Nonfungible token (NFT) sales topped $4.4 billion in January and have noticeably decreased in the following months. The May market crash accelerated the decline and caused sales to plunge to $1 billion by June – a 65% drop from January. Ostensibly, the revenue earned by NFT holders is at frustratingly low levels, which through restrictions, market manipulation, and flat-out security vulnerabilities of centralized platforms, can only go as far as exacerbate.
Despite all this, some key data indicate that it isn’t as apocalyptic as how others made it sound. Despite recent turbulences in the overall market environment, long term perspectives look promising: The global NFT market size is expected to reach $130 billion in 2030, registering a revenue CAGR of 10.7%, according to Emergen Research.
Boosting the NFT economy’s revenue
Aiming to make earning revenue more favorable for NFT holders Stars.Art NFT Marketplace has introduced a number of exciting features: One is by offering low to zero trading commissions. Sellers only pay a maximum commission of 0.75% per transaction, while buyers don’t pay fees at all. This starkly contrasts with the 2-3% per sale that are charged by leading NFT marketplaces. Aside from this, NFT creators can also customize royalties between 0% to 15%.
The other way is by letting users earn passive income through staking features that Stars.Art will soon introduce. NFT staking allows users to generate rewards, usually in the form of tokens, by locking up their NFT assets to either a platform or a liquidity pool. Users would then be able to earn income from their priced NFT possessions without actually selling them.
Vladimir Perov, Founder and CEO of Stars.Art, said “Our main goal is to remove some common barriers in the user journey and ensure the best conditions in the NFT market for the Stars.Art community. We aim to be the world’s number one platform, where the real power will be in the community´s hands, which is the principle of decentralization. The Journey of Stars.Art began in 2021, when the NFT and Crypto Market were booming. As a result, the world of blockchain technology is constantly evolving and we are adapting quickly to it by launching Start Art.”
Decentralization at its core
One of the main downsides of centralized platforms is that decision-making is vested only in the party controlling the scene, making crucial changes happen abruptly. There have been times when minting and the amount of NFTs that can be created has been limited and certain collections delisted. Worse, centralization has also led to instances of insider trading. All of this happened with the larger community staying uninformed.
Stars.Art is shaping up to be an outlier. The platform is DAO-based and community-centric. This means that users have a hand in the decision-making activities of the platform and grants them the power to vote on critical changes once its governance token, STAR, has been launched.
Stars.Art also started a free minting campaign wherein artists can mint Polygon (MATIC) NFT collections and start selling without having to pay the corresponding minting fee. The only cost to the user is the gas fee, which is only applied when an NFT is sold and is moved to the blockchain.
In order to reward the most talented artists, Stars.art will cover the cost of Polygon MATIC gas for those who have an account on the platform linked to their crypto wallet, and an NFT collection listed.