True to our original vision of creating a decentralized marketplace for tokenized assets, SMART VALOR is launching a new product vertical for tokenized real and intangible assets. Our first step beyond cryptocurrency began with the great launch of the first physical asset on the SMART VALOR platform this year. That was tokenized physical gold, which was issued as a fungible token on the Ethereum network. The wrapping of further physical and intangible assets in non-fungible tokens (NFTs) opens a whole new area of digital assets and derivatives, which justifies the establishment of a separate market. SMART VALOR will therefore be launching an NFT marketplace for real and intangible assets under the label VALOR Prime. The launch is scheduled toward the end of the year.
Often referred to as nifties, an NFT is a blockchain-based token that represents an asset or commodity which is not interchangeable. Unlike digital assets like ether or bitcoin, NFTs are designed to be special or unique. First appearing on the market back in 2012, the most popular use case emerged five years later with the launch of CryptoKitties, a blockchain-based game on the Ethereum network which allows players to buy, collect, breed and sell virtual cats.
Since then, the number of use cases for NFTs has been rising steadily. However, mid-2020 witnessed a real break-through and now more and more new application are emerging every day. These include crypto collectibles, digital artwork, tickets to events, in-game items, items in virtual worlds, and real-world assets, just to name a few.
With the industry market cap rising from just under US$31 million back in 2017 to a predicted US$316 million by the end of 2020, the time to act is now.
VALOR Prime will initially be hosted within the SMART VALOR Group. The design of the marketplace will carry the features of both a decentralized and a centralized exchange. As a such the assets launched on SMART VALOR can travel to any other DEX, marketplace or wallet which can handle the specific token standards.
The advantage of having an NFT marketplace running on top of a regulated exchange, with fiat access and trusted legal entities, is clear. One of the leading US crypto exchange, Gemini, has proven the point with the acquisition of an NFT marketplace called Nifty Gateways last year.
The launch date and further details on the assets which will be feature on the VALOR Prime will be published soon.