A turnaround in NFT trades last December is a testament to a picking momentum that might shoot in 2022. NFT is growing, and innovation has something to do with it. Closing 2021 on a high, the NFT marketplace touched $2.2 billion—a first in many months of decreasing trade in 2021.
Recent celebrity endorsements have boosted the Non-Fungible Token (NFT) market, with a growing interest in the Bored Ape Yacht Club (BAYC) also to thank for the sudden spike in interest. Gaming NFT platforms have also popped up to hook younger traders. Jimmy Fallon, Diplo, and Post Malone are a few celebrities who have openly proclaimed the future of the ethereum-based marketplace asset—NFT. Many people will look to have a piece while new platforms rise to support the expected surge. Naga group is a player in the Fintech space that seeks to be part of the NFT community by creating innovative technologies to drive the asset in the future.
NAGA Announces an NFT Platform
NAGA’s assets trade for as low as €0.99; the European-based Fintech Company sets itself apart from many others because of its low-value offerings, with plans to incorporate NFT into its portfolio soon. This is good news to the over 100 countries where it operates, meaning that customers will create art-based creations in its networks and use the same to make profitable trades. NAGA has set the tone for the first social media-based investment platform, pairing it with smart financing. These multiple adoptions make it a super app that will only become better with integrated NFT assets.
The company boasts of over 1000 assets, with a trading volume totaling billions of dollars. NAGA can easily support NFT in its extensive network, as it has shown the ability to do so in the past with multiple assets it offers.
What Are NFTs
By now, a significant portion of the world has a slight idea of what NFTs are through social media. They are a representation of odd assets taking the form of art, toilet paper, and music, or any rendering that people can mint into non-fungible forms.
NFTs are ethereum-based, and like cryptocurrency, they use immutable blockchain networks. NFTs represent a modern way to exchange art, making them appeal to the young, who are active on TikTok and other popular social media. Non-fungible tokens are unique, with each artist having an exceptional identifier—more like a secure password. In essence, the assets are like other artwork, but with limited supply, their uniqueness makes them valuable and depending on the environment, they shoot up in value.
Exchange of NFT differs from traditional art, instead of a portrait on the wall; traders get an inimitable digital file. Critically, non-fungible tokens differ from cryptocurrency; the latter is fungible, making it an acceptable medium of trade, as one crypto is always equal to another of the same kind. For Non-fungible assets, every digital art minted, as NFT, is never equal to another of a similar kind.
Will NFT Trading Work In NAGA?
NAGA rides on the social aspect of investment as a part of its offering; younger traders appealed by NFTs are likely to boost non-fungible token trading in the platform. Major elements that make NFT possible such as music, GIFs, arts, and collectibles are what drive daily trends on Twitter, TikTok, and Instagram. Critically, the existence of the tokens in blockchain networks adds to the appeal—the same medium that makes cryptocurrency possible.
Oil markets are special and so is gold, but younger people will find it easy to create a social connection using a non-fungible ape’s image more than gold, and then use the auto-copy feature in the platform to explode the trade of the NFT.
Conclusion
Technological innovations are impressive with non-fungible assets, a creation of the past decade, which are on the rise. New technological developments such as the one made by NAGA are important to the fast adoption of NFTs, with the social element in particular. Younger people are likely to increase trading activities—investment trends in social media will guarantee this.
Aftab Hussain is a versatile journalist who covers a wide range of news topics with depth and precision. His commitment to delivering unbiased reporting ensures that readers stay well-informed about the most significant events and stories shaping India and the world.