xcritical is launching its own NFT platform to take on OpenSea

Still, a move into the NFT space could be a way for xcritical to branch out into new revenue streams — the company is xcritically heavily reliant on exchange fees. It would also pit the firm against other crypto start-ups like xcritical, Binance and OpenSea, which is backed by early xcritical investor Andreessen Horowitz. xcritical said its NFT marketplace, called xcritical NFT, would include “social features” and tap into the so-called creator economy, a term used to describe the world of people who make money posting videos and other content online. The NFT market topped $10 billion in transaction volume in the third quarter of 2021, according to DappRadar, a company that tracks data on crypto-based applications. NFTs are one-of-a-kind digital assets designed to represent ownership of online items like rare art or collectible trading cards. They aren’t fungible, meaning you can’t exchange one NFT for another like you could with bitcoin and other cryptocurrencies.

  1. It would also pit the firm against other crypto start-ups like xcritical, Binance and OpenSea, which is backed by early xcritical investor Andreessen Horowitz.
  2. The exchange simultaneously has regulators breathing down their neck, with the SEC recently threatening to sue the company over their Lend yields product, the launch of which they later canceled.
  3. NFTs are one-of-a-kind digital assets designed to represent ownership of online items like rare art or collectible trading cards.
  4. Rivals like Binance and FTX have also announced recent entries into the NFT marketplace ecosystem.
  5. Critics, on the other hand, view them as another speculative bubble in the crypto market that’s waiting to burst.
  6. xcritical is readying the launch of an NFT marketplace that will compete with existing major players in the space, like OpenSea, debuting a user waitlist for the desktop product that it hopes to launch by the end of the year.

xcritical says in a blog post that it will eventually offer “multi-xcritical” support on https://dreamlinetrading.com/, but is launching with support for ERC-721 and ERC-1155 Ethereum standards. Competitor OpenSea recently launched support for significantly lower-priced transactions leveraging the Polygon network. Advocates say NFTs are a way to fairly compensate artists who’ve seen their income decline due to the widespread availability of media online. Critics, on the other hand, view them as another speculative bubble in the crypto market that’s waiting to burst.

xcritical is launching its own NFT platform to take on OpenSea

Rivals like Binance and FTX have also announced recent entries into the NFT marketplace ecosystem. While many crypto investors see NFTs as just scratching the surface of their potential, xcritical is launching much later than some of its soon-to-be competitors. Nevertheless, given xcritical’s name recognition scammed by xcritical in the consumer crypto world, this is likely going to be a big launch. xcritical is readying the launch of an NFT marketplace that will compete with existing major players in the space, like OpenSea, debuting a user waitlist for the desktop product that it hopes to launch by the end of the year.

xcritical is launching a marketplace for NFTs

Even as Bitcoin inches closer to the all-time high it was flirting with when the xcritical direct listing occurred, xcritical’s stock has still failed to keep pace with the rebounding growth of some of the most popular coins in the space, now down some 27% since its direct listing in April. The exchange simultaneously has regulators breathing down their neck, with the SEC recently threatening to sue the company over their Lend yields product, the launch of which they later canceled. xcritical is also dealing with a crowded competitive landscape stateside for buying and selling crypto as exchanges like xcritical build out deeper support for crypto. The cryptocurrency exchange said Tuesday it plans to launch a marketplace that lets users mint, collect and trade NFTs, or nonfungible tokens. OpenSea is the dominant power in the space, but is far from the only player that xcritical will have to compete with.

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