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According to reports, the online marketplace would make it easier for artists to launch digital artwork and other exclusive collectibles. It also allows them to donate a part of their profits to charitable organisations.
NFTb, a nonfungible token platform built on the Binance Smart Chain, is launching a new version of its marketplace focused on supporting social causes and providing artists with more affordable listing options.
The new marketplace brings together artists and leading nonprofits, encouraging everyone to sell off their artwork at a reduced cost and donate a percentage of the proceeds to a charity of their choice. According to NFTb, over 120 musicians have already signed up for the waitlist.
According to Sia Mohajer, an executive with NFTb, many artists are worried about the environmental effects of their production, and existing marketplaces provide little redress for minimising such risks. She elaborated:
“We have found that many artists who are not familiar with NFTs are extremely concerned about the environmental impacts of their activities. We’ve built a platform to help artists ensure that the production of their work is environmentally sustainable, and can support the social causes that matter to them.”
NFTb successfully completed a $200,000 seed funding round in support of its marketplace. Spark Digital Capital, Next Ventures, Metaconstant Ventures, and Rarestone Capital are among its supporters.
Charles Read, the founder of Rarestone Capital, said NFTb aligns with his company’s vision of investing in “socially-conscious products that accelerate the adoption of blockchain technology while creating positive societal impact.”
NFTb claims to be the first NFT network to have a functional product on Binance Smart Chain.
The NFT market is exploding at the start of 2021, with many traditional companies embracing the digital transition. According to Cointelegraph Consulting, NFT marketplace OpenSea alone has produced over $153 million in NFT transactions this year through 97,072 transfers.