NFT sales have jumped by about 800% to $10.7 billion in the third quarter of 2021. With the market frenzy contributing to the dramatic upsurge, experts are also attributing the distinct practical utility that NFTs provide as one of the main reasons driving the sales figures.
Non Fungible assets are being actively leveraged to create a unique immutable certificate of authenticity for a range of digital products across sectors including, gaming, music, art, and even real estate.
However, a major challenge to the mainstream adoption of the technology stems from the way the market is structured. The centralized NFT marketplaces not only make it a costly affair for creators to launch and sell their NFT tokens, but they also keep a significant percentage of the sales to themselves.
In addition, creating a dedicated platform to mint and sell NFTs is technically challenging and financially draining for new creators who are just looking to benefit from increased sales and growth by creating non-fungible digital assets.
Eyeing the emerging markets, Xircus, a blockchain startup, has created a unique solution that allows users to launch their own NFT marketplace at zero cost. Let’s take a quick look at how Xircus aims to disrupt the global NFT markets with its unique platform that it claims to be the “Shopify of NFTs.”
Xircus: Offering an easy and the most cost-effective way to create an NFT marketplace
Creating an NFT marketplace using conventional solutions is challenging, time-consuming, and requires professionals to create the technical architecture and design from scratch. Xircus is a unique decentralized multi-chain gamified platform that allows users to create and deploy their custom NFT marketplace in minutes.
Users looking for an effective solution to launch their NFT tokens can connect to a host of NFT buyers, enthusiasts, and collectors using the Xircus platform by creating a custom NFT marketplace.
The Xircus platform features a dedicated Deployer Studio which is a powerful tool that allows users to create a custom NFT marketplace without having to write a single code. Users can create an NFT marketplace at zero cost and start selling their newly minted NFT tokens directly using the Xircus platform.
What are the advantages of using Xircus and why does it matter?
NFTs are becoming increasingly popular amongst artists, musicians and digital content creators amongst others. Currently, most buyers and NFT creators have to rely upon intermediary NFT marketplaces.
To make NFTs more accessible and to push the mainstream adoption of non-fungible asset tokenization, the Xircus platform eliminates the dominant role of these intermediary agencies. Xircus is fundamentally different from typical NFT marketplaces. It allows creators to connect with buyers directly. It is not an intermediary agency but a platform that enables users to launch and create a custom NFT marketplace on flexible terms at zero cost.
Let’s take a quick look at the benefits of using Xircus to launch an NFT marketplace:
- Zero-cost alternative: For NFT creators, the challenge is to connect to buyers. Typically, creators list their newly minted NFT tokens on a centralized NFT marketplace. To get listed, they usually pay a hefty listing charge and a fixed commission on the sale. The terms of sale and distribution of the proceeds are also dictated by the intermediary agency aka the NFT marketplace. Xircus, on the other hand, offers a zero-cost alternative to NFT creators allowing them to launch their NFT marketplace using the Xircus deployer studio. In less than 20 minutes, anyone can launch their own NFT marketplace and start selling newly minted non-fungible assets.
- EVM compatible smart contracts: Several blockchain networks have sprung up in recent years and today it’s not just about Ethereum. Providing potential buyers with the flexibility to buy NFTs through the blockchain network of their choice is possible with Xircus. Xircus smart contracts are EVM compatible and the platform supports a range of blockchain networks.
- Customizing NFT marketplace: Xircus offers a host of innovative and premium features that allows NFT creators (also known as Ringmasters within the Xircus ecosystem) to customize their NFT marketplace. Depending upon the niche, NFT creators can use premium skins and user interfaces to customize and configure their NFT store.
- Decentralized and community-driven: Most NFT marketplaces are centralized and profit-driven. Xircus platform is a decentralized autonomous organization that allows users to participate in the decision-making processes. The core idea behind Xircus is to create an ecosystem that allows NFT creators and buyers to interact seamlessly across a network of NFT marketplaces created and deployed on the Xircus platform.
- Boosting sales with advanced analytics and networking: By creating and deploying an NFT marketplace on the Xircus platform, users can easily boost their sales. Leveraging the data and advanced analytics demonstrating the trends in real-time, Ringmasters (NFT marketplace creators) on the Xircus platform can tailor their strategies to attract buyers globally. Moreover, Xircus allows Ringmasters (NFT marketplace creators) on the platform to connect. The networking opportunity and potential are huge.
Is Xircus Truly Empowering NFT Creators?
Many NFT marketplaces and exchange platforms are facilitating NFT sales. This may very well prompt one to question if Xircus is truly empowering? The trend right now for NFT creators is to mint an NFT token, pay an upfront listing/auction fee to a popular centralized NFT marketplace, market the auction, and then again pay a fixed commission on sales.
The biggest problem with the entire process is that the creators bear the risk while having to share a significant percentage of their profits. The NFT market is already an oligarchy with a handful of centralized NFT marketplaces registering over 85% of total NFT sales. With NFTs becoming increasingly popular and the technology providing real practical utility, it is clear that these market structures are not scalable. The centralized NFT marketplaces deter new and budget NFT creators from accessing and leveraging the novel technology.
The high costs are already making NFT tokenization impractical for many. Xircus with its innovative intervention offers a more cost-effective and easily accessible solution. It is like Shopify of NFTs. What Shopify and similar platforms did to eCommerce, Xircus is poised to do the same to the NFT markets. It saves users thousands of dollars they would otherwise have to spend to create an NFT marketplace.
Musicians, artists, gamers, athletes, brands, designers, premium merchandise stores and anyone who wants to harness the power of NFTs to boost sales by targeting new markets can use Xircus to mint their NFT tokens and launch their NFT store. Most importantly, they enjoy all the control and flexibility in the process.
Can Xircus challenge NFT marketplace giants like Opensea or Rarible?
Technically, it wouldn’t be prudent to compare conventional NFT marketplaces like Opensea or Rarible with Xircus. Xircus is a decentralized multi-chain NFT marketplace deployer platform, whereas Opensea or Rarible are conventional first-gen NFT marketplaces. In terms of potential, Xircus takes the challenge head-on and is eyeing a share of overall NFT sales in the coming months.
The project is yet to green signal the launch of the first batch of NFT marketplaces and has only recently concluded its private sale rounds. Focussing on a product-first strategy, Xircus has kept itself away from the hype.
However, the latest updates from the Xircus tech team confirm that the platform is ready for deployment, and they are working on some advanced features for specific types of NFT marketplaces. Commenting on the advanced features, co-founder Michael Molina said: “At Xircus, we have designed several premium skins and customization options for Ringmasters. We are creating tailored interfaces for NFT marketplace creators based on their industry.”
The team has also confirmed that they are in talks with several institutional investors who have been actively following the project and have been demonstrating their interest. Last week, Xircus announced in a press release that Sequoia Capital, a global VC which is known for funding innovative startups has confirmed to support Xircus and they may soon make a meaningful deal in the coming months. Speaking to AMB Crypto Falco Pangkey, Ceo Xircus said: “Sequoia Capital is a big name, and we are thrilled to have their support.
We are at advanced levels of talks with a few other institutional investors who are impressed by the practical solutions that Xircus offers. Soon we will have the first batch of NFT marketplaces deployed on the platform. We are also excited to have highly experienced professionals like Ian Scarffe join the Xircus team as an advisor.” Ian Scarffe is a serial entrepreneur, investor and consultant. He is also an independent Expert at the European Commission – Horizon 2020.
Ian brings a wealth of experience to the Xircus team. With a proven track record and as one of the top global influencers in fintech, Ian has been instrumental in getting several blockchain startups to excel and achieve their goals.
With a streamlined strategy and a solid team of experts backing and endorsing the Xircus project, it is but a matter of time until we will see how Xircus creates a space for itself by acquiring a percentage of the booming global NFT sales. The idea to build a DIY NFT marketplace creation platform looks promising and merits attention.