With the help of significant artists, creators, and established brands jumping on this bandwagon, the ecosystem is thriving like never before. It cannot be ignored that NFTs have made an entry into the mainstream art circle through the world renowned art auction houses Christie’s and Sotheby. On the evening of March 11, 2021, Christie’s first auction of purely digital artworks was presented in the form of NFTs. “Every Day: First 5000 Days” by Beeple’s was sold for $69.346 million, breaking records for NFTs. Sotheby’s also held a crypto art auction from April 12th to 14th. Crypto artist PAK’s digital work “Cube” sold for $16.8 million.
Other popular projects include NBA Topshots and CryptoKitties collections. Although these projects are successful due to their unique artwork and design and the indivisibility of these assets, there is always some concern over the limited appeal these tokens hold.
Even some of the biggest exchanges in the cryptocurrency industry start creating their own NFTs. Efforts by OKex, Bittrex, and more recently, Binance, highlight the overall potential of this technology. There are many options to explore with Non-Fungible Tokens, yet it seems the majority of issuers remain relatively limited in what they aim to achieve. Changing that narrative will not be easy, as new tools and infrastructure will need to be built to unlock the full potential of NFTs.
According to NonFungible.com, NFT’s initial sales were recently down 42.43% and the total amount of second-hand sales was much higher than the total amount of initial sales. Although the current NFT market is huge, compared with legal assets, equity and other types of assets, the liquidity of the art and collectibles market needs to be improved. This is a problem that currently plagues the development of NFTs.
It appears Deeper Network will be one of the core providers to watch in this segment. As a decentralized private network provider and the Deeper Connect hardware product development, the team explores a slightly different angle. Moreover, the company will release an NFT to be converted into pre-IPO shares later on. In essence, it is an IPO-NFT offering, something that is relatively uncommon in the cryptocurrency industry.
With the increasing expectation of numerous investors for Deeper Network’s future IPO listing, and in order to thank older and new investors for their support and loyalty, the company has decided to return part of its future profits to investors in the form of NFT equity subscription. This will enable more people to get involved in the development of the company. It will provide an opportunity for the company to grow while maximizing the interests of investors.
So far, the team has sold over 12,000+ units through Amazon, Best Buy, Stack Commerce, Indiegogo and other e-commerce platforms. Deeper Network has raised over $3 million USD, with over 12,000+ supporters covering 115+ countries. Deeper Network’s Indiegogo campaign has done so well that it has appeared on the front page of the Indiegogo website multiple times as an In-Demand item. Recent record sales of 5000+ units in 7 days indicates that there is a demand for this blockchain-powered internet gateway. Moreover, the team’s multicultural diversity has allowed Deeper Network to become a fast-growing company with community members across different continents. With Deeper Connect, users can also mine the native DPR currency, as the Deeper Mainnet launch is imminent. With DPR, users can consume bandwidth on the network. Users who provide bandwidth to Deeper Network will earn DPR in exchange for doing so.
The choice for the IPO-NFT is intriguing, as equity subscriptions have not been tried before in this format. The NFT can prove to be appealing to collectors, as it will grant conversion to $2,000 subscriptions right in the company’s shares at the pre-IPO price. A different way of establishing immediate economic value while leveraging NFT technology. Equity and seed round investors will have preferential access to the NFTs, yet other community members can gain access through various events. Deeper’s team also ensured integration of the NFTs into OpenSea and trading across other OTC marketplaces.
Moreover, it is intriguing to see how teams go about creating value for a Non-Fungible Token. Rather than expecting people to pay an arm and a leg for something that may never have any resell or redemption value is no longer feasible. Combining a future IPO share price with a non-fungible token helps make Deeper Network stand out from more traditional NFT-oriented projects in this industry.
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Source: Cryptocurrency - investing.com
