Artists, digital creators and luxury brands are cashing in on transactions worth millions of dollars, on an explosion in Non-Fungible Tokens (NFTs) — but only if they know what they’re doing.
The barrier to entry for any individual or company just dropped to almost zero thanks to LNFT, an open source marketplace platform developed by Vancouver’s CoinOS.
“We’re the first company in the world to build an open source WebWallet and white label NFT marketplace that works on Liquid. That’s a Bitcoin sidechain network that offers fast confirmation times and low fees, but still works with Bitcoin as the currency rather than an Altcoin token,” says CoinOS CEO Kris Constable.
“Now, any company can easily start selling unique, one-of-a-kind products using NFTs. Whether they’re individual artists selling 3D artwork, video game assets that can be moved from game to game, or unique physical jewelry or watches from a website of a luxury brand – anything that can be scanned or photographed, to physical objects from a pet rock or a house you’re selling in this hot real estate market – you can tokenize it all.
“It’s also good for any item where it’s hard to know where you want to track where it came from in the supply chain,” Constable explains. “With an NFT, you know the time and date of the entire transaction history for your unique item that you’ve bought.”
CoinOS makes it easy for anyone to take advantage of the hot NFT trend. “We can set up a white label NFT marketplace for them and they can instantly give their customers NFT products,” Constable says.
CoinOS’ platform also significantly lowers the cost of doing business with NFTs by orders of magnitude. “Under the status quo for NFTs, a seller often pays over $50 USD to tokenize a single piece of artwork before they sell it.
“If they want to sell dozens or hundreds of pieces, those costs add up. If they’re a struggling artist or bootstrapping entrepreneur, it’s really costly. But with CoinOS, their cost goes down to just 3 cents per tokenized item. Fifty dollars versus under a nickel — and you can see, it’s so much easier to get started.
CoinOS’ leading-edge innovation was on display at Bitcoin 2021, the world’s largest cryptocurrency conference, this week. Two NFT marketplaces, Raretoshi Digital Art and NFT Glee both used CoinOS’ technology to make waves at the conference and beyond.
“I’ve been building this for over 6 years, honestly, just for fun to start with – and now we’re seeing the dream come alive,” says CoinOS Lead Developer and Founder Adam Soltys.
“My goal was to make Bitcoin usable for anyone, not just cryptocurrency early adopters. The key to that was removing hurdles for users and making it as easy as possible. With CoinOS, you don’t have to install an app. You click one button and you’re ready to go. You can send a payment anywhere in the world. It’s instantly there.
“Now, the NFT marketplace offering is an extension of that idea,” Soltys explains. “We’re so excited about the possibilities. We’re working with some of the most innovative companies in the world, and also aiming to enable traditional companies to get on board with this amazing new technology. It’s an exciting time.”
Vancouver’s CoinOS makes bitcoin usable for people, businesses, and brands. They offer an open source Bitcoin web wallet and p2p transfer system for individuals and a point-of-sale (PoS) and white labelled NFT marketplace to businesses and brands.
CoinOS’ leading-edge solution lets anyone, even those who are new to Bitcoin and other cryptocurrencies, to easily send, receive and convert Bitcoin, Liquid and Lightning.
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