Curation-focused NFT marketplace FabriikX launched its secondary market, giving creators and consumers more opportunities to make a profit by reselling NFTs.
“FabriikX customers can now resell NFTs purchased on the platform and earn from resales without paying any transfer fees. Once NFTs are sold, they’ll get paid almost instantly,” said Lior Cyngiser, the Business Operations Lead at FabriikX.
“The secondary marketplace is an exciting extension for us because we’re now able to offer customers the opportunity to buy and sell NFTs and connect with interested collectors directly—something that hasn’t previously existed on FabriikX. We’re all about facilitating and nurturing a community-focused NFT marketplace, so being able to offer creators and collectors the ability to connect directly with each other is really important to us,” Cyngiser added.
We couldn’t keep it a secret any longer, our Secondary Marketplace is now live! ❌🚀
— FabriikX (@FabriikX) March 15, 2022
A secondary market is crucial when it comes to NFTs. It’s the first inning for non-fungible tokens, and most blockchain enthusiasts are attracted to them because they see them as speculative opportunities. NFT marketplaces must have features that allow individuals to resell NFTs to meet consumer demands. On FabriikX, it is not only the consumer who benefits from reselling an NFT, the creator of the artwork also receives a payment every time their creations change hands.
“Royalties are distributed to the creators of the NFTs for any sales in the secondary marketplace. The current amount is set at 2% but our team is always monitoring industry rates to make sure we are competitive,” said Cyngiser.
The future of NFTs
Digital art NFTs are only the first iteration of non-fungible tokens. Many creators are working on NFTs that are more dynamic than the digital art collections we see today.
“NFTs are moving away from being about digital collectibles and collecting, to focus on how they integrate and are compatible with the Metaverse and Web 3.0. NFTs will need to focus on utility; what you can do with them,” said Cyngiser
“NFTs will be another way for people to do business. If we think about NFTs as Securities, they provide the ability to create liquidity in non-traditional financial instruments. NFTs, give people more access to capital as they’re able to tokenize physical world assets and convert them into digital assets that they trade as security tokens on exchanges,” he added.
NFTs are going to evolve; NFT owners are getting tired of static images in their wallets that they can only look at and speculate on. This is why the next wave of NFTs is expected to have utility and give their owners the ability to use their NFTs in a variety of different settings such as play-to-earn games, metaverses, social clubs, and more.
“We’re currently working on increasing the types of file formats we can support. And we’ll be adding new functionality too, such as advanced search and filters and the ability for content creators to offer private viewings or listenings,” revealed Cyngiser.
“We are constantly working to improve the features on FabriikX,” he noted.
Watch: Fabriik presentation at CoinGeek New York, The Future of Digital Assets and a Tokenized World
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