Decentralization in marketplaces crucial for NFTs: Raj Chowdhury

The global NFT boom needs certain measures for long-term sustenance. PayBitoPro CEO and blockchain pioneer Raj Chowdhury stresses the same, highlighting the need for a decentralized NFT marketplace. Increasing adoption of blockchain and crypto assets combined with upcoming metaverse technology warrants decentralization.

What are NFT Marketplaces?

NFT marketplaces refer to open online gateways for NFT trading. Crypto aficionados gather their favorite collectibles of digitized artwork, music, and even metaverse real estate. The rising NFT trends open a better income opportunity for artists and creators to connect with their patrons.

Also Read: Professional Networking on Blockchain, NFTs of Posts 

CEO Speak

Chowdhury stated. “NFTs remain one of the most trending topics of conversation in the existing crypto sphere. It is crucial to ensure proper legitimate marketplaces that facilitate fair and open trade practices- a feature common across decentralized blockchain networks.”

How does Decentralization work in the NFT marketplace?

Traders looking forward to transacting their NFTs can opt for decentralized marketplaces powered by blockchain, similar to DAOs(Decentralized Asset Organizations) and the Metaverse. Therefore, the absence of a centralized head figure boosts collaboration and smart contract transactions. The total worldwide NFT market capitalization surpassed $41 billion by 2021 end, largely driven by the metaverse virtual estate business. 

Also Read: NFT Meets DeFi To Engender New Age of Finance 

DAOs and NFT Development 

“The rapidly evolving metaverse built using decentralized blockchain technology will soon become the biggest hotspot for NFTs. Moreover, taking the rising global DAO adoption into account, decentralized NFT marketplaces will further boost NFT development utilizing the intrinsic characteristics of distributed ledger sharing,” mentioned Chowdhury. Chowdhury has previously voiced his opinion on the humanitarian implementation of DAOs and NFTs.

Final Words

Decentralization within the NFT marketplace creates an opportunity for crypto traders to generate high returns by whitelisting and flipping yield. Therefore, the virtual landscape will be transformed into an income channel in the near future. Thereafter, attracting content makers as well as developers working towards the creation of a decentralized metaverse.

Source: https://finance.yahoo.com/news/theres-dire-decentralized-nft-marketplace-080000980.html