Reddit for buying and selling of officially licensed digital collectables- ITSMYNE
A centralized platform that serves a dual purpose of providing fans with the required tech infrastructure as well as a dedicated community to discuss what they love is an interesting concept that ITSMYNE is working on. It combines what Reddit brings to the table, which is, great community discussions, along with NFT transactions making it a one-stop solution for sports fans. Basically, a community-driven marketplace for officially licensed digital collectables. The market for this kind of an application is huge since the target audience is the people interested in sports primarily and there exists no perfect solution that feeds the hunger they have for sports discussions and collectables of their favourite players and teams. The customer base need not be restricted to sports fans as this solution can be applied to other streams including films, media and production houses as well.
Yes, there are existing platforms for discussions and other platforms to purchase your collection of tokens. But incorporating these 2 features into 1 simple to use customer-centric application aims to simplify and easing these processes. This concept is future proof as well as fans are never going to stop showering love on their favourites.
The app introduces the idea of NaaS, NFT as a service that can indeed be a booming industry in itself owing to the immense potential that NFT’s possess. Judging by the rising interest in this field, the uprise of blockchain, NFT’s, cryptocurrency transactions seem well within reach. ITSMYNE aims to resolve all the issues that end-users face while interacting with the members of the global sports community as well as the problems faced during the listing, buying and trading of NFT’s by making the app simple to use and easy to understand from both the creator as well as the buyers POVs.
How this can help sports clubs/production houses-
ITSMYNE will allow easy listing of officially licensed collectables which makes the process easier for clubs and sports professionals, who despise the long hours they waste on listing something like this on other platforms. Primarily this will serve as an exceptional source of revenue for the teams, players and media industry. A lot of emphases has been placed on making the app easy-to-use for its users which is always a plus, irrespective of whether it’s from the user’s end or the creator’s end.
How it can help users/fans-
By providing a medium to engage in sports, media, NFT trading, buying, selling and interacting, all in one place, backed by the security and legitimacy blockchain provides and ease and comfort of using provided by the team.
A common issue that is faced while buying and selling NFT’s is the availability of the option to use fiat currency. Not everyone has adapted to the use of crypto as a centralized form of payments, so the option of using fiat currency is a plus.
Another common issue that has to be addressed while talking about NFT’s is the carbon footprint it leaves behind and the environmental damage that is caused by minting these non-fungible tokens.
According to the Digiconomist website, a single Ethereum transaction consumes more than 70.32 kWh, enough to power 1 U.S. household for 2.5 days. This is equivalent to a carbon footprint of around 34 Kg of carbon dioxide (CO2). These numbers are indeed dreadful and can lead to irreversible damage to the environment in the long run. The mining of cryptocurrency to purchase the NFT’s are a leading cause of this damage. The main providers of the NFT art market use Ethereum to finance their transactions which requires a substantial amount of energy to mine. Considering the fact that this market is going to expand, the amount of energy required and the amount of environmental damage that it might lead to is most definitely a red flag.
What repels certain creators and buyers from an NFT marketplace is the ambiguity and doubt about the originality of the listed tokens. For anything to hold good value it must be unique and very limited. Fakes and copies of some tokens make the existing system questionable. Importance must be given to form a regulatory body that verifies the nature of the seller and list only the genuine sellers. This seems like a problem that can be solved easily since blockchain technology allows for the backtracking of every transaction, eventually leading to the source of the NFT.
NFT marketplaces provide a good investment opportunity for the buyers as well. Buying a token not only displays the love for your favourite sporting teams and production houses but also provides you with means to trade them, make profits and grow your money.
A common problem with the current marketplaces is the pre-requisite knowledge that creators need to have. It is a considerably large-scale problem that restricts artists from creating their own NFT and listing it. This somewhat hinders the scalability of the NFT marketplace concept since not all creators have enough time to dedicate to understand and learn the know-how of NFTs, cryptocurrency, listing, royalty and other technical aspects before they can list their art and monetize it.
The lack of any pricing regulations baffles creators, there seems to be no clarity on how much particular NFT’s should cost. With regards to pricing, the in-app currency wallet needs to be optimized very well to ensure smooth transactions and making the user experience better. A steep difference in pricing at different times is a key trait while dealing with NFT’s and cryptocurrency. The volatility and uncertainty play an important role in how people perceive these concepts. Integration of fiat currency might prove to be necessary at this point since it provides some form of stability, eliminating one of the main problems associated with the use of cryptocurrency for making transactions.