Sector: Art and culture
Aplicación: Tokenisation
Empresa: Blockchain Italia
Problem:
As the NFT market leaves behind exciting and unique headlines, creators must understand the critical success factors for a sustainable and lasting future.
- Predictable and reasonable cost drivers
- Large-scale price discovery and participation events to generate revenue
- Long-term confidence in the digital scarcity they have created
All of these success factors are strongly affected by the choice of the underlying blockchain technology and the surrounding ecosystem. Without high transaction throughput, immediate finality and no forking, the underlying blockchain will have a negative impact on the ability to create and sustain lasting NFT-based businesses.
Solution:
MUSA aims to be a leading NFT platform for artists and creators who want to express themselves through their digital art while exploring new sales channels. It is a multi-vendor marketplace suited to the needs of art, music and fashion creators, as well as fashion brands, thanks to its unique features.
The platform seeks to enable and facilitate the buying and selling of NFTs. It also aims to be inclusive of people who are not cryptocurrency experts, as prices can be expressed in fiat money and payments can be made in fiat or, when specified, in a cryptocurrency (Algo) for some products.
Features:
Artist view: Each artist will have access to relevant features, allowing them to manage their account, sales and orders (shop, view their sales history, upload media to be linked to the NFTs they can mint, etc.). Artists can create one or more NFTs and sell them in their personal shop or in the general shop.
Consumer view: Consumers can browse NFTs in the general shop or visit the shops of individual dealers. They can buy a piece directly or take part in euro or cryptocurrency auctions. Each consumer has access to relevant features, such as viewing their purchase history, transferring their purchase to their external wallet or importing their asset back to the platform from an external wallet.
Brand view: Each brand can set up a custom category within the platform and create and sell NFTs there. Users, in this case, will only have the ability to buy NFTs in the category and will not be able to generate them within the category.
Other features:
Social log-in: Users can log on to the platform through various services (e.g. Facebook, Twitter, LinkedIn, Google and Instagram).
Payment: users can either pay in fiat money or in cryptocurrencies.
Auction:
Auctions will be denominated in euros, and each seller can decide how long they will last (usually 24 hours). Users do not have to pay anything until the end of the auction and can pay if they have won. Users can bid in either a cryptocurrency or in fiat money. To place a cryptocurrency bid, users must connect their Algowallet to the platform. To make an offer in fiat money (euros), they must select their credit card.
Deployed on (T Network, B Network, other networks):
Algorand. Algorand’s NFTs are based on a reliable, secure and forkless blockchain that provides certainty about its future. Without it, NFTs run the risk of a blockchain not persisting over time, which can affect their overall value. All transactions in Algorand are final in a matter of seconds, eliminating any uncertainty in the NFT settlement process and enabling the throughput and scale necessary for successful minting.