Fundraising in the Era of a Pandemic”.

“Thank you for the opportunity, it is my honor to be the judge. I believe I will see many familiar faces during the pitching competition. I would also like to take this chance to look at how companies are coping with their businesses. The fundraising process during this era of pandemic will not be easy. This pitching competition will help companies a long way, we can help finetune their business model, marketing processes and technology deployment. My team at DECENT will also be willing to lend their helping hand to empower startups.” Anndy Lian mentioned this to Blockcast.cc reporter.

Anndy is an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international and public listed companies. He is currently advising multiple governments and related entities in the region. Most recently, he is appointed as the ASIA CEO & Chairman for DECENT Group & DECENT Foundation. DECENT Group is a global company and has started its blockchain journey in 2015., providing an advanced blockchain ecosystem to help enterprises build decentralized applications, Block by Block. 

The online pitching will start at 12:25 pm UK time. This is part of Blockchain Economic Forum (BEF) online roadshows. Brought to you by LATOKEN. The tagline on the website shows: “BEF ROADSHOWS, $80B FUNDS are now online”. This will bring in a lot of attention especially during the tough COVID19 times.

 

Agenda

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12:00 pm UK time • Panel discussion: Fundraising in the Era of a Pandemic
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– What are the most promising niches, sectors for starting a business in the current environment?
– Which opportunities different types of investors look for?
– Can retail investors substitute institutional money when markets shut down?
– Do you expect a pick-up of interest in investing in consolidation/roll-up plays? Will there be an increase in distressed assets?
– Is the community of a startup going out of business an investable opportunity?

Speakers:
• Jeff Ransdell, Co-founder/Managing Director at Fuel Venture Capital
• Frank Steffen, Managing Director & Co-Founder, CapTec Partners
• Adrian Niculescu, Regional Director UK & Romania, Faster Capital
• Krzysztof Piech, Professor Lazarski University
• Daniel Mark Harrison, Founder and Managing Partner, Monkey Capital

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12:25 pm UK time • Online Pitch Competition
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12.25 pm – First project
12.30 pm – Second project
12.35 pm – Third project
12.40 pm – Forth project
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12:45 pm UK time • Feedback session from the investors & Winner Awards
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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Agriculture Tech Startup Wins “Startup Grand Slam Pitching Competition” at the World Blockchain Summit Singapore 2019

Agriculture Tech Startup Wins “Startup Grand Slam Pitching Competition” at the World Blockchain Summit Singapore 2019

The panel of judges choose Agriculture technology startup company as the winner of the World Blockchain Summit “Startup Grand Slam Pitching Competition” held in Singapore on 25 July 2019 at the Marina Bay Sands Convention Centre.

The judging panel includes Anndy Lian- Book Author of Blockchain Revolution 2030 and Advisor to various government on Blockchain;  Herbert Sim- Advisor to Future 1 Exchange and Former Huobi Singapore executive; Janet Lee- CEO & Founder of Venture Capital Network; Vanessa Koh – Chief Technology Officer of GBCI Ventures ; Madhu Khandelwal- Managing Partner of EthAum and Kevin Soltani- Founder of GIMA Group USA. Selected companies who did the pitching range from crypto to fiat solutions, supply chain platform to music sharing platforms.

“The pitches are good. AgTech stands out among the rest. It is a tough decision to make. AgTech is something close to my heart. There are a lot to be done in the Agriculture industry. In fact, I have given key speeches at The Asian Food and Agribusiness: Smart Food Value Chains Conference, organised by Thailand Ministry of Industry, Thailand Productivity Institute and Asian Productivity Organization in Thailand, Bangkok where many of the younger ones are looking at digital farming. Leaders from Bangladesh, Cambodia, Republic of China, Fiji, India, Indonesia, Malaysia, Nepal, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam were there to exchange valuable notes on how to improve this industry. When I saw AgUnity, I immediate understand the benefits of having a collective platform will help the farmers and consumers in the world. However AgUnity is still a startup, I hope to be involved to help them scale up their vision.” Anndy Lian explained.

Eyal Oster, Founder of MobileBridge flew down from Israel to attend this event commented “I like the event and especially the pitching competition. It gives me more inspiration. As a veteran in the tech space, I am happy to help in whatever way I can to promote the blockchain industry.”

The AgUnity smartphone and operating system is a technology ecosystem that provides people living in, and working with, the last mile with practical, accessible tools to connect with each other and establish effective lines of communication and an ethical, accountable means of trade. AgUnity assists Service Providers that are delivering products or services related to SDGs with an innovative, cost effective solution to reach new users. The suite of solutions can easily promote their offerings to last mile users and communities, through a remotely managed, practical, and accountable online platform. AgUnity substantially reduces the cost and risk of product or program roll out in remote areas.

The pitching competition is traditionally a key segment on the WBS events. This initiative promotes growth and allow startup to pitch to an international audiences.

About WBS

World Blockchain Summit is South Asia’s most elite gathering of curated investors. Marching ahead as one of the most forward-thinking crypto development zones, this 13th global edition and second leg is in line with ‘Smart Nation’ initiative that represents a large-scale effort by the Singapore government.

About Blockcast.cc

Blockcast.cc is a broadcasting news source for the blockchain community. Founded in Singapore and has a network of contributors in China, Hong Kong, South Korea and Malaysia. They aim to bring you the latest blockchain insights across the globe.

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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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