Curation-focused NFT marketplace FabriikX has launched its aftermarket, giving creators and consumers more opportunities to profit by reselling NFTs.
“FabriikX customers can now resell NFTs purchased on the platform and profit from resales without paying any transfer fees. Once the NFTs are sold, they will be paid almost instantly,” said Lior Cyngiser, head of business operations at FabriikX.
“The secondary market is an exciting extension for us because we are now able to offer customers the opportunity to buy and sell NFTs and connect directly with interested collectors, something that has not previously existed at FabriikX. Our goal is to facilitate and nurture a community-focused NFT marketplace, so being able to offer creators and collectors the ability to directly connect with each other is really important to us,” added Cyngiser.
We couldn’t keep it a secret any longer, our secondary market is now live! ❌?
Expect more control over your NFTs with a re-registration feature that lets you choose the price you want to resell for. You #NFTyour rules. pic.twitter.com/0eUxdRqltN
-FabriikX (@FabriikX) March 15, 2022
A secondary market is crucial when it comes to NFTs. It is the first entry for non-fungible tokens, and most blockchain enthusiasts are attracted to them because they see them as speculative opportunities. NFT marketplaces must have features that allow people to resell NFTs to meet consumer demands. At FabriikX, not only does the consumer benefit from reselling an NFT, the creator of the artwork also gets paid every time their creations change hands.
“Royalties are distributed to the creators of the NFTs for any sales on the secondary market. The current amount is set at 2%, but our team is always monitoring industry rates to make sure we are competitive,” said Cyngiser.
The future of NFTs
Digital art NFTs are just the first iteration of non-fungible tokens. Many creators are working on NFTs that are more dynamic than the digital art collections we see today.
“NFTs are moving away from digital collectibles and scavenging, to focus on how they integrate with and support the Metaverse and Web 3.0. NFTs will need to focus on utility; what you can do with them,” Cyngiser said.
“NFTs will be another way of doing business for people. If we think of NFTs as securities, they provide the ability to create liquidity in non-traditional financial instruments. NFTs give people more access to capital as they can tokenize assets from the physical world and turn them into digital assets that they trade as security tokens on exchanges,” she added.
NFTs are going to evolve; NFT owners are get tired of static images in your wallets they can only watch and speculate. This is why the next wave of NFTs is expected to see utility, giving their owners the ability to use their NFTs in a variety of different settings, such as play-to-win games, metaverses, social clubs, and more.
FabricX is preparing for the evolution of NFT implementing new features on its platform that will improve the user experience and support the NFT file types of the future.
“We are currently working on increasing the types of file formats that we can support. And we’ll also be adding new features, like advanced search and filters, and the ability for content creators to offer private viewing or listening,” Cyngiser revealed.
“We are constantly working to improve the features of FabriikX,” he noted.
Watch: Fabriik Presentation at CoinGeek New York, The Future of Digital Assets and a Tokenized World
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