A couple of years ago NFTs were considered by many as a little more than a gimmick for hardcore crypto-heads. Today, Non Fungible Tokens have ballooned into an $11.3 billion market, thanks to the explosion of DeFiand a growing array of exciting new use cases.
NFT Market Breaks Free From OpenSea
Opensea is widely considered to be the biggest name in the NFT space, but last month saw a potential changing of the guard when nearly 3 million people bought a collectible avatar NFT on Reddit. The mainstream social media platform has been onboarding millions of new users recently, buoyed by its transition to Web3, and creating significant new buzz from its introduction of digital collectibles in the form of NFT avatars.
Since the launch of RedditFloor marketplace in July 2022, 3 million new wallets have been opened and more than 86,000 NFTs have been minted – Equating to a $122 million market cap, that suddenly rivals that of NFT stalwart Opensea. This sudden burst of interest in NFTs on such a widely used platform represents a seachangefor the NFT market and confirms that global interest in these assets is no longer confined to the people in the world of crypto.
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XOXNO Targets Mainstream Audience
XOXNO is the biggest NFT Marketplace on the MultiversX (Previously Elrond) Network, and one of the names in the space that are transitioning to meet the needs of this new market audience. XOXNO is relatively new having only launched in early 2022 but is already conducting over $1 Million per month in trading volume.
The all-in-one NFT marketplace recently integrated fiat payments to meet this sudden increase in demand from mainstream users. XOXNO NFT buyers, sellers, and creators can now conduct their business in EUR and Romanian RON using any VISA or Mastercard.
The addition of fiat payment support was targeted to make NFTs far more accessible to the average person, and specifically the European audience. The integration was made possible through the company’s partnership with fully licensed Romanian online payment solution Twispay.
One-stop NFT Marketplace
XOXNO is marketed as a ‘one-stop’ NFT marketplace offering unique tools and an intuitive interface for both casual NFT users and hardcore digitalcreators. The marketplace seeks to benefit its everyday users by maintaining competitive 1% trading fees & no listing fees.
XOXNO believes that the introduction of fiat payment support for Mastercard and VISA will make the marketplace a more attractive proposition to its base, who up until now were limited to $EGLD, and other tokens on the Elrond network.
Advanced Features Could Give XOXNO the Edge
XOXNO has an array of features that one would expect to find in most NFT marketplaces, such as the staking pools that enable users to earn rewards in $EGLD and other cryptocurrencies. But the emerging marketplace has some more advanced features that separate it from some of its competitors.
For example, XOXNO users can take advantage of advanced graphs and aggregated analytics to gain a detailed insight into market prices, trends, and price dynamics. These unique tools allow NFT buyers and sellers to seize more profitable NFT asset opportunities that they might otherwise miss. The XOXNO marketplace also offers an array of other features, such as
• NFT Swaps
• Bulk purchases,
• Bundle SFT packs
• Private offers
Calling All Creators
Digital creators will be able to streamline their transition to the NFT space thankq to XOXNO and its unique self-onboarding launchpad. This cuts back on back-end onboarding so users can focus on their more creative exploits. The platform also facilitates the minting of NFT assets with EGLD, RON, and EUR while ensuring NFT creators are rewarded with automatic royalty payouts.
With more and more casual users entering the NFT space each day, the adoption of cryptocurrency payments is expected to rise. However, the recent surge in interest from Reddit users suggests that the NFT marketplaces such as XOXNO, which cater to both crypto and fiat users, will be able to play the strongest hand going forward.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
