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What is an NFT?

Nonfungible token (NFT) is a unique type of token asset that can not be split, unlike its fungible counterpart. The asset class is created unique, immutable, unsplittable, and must be spent whole. There are no two types of NFTs of the same attribute. Its uniqueness is in its rarity.

Although the idea, sales, and purchase could be for artistry, gaming, artifacts, or a piece of history like the sales of the first tweet of Twitter CEO Jack Dorsey, it may even be for clout. The idea behind the sales is not for the pictures themselves but for the “property rights of the picture” as stated by Jake Brukhman, founder of cryptocurrency investment company CoinFund.

So far, the marketplace for NFTs is largely unregulated, disorganized, and still presents some level of challenges to enthusiasts who are looking forward to taking part in the sector. NFT Alley aims to be one of the first to bring in some organization in the sales, purchase, minting, distribution, and use of NFTs on the BSC.

About NFT Alley?

NFT Alley is a decentralized one-stop-shop for minting, purchasing, and seamless sales of digital collectibles.  It is an early-stage avant-garde multi-chain NFT marketplace that pushes the bounds of open finance. The project aims to regularize the NFT marketplace to encourage new entrants to drive adoption.

NFT Alley will fill the vacuum between creators and collectors by ensuring multichain trades, information asymmetry, and hefty rewards for investments. The platform will help to solve the current issues around scalability and interoperability of NFT across chains. Its key features will help drive more adoption into the ecosystem.

Key Features

• Multi-chain interoperability
• Decentralized NFT marketplace
• Reward system
• Realistic price discovery system

Project’s Components

Realistic Price Discovery System: If you think the current prizes of NFTs sold recently are pretty outrageous, then you are not alone. You join several others who believe that the price is not what they seem or are simply blown out of proportion due to hype. NFT Alley employs an innovative price discovery model that eases determining the realistic value of available NFTs, increasing value for investors on several fronts.

Decentralized NFT Marketplace: NFT Alley will bring about diverse opportunities for NFTs sales, purchase, lend and leverage across platforms currently not in existence. The marketplace for collectibles is limited, and the other types are often restricted. NFT Alley will propel adoption by making a range of market privileges making it hard to trick.

Multi-chain interoperability: Currently, NFTs built on a specific blockchain can only work in that network, making it incredibly hard or impossible for NFTs of a different chain to communicate. NFT Alley will allow for multichain NFT trades with low transaction costs, fueling adoption by encouraging new entrants.

Scalability: Execute NFTs trades smoothly through Binance Smart Chain’s scalable attributes (BSC) on NFT Alley.

Alley Rewards: Like all trades available in the financial sector, NFTs trades are not excluded from the volatility that occurs with trades. The volatility could be incredibly high owing to the high volatile industry it belongs to. The NFT Alley reward program is designed to alleviate these sore issues and restore investors’ confidence in NFT-related products. Investors will have the opportunity of gaining passive income with a wide range of reward programs.

The project has reported a couple of development updates in line with their upcoming IDO scheduled for the 4th week of March. The updates will come in the form of a weekly roundup on their medium handle.

Last development updates:

1. Integrated Support for Gifs and Videos in UI
2. UI Integration for Buying/Selling an NFT is complete
3. Designed layout for the user profile page
4. Started volume testing of the platform
5. Successfully minted our first NFT on Testnet.
6. Added Support for Gifs and Videos.
7. UI Integration for Minting an NFT is complete.
8. V1 contracts for settlement of NFTs is complete (i.e., Buying/Selling of NFTs)

Tokenomics

“Tokenomics is finalized and waiting for the right moment,” according to Admin on the Telegram group.

Roadmap

• Public Sale (underway for 4th week of March)
• NFT Marketplace on BSC (V1)
• Staking Program
• Effectively employing NFT price discovery models
• NFT Loans (V1)
• NFT Marketplace on other chains (V2)
• NFT Governance
  

NFT Loans and Governance will be completely revolutionary. No project currently in the NFT sector runs this model. The staking reward program will be greatly sought after; anyone into staking will cherish the idea of earning more NFTs in addition to their stack.

In Conclusion

With an exclusive focus on the NFT marketplace and activities, the team aims to build one of the most efficient protocols, as seen on their weekly reports. The introduction of the Loan protocol and Governance in the future will make the project a community-driven one as significant decisions are made by holders and stakers. All activities by users within the platform will result in profit earning.

As the NFT sector grows, it’s time that more attention is given to the marketplace and, indeed, the whole of NFT activities. NFT Alley aims to be the first to bring in that much-needed innovation at this time.

For those who wish to learn more about NFT Alley, check out the following resources and media pages:

Website

Twitter

Telegram‍