NFTs

Kollektor.io launches social media NFT tools on Algorand

Kollektor.io – an NFT creator powerhouse – has begun releasing a toolbox of Algorand based NFT minting and transaction tools seeking to empower artists to leverage and monetise their social media audiences.

In essence, the platform enables creators to sell NFTs from their social media channels – with Kollektor.io facilitating 1-click NFT purchases that include a direct fiat payment option.

The fiat option represents a marked leap in the space bridging the gap with conservative TradFi markets, boasting functionality for both debit and credit payments – Kollektor also offers creators the opportunity to receive payments directly to their bank accounts.

The Kollektor platform is now onboarding beta users.

Is there an appetite for more NFT platforms?

Last year saw huge growth in NFT markets – with surging interest driving market capitalisation to a whopping $41bn by the end of 2021.

However, NFTs have also emerged as the Marmite of digital assets – you either love them or hate them – and many have been left wondering whether there is still an appetite for more NFT products and platforms.

However, in the past few weeks alone, the first collection of NFTs went on display at the United Nations, the 2022 Winter Olympics launched NFTs in collaboration with Alibaba, and YouTube revealed it was looking to incorporate NFTs for content creators.

Kollektor.io positions itself to take advantage of these opportunities by targeting the lucrative niche of social media monetisation in light of the reported 50 million social media users worldwide that consider themselves ‘creators’.

Furthermore, the choice to build on Algorand (ALGO) represents strong consideration of the issues surrounding Ethereum-based NFTs.

Algorand offer low cost gas fees (transaction fees) at just fractions of a cent, and boasts serious environmental credentials as a completely carbon-negative blockchain network.