{"id":4252219,"date":"2022-02-24T09:15:12","date_gmt":"2022-02-24T07:15:12","guid":{"rendered":"https:\/\/www.deptagency.com\/case\/the-worlds-first-nft-portal-for-brands\/"},"modified":"2022-02-24T09:39:22","modified_gmt":"2022-02-24T09:39:22","slug":"the-worlds-first-nft-portal-for-brands","status":"publish","type":"case","link":"https:\/\/www.deptagency.com\/en-nl\/case\/the-worlds-first-nft-portal-for-brands\/","title":{"rendered":"The world\u2019s first NFT portal for brands"},"content":{"rendered":"
\n\t\n\t<\/svg>\n\t\n<\/button>\n\t\tAlgorand\t<\/h2>\n\t\tThe world\u2019s first NFT portal for brands\t<\/h1><\/div>\n\n
\n\t\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div><\/div>\n\n
\n\t\n\t\tNon-fungible token (NFT) sales soared 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. By the end of 2021, the marketplace for NFTs reached a $41 billion value. To help brands make the most of the opportunity, DEPT\u00ae created the first-ever open source, white-label solution for launching an NFT marketplace, built on top of the Algorand blockchain.\t<\/p><\/div>\n\n
\n\t\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/picture>\n\t\n\t<\/div><\/div>\n\n
\n\t
\n\t\t\n\t\tTaking advantage of a massive opportunity\t<\/h2>\n\t\t\t\t\t
\n\t\t\t\t\n
\n\t\tNFTs open up avenues for consumer brands to innovate and let consumers engage with digital ownership and digital collectibles. But, brands have been missing a straightforward way to launch an NFT marketplace to leverage the benefits of unique digital assets. To address this, DEPT\u00ae created the first-ever open source, white-label solution for launching an NFT marketplace, built on top of the Algorand blockchain.

NFTs allow brand loyalists, collectors and investors to own and engage with a piece of virtual brand property. The market for these virtual goods is expanding exponentially. For brands, digital assets are a game-changer in terms of engaging, connecting and creating value with their audiences. Why? Because collecting is something that humans have done throughout history. But now, the ability to digitise and certify memorabilia gives brands new ways to provide authentic experiences to consumers. This is especially valuable as brands compete for customers on a fully digital playing field.\u00a0

NFTs also represent better monetisation for creators, a more intimate connection with consumers, and a much better fraud prevention mechanism, all while providing total ownership and control to the owners. At the end of the day, it\u2019s a fundamentally better distribution method that brands can leverage to generate new and increased value.\u00a0

Unfortunately, these blockchain technologies are still very new, and the complexities and required expertise make starting from scratch with NFTs extremely difficult and costly. Brands need an out-of-the-box solution that makes it easier for them to enter the market, have the control to make a bespoke offering, and a tech stack that can scale and grow in this new space. Together with our long-term client, Algorand, we recognised the need to lower the barrier to entry to allow brands to take charge of their digital assets and how their users engage with them.\t<\/p><\/div><\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\n\t