Reported by SwanoDown
Innovation and evolution are almost inevitable at times. If you’re reading this, then I don’t have to give you any lists of examples to belabor the point. The very device you’re reading this article on didn’t seem possible to generations before you. Let’s dive into a more specific subject- money.
From bread, to gold, to paper tenure, we’ve always found ways to value and exchange our currencies. With an increased interest for the stock market lead by (in)famous wallstreetbets short squeezes, and cryptocurrencies like Bitcoin and Dogecoin stirring the world in a frenzy, you'd think there would be a while until our focused transitioned to something else. Well, let Foster marketplace enhance your experience with the NFT Market.
In the current landscape, NFTs are being leveraged like speculative assets; they are purchased with the hope that the value goes up and a profit can be made. As a result, NFT’s are being sold for thousands and sometimes millions of dollars. Herein exists the division between functional value and hedonic value. Foster Marketplace, an upcoming NFT marketplace being built on Solana, introduces a new use-case to the space - one that is gearing up to take NFTs to an unprecedented level of mainstream adoption.
Foster Marketplace constructs new opportunities for creators to showcase and monetize their NFTs by offering smart home integration through the mobile application. Subscribers are able to create curated playlists of their favorite art for a monthly subscription fee - offering a unique, yet familiar experience. Their mobile application is still in development; however, the business model and product functionality form a relationship to streaming digital art in the same manner Netflix does to streaming movies and television shows. Interestingly enough, the extreme popularity of streaming services, such as Netflix and Spotify, shows market opportunity and interest for a service that offers choice and flexibility over outright ownership. Foster Marketplace transforms television screens into boundless art galleries that offer flexibility for subscribers to discover a broad array of digital art, while simultaneously supporting a wider pool of artists.
Foster Marketplace creates a protocol where the shared success of the platform directly benefits the content creators and subscribers responsible for its success. Within this strategy, there is opportunity to create an Airbnb of sorts, where artists retain ownership of their work and generate passive income from their under-utilized digital assets. Foster Marketplace’s vision is to catalyze the next generation of art by embracing the power of a shared economy using blockchain. The team aims to integrate digital art into everyday life by becoming the essential platform that empowers utility-based NFT art.
Foster Marketplace utilizes its native cryptocurrency token $LIFT to align the interests of its ecosystem. LIFT tokens are purchased using the subscription revenue. When the tokens are purchased, they are stored in a secure wallet until the end of the month when they ultimately get distributed to artists. LIFT token creates an economic system that empowers artists to maintain ownership of their NFT, while they reap passive income from marketplace streams. The distribution rate is directly correlated to the artists’ monthly stream volume. By utilizing LIFT as the medium for payment to value added actors, Foster Marketplace is able to scale as a community streaming platform.
This blockchain startup will be conducting a presale for their utility token on March 1st, 2022.
If you would like to learn more about Foster Marketplace, you can visit their website at https://www.fostermarketplace.io
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