US' Novation acquires NFT creation platform & marketplace CraftClouds

The CraftClouds Decentralized Application (DAPP) is feature rich and includes benefits like on-chain royalty, rather than an off-chain (database-controlled royalty system). This type of innovation allows for broader usage and monetisation of these new forms of digital assets, the two companies said in a joint media statement.

According to blockchain analytics company, DappRadar and their recently published 2021 Dapp Industry Report, the NFT market generated over $23 billion in trading volume in 2021, an astronomical increase from the less than $100 million recorded in 2020. DappRadar further estimates that the number of unique active wallets engaging with NFTs on a daily basis went up from 5,000 in the beginning of 2021 to around 140,000 at year's end.

As for what is in store for 2022, global investment banking giant Jefferies Group, LLC recently raised its 2022 NFT market-cap forecast to more than $35 billion and to over $80 billion for 2025.

Michael Gelmon, president and CEO of Novation Holdings, Inc stated "Based on the astounding statistics and recent activity within the NFT marketplace, there is no doubt that NFT's are not only here to stay but are only going to increase in popularity and in overall transactional volume. With this increase in demand, the market is ripe for a marketplace such as CraftClouds in which artists can create, mint, market and sell their NFT's to captivated audiences."

With OpenSea recently being valued at $13.3 billion, the company believes CraftClouds has amazing potential to gain market share with its unique service offerings that make its platform easier to use, provides more flexible payment options, and provides artists with additional ways to earn residual royalties.

"Our goal is to add true value to our creators and users where it matters, whether it is operating a successful digital retail store, tokenising a traditional asset or creating new and useful properties for use in the metaverse," said Alejandro Perez, founder and CEO of CraftClouds.

Fibre2Fashion News Desk (KD)