A nonfungible token (NFT) marketplace will be launched by Limewire and Algorand blockchain. Limewire intends to start with music and art before moving into collectibles.
The marketplace will allow creators to purchase, sell, and exchange their work, according to a news statement. By the end of the first year, the firm hopes to have 1 million unique users.
With the growing popularity of the technology, both corporations and individual artists and producers are using NFTs to sell their wares. While Limewire will be only one of several markets, its unveiling gives an insight into the NFT’s future. Here are two key points concerning Limewire’s NFT market.
Blockchain energy-saving tech
One of the main complaints of cryptocurrencies is their environmental impact. Many crypto farms still rely significantly on electricity generated by coal-fired power stations.
Limewire picked Algorand because it is a low-energy blockchain. A pioneer in CO2 emission tracing, Algorand committed last year to become the most sustainable blockchain choice. A secure proof-of-stake blockchain network without harming the world is the goal.
NFT boom is led by art and music
Limewire’s initial concentration on selling art and music shows how important these categories are to the NFT industry. According to Cryptoart.io transaction statistics, the overall market value for NFT art projects is over $2.1 billion, or over 848,000 Ethereum (ETH). CoinMarketCap estimates the overall cryptocurrency market cap at little over $1.7 trillion.
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