2023-03-22 20:24:37
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The AI-powered Marketplace:
Concept Overview
Finding
external sources of revenue has been an important task for our project since we committed to
building a blockchain app to bring a new audience to crypto. The idea of an
AI-powered marketplace has been floated since the very release of the app, and we spent a lot of time
conceptualizing it and
discussing the possible pros and cons of such a solution, as well as
fleshing out the idea and
building the necessary basic infrastructure. Now that we're determined to
bring this concept to life, we would like give our users an overview of the concept, as well as discuss
the potential benefits of this solution.
The marketplace we're building has t
he flavour of all the features we've created so far — it is a feature so grandiose that it is more akin to an ecosystem. This solution combines the strengths of three features:
a regular marketplace similar to OpenSea or Magic Eden that have proven to be successful models with a large revenue;
an AI-powered NFT creation engine that is meant to provide users the tools for the creation of art and art collections without the meticulous work needed for art creation now;
a promotion feature that adds to the novelty and the competitive success of that project and solves the problem of the immense distance between the creator and the buyers — it is meant to facilitate NFT art reaching its prospective audiences and potential buyers;
According to Token Terminal, OpenSea has earned more than
$260 millions in revenue in the past 365 days that went to the development of the project. We believe in the success of the community-focused solutions, where
early adopters and
project supporters receive a large chuck of the revenue. That's why in the model we opted for
our community will receive a share of revenue from holding tokens and owning Genesis NFT (these are your Playable Character NFTs!).
It is important that
the fate of the project does not hinge on the success of the new, more novel features of the marketplace — although we believe they will be pretty much a success — creating a marketplace is already
an established revenue source that has proved to work.
The AI engine is the feature that makes the product
attractive for regular users that would rather use a
user-friendly and
convenient app that empowers them and creates new opportunities for them. It is well-understood by
the key players in the industry. Recently Binance announced that they are integrating
an AI creation engine, Bicasso, into their own marketplace. Exchanges know well how to attract new users — this is a step that helps them grow by making it more
convenient for users to create art. Another notable example of an NFT marketplace success that really
builds on the notion of convenience is Blur, which, according to The Block, has closed the funding round at a valuation of $1 billion.
However, the key
original feature which will bring success to the future IguVerse marketplace is
promotion, which works in conjunction with the other solution we seek to launch —
a decentralized ad network. Now NFT creators don't have a chance to find
potential buyers from their collections without organizing their own marketing campaigns and building speculative hype. It is widely known that it is impossible to live off NFT art without
heavily investing into community and
social media building, as well as being involved with the NFT folks. This is the reason why most beginner NFT artists fail —
it's hard to do all of that without huge investments or prior recognizability.
The crowd-sourced promotion feature of the IguVerse marketplace challenges this standard.
Want to learn more about it? Well, stay tuned. Exciting news to come soon.
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