Why the world needs another NFT marketplace!
Sports is an inherently social experience. NFTs bring a part of this experience online, but via marketplaces that break the social experience. This is because conventional marketplaces are purely transactional which makes them vulnerable to declining engagement and retention over time, exposing them to existential crises if they fail to reach the tipping point. At ITSMYNE, we’re building the Reddit for buying and trading of official NFTs in a democratic community manner, sticky social network style.
Community takes all!
This is endorsed by the fact that companies who’ve embedded a community or social angle within their core product experience have achieved a billion-dollar valuation much faster than non-social platforms or products. Below are some examples:
For example, take the example of the Assassin’s Creed gaming franchise, which is valued at $300M. Their social counterpart, Fortnite, earned $2B in revenue just last year. This means that the social game’s revenue is 7x more than the non-social game’s entire valuation. Social platforms are much more valuable because they have stronger growth loops, higher user engagement, longer retention, and better defensibility;
With this worldview, we’re building ITSMYNE, a mobile-first platform. ITSMYNE is Reddit for sports fans to buy and trade digital collectibles. Reddit is a community where discussions can be upvoted and downvoted by users with a points system so that the best content democratically rises to the top. On ITSMYNE, fans can earn platform currency for their discussion and community engagement, which they can spend on buying NFTs from their favorite teams.
In addition to hosting a curated community of sports fans, ITSMYNE is a green NFT platform built on a blockchain that is certified climate-neutral i.e. NEAR Protocol. We have written this article to outline the framework we’ve used to determine if NEAR is a good fit.
ITSMYNE is also an inclusive platform because we enable sports fans to buy and trade officially licensed NFTs using top cryptocurrencies as well as fiat money and our platform native MYNE tokens. Pipeline features include fractional ownership and NFT launchpads. Sports brands will partner with us to get access to an engaged community. They can use our Fan Token Offerings to bridge NFTs with real-world experiences, and they can even get paid upfront for any NFTs licensed with our launchpad model.
The total NFT market size is breaking records and has grown 200x over the last 12 months. With ITSMYNE, our vision is to move beyond transactional NFT marketplaces and collaborate to build the world’s 1st green, community-centric, and inclusive sports NFT platform for fans globally.
Current NFT marketplace landscape:
In particular, the strong growth of several NFT marketplaces is an important issue. In this scenario, an overview of some of the reputed NFT marketplaces can be very helpful. The world’s biggest marketplaces (Top 10) for trading NFT’s are OpenSea, Nifty Gateway, SuperRare, Rarible, Foundation, Cargo, Myth Market, NFT Alley, Mintable, and Enjin Marketplace. We’ve covered the recent uptick in funding to NFT marketplaces here.
It is quite difficult to pick out the best NFT marketplace from the top alternatives here. Each entry in the list can meet the needs of different audiences. New creators and established artists have different preferences when it comes to converting their works into NFTs. At the same time, concerns about royalties and costs associated with NFT transactions on the marketplaces are different.
ITSMYNE is the world’s first community-driven forum to unite fans of diverse interests to discuss and trade with like-minded people about sports and the available digital assets in this segment.
ITSMYNE has a points-based upvote/downvote system that will allow the best or most popular discussions to rise to the top democratically so that viewers/fans are kept abreast of the latest NFTs and can buy and trade them at the right moment. Buying and trading officially licensed sports NFTs of their favorite sports brands and teams have become easier than ever.
The NFT buying experience is web-first, but the ideal customer spends more time on mobile. They crave a social experience, in which case ITSMYNE solves it. Although users do not feel the need to buy or trade an NFT, they can still use the platform to consume content published by their favorite sport/niche and engage with it! The platform offers a simple UI /UX along with a fun gamification experience.