Introducing NFTmall — Where NFT meets Defi and eCommerce
NFTmall- is the worlds first Creator Centric, Defi & e-Commerce Powered, Physically redeemable NFT marketplace.
NFTs are a hot topic right now since its current market boom, Although the market for digital items and goods is still at the infant stage. Monopolies and international entities were taking advantage of creators/Artists for many years by creating a massive barrier of entry! For example, traditionally, Artists have to physically produce a piece of artwork, get it accepted by a gallery, promote the exhibition and sell it. Also, in the case of a verification test, the authenticity of an Art is determined by an Art expert panel by carrying out costly tests! This complex process involves a huge barrier of entry and hinders creativity; as a result, creators often don’t get enough exposure and have to market their work instead of focusing on creation.
The traditional approach hinders creators, but it also hinders creativity in general since younger artists may not afford the entry requirement to use the various platforms. This problem can be overcome using blockchain technology to synergise Defi and NFTs since It simplifies ART creation in NFTs and logs entry of an ART piece/ NFT in the blockchain, which cant be counterfeit and rewards relatively. It affords artists or creators alike the chance to create and earn royalties in perpetuity. And thus create a level playing field for talented individuals. Since it’s a very new concept and the market for digital items starts to generate. Existing top tier digital items / NFT marketplaces do not fully satisfy the needs of their users. They do not solve the issue by having high platform fees to mint or list, Primary and secondary sells, even royalty fees for creators are not independent usually chosen by Marketplace! Also, most of them are not decentralised and require a KYC process, application, and permission. More importantly, none of them offers or Provides a solution to the Physical redemption of NFTs or Vice versa! Thus, they act as a monopoly for users and possess a high barrier of entry and fail to create a fair & level playing field for their users (creators, collectors and traders).
“By deeply considering the limitations of existing marketplaces, I was stirring at the market gap and had to pick up the challenge to provide a solution I called NFTmall”.
“NFTmall is the answer to the existing limitations of the traditional NFT marketplace. It is the worlds first Creator centric, Defi & E-commerce powered, Multichain & standard support, Physically redeemable, NFT marketplace.”
Our Vision at NFTmall
Our vision is to create a level playing field that fills the gap between traditional and niche digital item artists. Our solution, a universal platform, is the common ground for potential talent all around the world to showcase their work to the world in a very cost-effective and authentic manner and get treated fairly. The platform also bridges the gap between digitized and real-world while allowing real-world use cases for NFTs, by introducing revolutionary features like physically redeemable NFT. Anyone can now redeem any NFTs into physical objects like clothing, printed canvas, collectable cards etc.
The platform will also offer the auction of NFTs once we get popular in near future.
Our vision also includes a revolutionary feature called NFTmall 3D, a Decentraland inspired virtual marketplace where there will be various types of dedicated 3D virtual stores like art, gaming items, collectable card NFTs, audio NFTs, rare NFTs, physical NFTs, 3D NFT, etc. Premium verified Badge holder’s NFTs will be showcased on the NFTmall 3D on the various dedicated stores. Also, third-party individuals or companies will or can have the opportunity to build and trade their brand-named dedicated store to display their NFTs on NFTmall3D Virtual Marketplace. Users create, explore and trade in the first-ever virtual 3D Marketplace owned by its users. Users will be able to immerse themselves in NFTmall 3D with Avatars and will be able to roam around in different stores, make purchases of NFTs displayed in those stores.
We also look to offer Lending, Borrowing and Fractional ownership of NFTs in the near future.
NFTmall native Token
We are introducing a native token to simplify NFT creations and collections. Our native token, $GEM is spendable on the NFTmall and supported secondary markets. It is a Binance Smart Cain compliant token that allows artists and collectors to buy, sell, earn and own NFTs. The community, composed of artists, collectors, bounty hunters, curators, among others can use the token for providing liquidity, creating and collecting NFTs, and so many others, as the need arises.
- High Entry Barrier
Existing marketplaces have some high entry requirements like their KYC process, along with high marketplace platform fees for minting and primary & secondary sales, also a high gas price to list, mint or trade since the majority of top tier marketplaces operate on the Ethereum chain at the moment.
- Limited Access
There is limited access to a marketplace for creators who pay high prices and also run the risk of huge financial loss in the process.
- Royalty issues
Royalty rewards are biased and set by third-party (Marketplace) and not by the creator, thus creators often mint the same NFT in the different marketplaces and NFT loses its authenticity & value.
- Lack of exposure
Most NFT marketplaces lack exposure to creators & collectors. Artists need exposure to create, share and monetize content.
- Low-quality NFT
Marketplaces get bombarded with low-quality and spammy NFTs, thus making it very difficult for buyers to look and find rare valuable NFTs.
- Zero utility in the real world
Current NFTs only exist in virtual digital form. There’s no way to display such valuable digital collectables and prove authenticity and ownership in the real world.
NFTmall’s Revolutionary And Innovative Measures To Overcome The Limitations Of Existing Marketplaces:
Eliminating Barrier of Entry:
We are introducing several creator-centric policies to reduce entry barriers to zero. Our measures include:
- Zero minting fee
- Zero primary sale fee. Creators get full price for their hard work.
- Lowest platform fees in the NFT space, only 2% for secondary sales and only 1% if $GEM is used as currency!
- Open to everyone, no KYC, no application, no permission, purely decentralized and creator & community-centric.
- Multichain operational and utilize Binance Smart Chain (BSC) for low gas price to users.
Exposure to Creators/Artists
- NFTmall introduces an Affiliate Program that allows Creators to focus on excellent NFT creation instead of marketing.
- Weekly Contest Programs will allow new talents to be recognized and to win massive economic gains.
Multi-chain & Standard support
Most of the top-ranked existing NFT marketplaces are built on ethereum and only supports ERC standards, thus limiting the benefits of other chains, like low gas fees and high-speed Transactions! NFTmall solves the issue by supporting collectively Multiple standards and chains. Currently, NFTmall only supports the BSC chain but in the coming days and weeks it will integrate into different chains and explore its opportunities and possibilities(i.e Avalanche, Polygon, Solana, Wax protocol) thus NFTmall becomes the very first multi-chain operational & multi-standard support NFT Marketplace in existence!
Community-based Content Curation
NFTmall aims to build a dApp, an automatic detection system for NFT minting on secondary marketplaces as well as introducing copyrighted NFTs. With these techniques, anyone from the community has the opportunity to identify and report with proof, malicious activities such as minting the same NFT on a secondary platform or unauthorized copyrighted digital item minting.
Smart Sorting Engine
We are tackling low-quality spammy NFT problems using a Google-like Smart sorting engine. We also aim to improve it in near future by utilizing AI & machine learning.
Other NFTmall Services in a Short while
GEM token Fiat Ramp:
To give $GEM token its well-deserved recognition, exposure and make it super easy and accessible through fiat for newbies in space, NFTmall will partner with third-party mobile App fiat on a ramp service provider, where users can make purchases or trade $GEM straight with different fiat currencies.
NFTmall Payment Gateway For Non-Crypto Users:
This is an improved UX for non-crypto users. Our vision is to reach mass adoption by approaching non-crypto users. Therefore, in the future, we plan to implement some opt-in UX enhancements for normal users. Crypto users can skip these enhancements if they wish to. We are achieving it through the following;
• A wallet-free experience by utilizing key-free and password-less technology like Ice tea ID
• Buying NFTs using Visa, Mastercard credit cards, Paypal: the system will connect to 3rd-party services to support payment for non-crypto users. By adding these payment methods, we expected to bring the platform to mass users who are not familiar with crypto payment.
Apart from this we will also implement different ideas in the coming days and equipped NFTmall with other revolutionary different features aim to change the whole NFT landscape globally.
NFTmall Website : https://nftmall.io/
NFTmall Official TG : https://t.me/nftmall
NFTmall News Official TG: https://t.me/NFTmall_newsOfficial
NFTmall Discord : https://discord.gg/fs5HwAWY
NFTmall Twitter : https://twitter.com/NFTmall
NFTmall FB : https://www.facebook.com/nftmall/
To conclude, The NFTmall has launched on Binance Smart Chain and we need your help to ensure the security of the protocol! The NFTmall Bounty Program is launching to identify bugs and critical vulnerabilities in the protocol and smart contracts. Up to 5% of the total GEM Token supply is being allocated to reward successful bounty hunters and white hat hackers.
Also, The platform is live (Beta) for testing ATM. At NFTmall we would like to invite Creator/artists all around the world to test and mint NFTs on our Super sleek and easy user interface, State-of-the-art NFTmall Marketplace platform.
MD Rakib Ahamed
CEO & Founder