DREP: Solidifying NFT Marketplace Amidst the Cryptocurrency Revolution
So far this year, NFT market has seen incredible expansion at an unprecedented rate, unleashing their potential in such fields as metaverse, game, arts, sports and so forth. With more and more individuals and platforms coming to this fascinating terrain, a NFT revolution is clearly underway, shaping what the future of our digital world looks like. As NFT use cases explode, adoption rises and capital pours into the sector, the demand for technological advancement has increased as well. Moving forward, DREP team has been solidifying NFT marketplace amidst the cryptocurrency revolution, fostering an improved environment for decentralized applications and immersive user experience.
NFT Market Expands in Digital Economy
With eye-popping surge in the digital economy and sweeping influence over the mainstream media, NFTs transform the way we look at the blockchain industry and become one of the world’s leading trends. 2021 is doubtlessly the year of NFTs.
In addition to the metaverse and games in the early stages of development and the art and collectibles that emerged in 2021, the NFT ecosystem is gradually being improved and the product architecture will enable a more multi-dimensional and personalized user experience, with the end-to-end experience designed to link identity and NFTs to more levels of personal relationships and strengthen the attributes of users within the platform. This will in turn drive DREP itself to create more opportunities for NFT trading.
At this stage, NFT industry are built around the following four main directions:
Community expansion
The sale of high priced items in art and collectibles in 2021 has extended NFT market awareness and had a significant spillover effect, while the development of application scenarios such as gaming, music, sports and ticketing continues to bring NFT into real life. From simple and straightforward NFT sales to interactive NFT DApps, these close-to-life applications have increased the retention rate of NFT, gradually digitizing life and introducing physical industry communities such as the gaming community, music fans and popular fashion into the crypto world, further opening the door between the crypto community and the real world.
Fractionalization and derivatives
The emergence of NFT futures is one of the byproducts of this year’s NFT explosion. Fractional ownership of NFT is also rapidly changing the way investors buy and sell these new instruments. The audience can customize or hold an NFT asset and fuse it several times with another NFT to create a new NFT asset that can be redeemed in kind using the corresponding supply chain or sold in the open market.
Digital identity
Compared to the simple model of buying and trading NFT assets, more platforms will create a new type of digital identity based on the NFT assets purchased and held by the user, which can be used by the user to access and interact across platforms and transfer NFT assets in the resulting usage scenarios. Personal information, habits and preferences of users will be stored on the chain as data and become part of the assets held, and the boundaries of the platform, users and assets will be integrated.
Asset types and liquidity creation
NFT technology can be used to digitize assets. In addition to non-standard assets such as art and collectibles, real estate assets are also being digitized with NFT technology to alleviate illiquidity problems. NFT technology can largely solve the problem of proving ownership of most tangible assets, including real estate, and when digitized, it can be easily split to lower the investment threshold for assets. In fact, the scope of NFT goes far beyond digital art, collectibles and games, as it is a digital technology that can be used for tokenization and can be exchanged for any item with unique properties.
Upgrade of DREP’s DeFi+NFT Toolkits
We’re going to see more futuristic concepts come to life and better decentralized applications rolling out in the future, and DREP has been paving the way towards the metaverse.
DREP Crossing
DREP has built a Defi+NFT service network. We launched DREP Crossing, an ultimate solution to NFT cross-chain swap & multi assets circulation, and introduced DREP Credit application into many aspects of our product lines. Designed to tap into more value and facilitate the ecological exchange of NFT between chains, DREP’s Crossing is applicable for both ERC-1155 and ERC-721 NFT types. Token mapping is the optimal solution to enhance interoperability of NFTs. By mapping a new token as the alternative for the NFT asset through DREP Crossing, users will be able to flexibly swap and transfer their NFT upon approval.
DREP DID
DREP has built a cross-chain Credit DID data system, where interactive authentication can be achieved through asymmetric-key encryption between different nodes. With the support of DREP Credit DID, the credit accumulated by DeFi users through historical transaction data, asset management, preference settings, and even Internet social behaviors will be quantified and capitalized, which will highly boost the accuracy and efficiency of the DeFi protocol, and users will be able to manage and use their credit assets more intelligently.
Although challenges may lie ahead, DREP will continue to unleash the full potential of NFTs, solidify NFT marketplace amidst the rapidly-changing cryptocurrency revolution, paving the way towards the new-generation metaverse that could bring more benefits and potential to the entire industry.
For more information,
join our Telegram group: https://t.me/drep_foundation
DREP Twitter: https://twitter.com/DrepOfficial
DREP Official Website: https://www.drep.org/
DREP Crossing: https://www.crossing.network
