Dept launches first-ever open source platform for creating an NFT marketplace
With NFT sales soaring 20-fold within a year, from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021, it’s impossible for brands to ignore. The new marketplace, called AlgoMart, will make it easy for brands to build and launch their own NFTs in a matter of days thanks to open source, modular tools, simplified interactions with the blockchain and integrated payments through Circle.
“NFTs exploded this year as many of the world’s top brands realized the role the digital assets can play in a diverse set of applications. A missing component, however, has been a straightforward way to launch a marketplace to leverage the benefits of these unique digital assets,” said David Markley, director of business solutions at Algorand. “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.”
Leveraging new technologies like blockchain-based NFTs gives brands the ability to build more intimate and evolving relationships with their customers, but the options available for taking advantage of these technologies often require a fixed user experience that brands do not control. Dept recognised a need to lower the barrier to entry to allow brands to take charge of their digital assets and how their users engage with them. The open source project provides core modules that can be used out of the box and enable brands to easily create new models and experiences, whether it’s engaging with customers through auctions for digital collectibles, creating NFTs to engage with gamers in the metaverse, offering something redeemable in the real-world or blending physical and digital experiences.
“NFTs open up avenues for all consumer brands to do innovative things,” 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.”
Brands can get started easily, as the development and deployment experiences use cutting-edge infrastructure like Terraform and Docker. Additionally, Circle allows brands to remove the complexities of creating and managing wallets, so users can use a credit card like any other eCommerce transaction.
To learn more about AlgoMart and launch your own NFT marketplace, visit here.