The booming worldwide NFT business needs efficient decentralized marketplaces to thrive, feels PayBito Chief Raj Chowdhury.
PayBito chief and blockchain pioneer Raj Chowdhury made a statement highlighting the need for a decentralized marketplace for NFTs. Rising blockchain awareness, crypto adoption, the global NFT boom, and the upcoming metaverse entail a requirement of non-centralized architecture for open marketplaces.
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As the name suggests, NFT marketplaces are open virtual gateways where participants can trade in non-fungible tokens or NFTs. Enthusiasts acquire exclusive collectibles which may include anything from digital artworks and music to entire virtual landscapes. Growing NFT popularity translates to better opportunities for artists to grow as well as connect with their favorite fans.
The PayBito founder explained, “NFTs remain one of the most trending topics of conversation in the existing crypto sphere. It is crucial to ensure proper legitimate marketplaces that facilitate fair and open trade practices – a feature common across decentralized blockchain networks.”
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Participants looking forward to cash in of NFTs can check out decentralized marketplaces that utilize blockchain in a way similar to DAOs and metaverse. The lack of a centralized hierarchical authoritative figure facilitates better collaboration and transaction through smart contracts. Reports indicate the global NFT market cap has already surpassed USD 41 billion in 2021, driven significantly by virtual real estate transactions across the metaverse.
“The rapidly evolving metaverse built using decentralized blockchain technology will soon become the biggest hotspot for NFTs. Taking the rising global DAO adoption into account, decentralized NFT marketplaces will further boost NFT development utilizing the intrinsic characteristics of distributed ledger sharing,” emphasized Chowdhury, who had earlier spoken about the humanitarian DAO and NFT implementation.
Led by Chowdhury, the cryptocurrency exchange PayBito is quickly skipping past milestones set in its quest to become the top US crypto exchange. The company offers multiple crypto solutions including crypto-collateralized lending, white-label exchange architecture for crypto, real estate, and more. PayBito recently collaborated with a major US corporation, offering its technical expertise in constructing a gaming exchange venture.
A decentralized NFT marketplace provides great scope for collectors to make significant returns from their investments through whitelisting, flipping yield. Turning the virtual world into an income source motivate content creators and artists, along with developers working tirelessly towards building the metaverse.
Raj Chowdhury is the Managing Director of HashCash Consultants and a Blockchain pioneer. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to Economic Times, Business World, CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
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