An NFT, a ‘non-fungible token’, is a digital certificate of authenticity for digital objects. The non-exchangeable code is secured by blockchain technology. NFTs have been on the rise since early 2021. Millions have already been paid for NFTs of digital artwork.
Since last year, international platforms for selling NFTs have grown rapidly, including OpenSea, Nifty, and SuperRare. There are also all sorts of lucrative NFT collections, including those from CryptoPunks and the Bored Ape Yacht Club. Buyers of these images also often post them as profile pictures, as a kind of online status symbol.
Jordi van den Bussche, known on the internet as Kwebbelkop and with 15 million subscribers one of the biggest Dutch youtubers, is one of the founders of the new platform LaunchMyNFT, whose objective is to facilitate the generation of NFTs. Several major crypto firms, including Binance Labs and eToro, have invested nearly $2 million in the platform, the startup announced today.
Easier to create
Creating NFTs, also called ‘mints’, is still too complex for many artists and other creatives, says Van den Bussche. “When I got into NFT last year, I found out that it takes quite a bit of technical knowledge to do it. And that it takes a lot of time and money if you want to build large collections of NFTs. I wanted to create a website that would make it more accessible. So no more upload files one by one”.
For example, LaunchMyNFT allows you to “mint” ten thousand NFTs at a time. NFTs can also be sold in other markets. For example, users can take a photo of a doll and then drag different hats or shirts into the browser, after which the service generates all the combinations of the virtual objects.
The service has been in testing since the end of November and since then 1 million NFTs have been created by more than 220,000 users, says the famous YouTuber. The startup’s goal is to have 1 million users by the end of this year. The service charges a 2.5 percent commission on the sale of NFTs. “But you can also offer them for free if you want,” says Van den Bussche.
The NFT market as a bubble?
In online auctions, NFTs sometimes generate millions of dollars. For example, the first message on Twitter was auctioned off by founder Jack Dorsey for $2.9 million, even though the message is easy to copy or retweet. The NFT market last year was worth €36 billion, according to Chainalysis, approaching the size of the market for physical art or antiques.
Because of the huge amounts paid for images and other files that can be endlessly copied, some critics call NFTs a bubble. Kwebbelkop disagrees: “That’s what people said years ago about bitcoin and cryptocurrencies. Last year I fell in love with NFT technology and what it can do. It can help creative people get noticed, build a community and you can even create new jobs. You can also use NFTs as a user more than just using them as a status symbol. For example, it can be cool to use a digital item you bought in different games.”
Several well-known Dutch artists are already active on LaunchMyNFT, including Tim de Vries, Lino and Fez. In addition to the platform, LaunchMyNFT has also launched its own cryptocurrency, $MYNFT, which offers buyers all sorts of extra goodies and features. Several well-known YouTubers, including Hanwe Chang, Royalistiq, and Victor Mids, have also invested money into the platform through those tokens, according to Kwebbelkop.
Tech giants to support NFT
Major tech companies also appear to be adopting NFTs in the near future. For example, the cryptocurrency exchange Coinbase is developing its own NFT marketplace together with Mastercard, and Samsung introduced the first TV that can display NFT.
Additionally, Instagram, Facebook, and Twitter are working on new ways to support NFT for their users.