NFT marketplace maker AlgoMart deploys on Algorand

AlgoMart – a new platform aiming to ease the creation of NFT marketplaces for artists, developers, and marketing agencies alike – has successfully launched on Algorand.

By offering a range of modular, open-source tools such as simplified blockchain programming in conjunction with Circle’s integrated pay solution, it is hoped the platform will secure a spot as the premier white-label marketplace creator.

Open source modules include auctions for digital collectibles, a mechanism for creating NFTs that can be engaged with through the metaverse, and features that enable NFTs to be linked with tangible items.

Dept explain new Algorand (ALGO) NFT marketplace creator

With NFT sales soaring 2,000% within a year, from $13.7 million in the first half of 2020 to $2.5  billion in the first half of 2021, the digital collectibles have become impossible business for big brands to ignore.

And as NFTs now permeate many major events and launches – including combat sports, boxing, F1, and football – Jesse Streb, Dept’s Senior Vice President explained that Dept recognised a need to lower the barrier to entry to facilitate the brand’s creation of digital assets and change how their users engage with them.

“NFTs open up avenues for all consumer brands to innovate in new and meaningful ways,” said Jesse Streb, Global SVP for Technology and Engineering at Dept.

“People want to engage with digital ownership and digital collectibles. NFTs represent better monetisation for creators and a more intimate connection with consumers, all while providing more financial utility to the owners.

“At the end of the day, it’s a fundamentally better distribution method that brands can leverage to generate new and increased value. Our NFT marketplace provides a more flexible, energy-efficient and usable infrastructure for brands to be able to take advantage of the massive opportunities that exist within NFTs.”

And David Markley – Algorand’s very own Director of Business Solutions – explained what AlgoMart would contribute to the ALGO ecosystem.

“NFTs exploded this year as many of the world’s top brands realised the role the digital assets can play in a diverse set of applications,” commented the Algorand Director.

“A missing component, however, has been a straightforward way to launch a marketplace to leverage the benefits of these unique digital assets.

“Algorand is an attractive infrastructure on which to launch these marketplaces as it is eco-friendly, scalable, and offers inexpensive transaction fees.  I am excited to see Dept recognise the opportunity and launch its state-of-the-art platform that removes complexity for brands to more fully incorporate NFTs into their businesses.”

Read more: How Algorand is tackling Italy’s Agri-Mafia.