Thursday, 30th June 2022
<To guardian.ng
Search
Breaking News:

NFTs, How Blockchain Technology like Solana (SOL) and Parody Coin (PARO) are empowering the creative

By Sponsored
18 May 2022   |   11:43 am
Being an artist, historically, has never been the most lucrative vocation. Artists have faced countless issues from producing the work to finding potential buyers to selling.

Being an artist, historically, has never been the most lucrative vocation. Artists have faced countless issues from producing the work to finding potential buyers to selling.

NFT marketplaces, such as the Solana (SOL) and Parody coin (PARO) markets, have transformed the route a piece of art takes from production to sale, and through this has hugely empowered the creators of our generation – and the collectors. 

Benefits of an NFT marketplace to traditional art auctions and vendors

Instant Global Reach

The NFT industry has seen once-in-a-generation growth over the last 2 years. The rough NFT market valuation was around $250 million in 2020. While many sources claim differing valuations, by 2022, the NFT industry was worth over $20 billion. 

This market size increase alone demonstrates the huge demand for this revolutionary idea; this has of course coincided with a huge increase in NFT marketplaces.

Creators of NFTs now have a near unlimited global outreach to NFT buyers or collectors. Once the NFT is available on a marketplace anyone in the world is available to buy it at the click of a button. This links creators to consumers instantly ensuring a clean and secure transaction between the two parties.

No Intermediaries

Previously, a constraint on artists’ revenues was how they went about selling their work. The administration of registering a piece of art to an auction house, other third party seller or a gallery can cost a huge amount of money for the artist. It wouldn’t be uncommon for this to nearly bankrupt the involved artist too.

This is where the NFT marketplace really empowers artists. They do not lose anything on auction fees, costs of selling or paying someone to administrate the sale of the art. Ultimately the NFT sells itself.

NFTs as a revolution in provenance

One of the most revolutionary concepts behind the blockchain is that the history of a token is completely traceable. This means you can track it from creator to buyer. This ensures the provenance of a given NFT is undeniably true.

Take Solana for example – The hash on the Solanart marketplace NFT will match up to the hash on the Solana blockchain from the NFT transaction. As all transactions are completely transparent on a blockchain, proof of ownership and authenticity can be unequivocal. 

This revolution in art provenance has also hugely aided collectors of digital art. Proof of ownership and authenticating the art is what the NFT framwork was founded on. Spending time validating that what you are burying is original is no longer a problem in the NFT world.

New opportunities emerging in the NFT industry 

 

Parody Coin (PARO) is an up and coming NFT marketplace. It enables an NFT swapping service where NFTs’ native to alternate blockchains can be swapped like for like for a Parody NFT. The Parody project also aims to establish the ‘Paroverse’ which will be the metaverse of the Parody ecosystem where NFTs can interact with each other in the metaverse.

The PARO ecosystem is far more than just NFTs. The token itself is the currency governing the NFT marketplace, the DApp store, the Paroverse and the Paro Reward system.

If you’re interested in buying PARO token while it’s still in its presale, check out the links below:

Presale: https://presale.parodycoin.io/register

Website: https://parodycoin.io/

Telegram: https://t.me/PARODYCOIN_OFFICIAL

Twitter: https://twitter.com/ParodyCoin