Published
1 year ago on
November 09, 2022
A couple of years ago NFTs were considered by many as a little more than a gimmick for hardcore crypto-heads. Today, Non Fungible Tokens have ballooned into an $11.3 billion market, thanks to the explosion of DeFiand a growing array of exciting new use cases.
NFT Market Breaks Free From OpenSea
Opensea is widely considered to be the biggest name in the NFT space, but last month saw a potential changing of the guard when nearly 3 million people bought a collectible avatar NFT on Reddit. The mainstream social media platform has been onboarding millions of new users recently, buoyed by its transition to Web3, and creating significant new buzz from its introduction of digital collectibles in the form of NFT avatars.
Since the launch of RedditFloor marketplace in July 2022, 3 million new wallets have been opened and more than 86,000 NFTs have been minted - Equating to a $122 million market cap, that suddenly rivals that of NFT stalwart Opensea. This sudden burst of interest in NFTs on such a widely used platform represents a seachangefor the NFT market and confirms that global interest in these assets is no longer confined to the people in the world of crypto.
XOXNO Targets Mainstream Audience
XOXNO is the biggest NFT Marketplace on the MultiversX (Previously Elrond) Network, and one of the names in the space that are transitioning to meet the needs of this new market audience. XOXNO is relatively new having only launched in early 2022 but is already conducting over $1 Million per month in trading volume.
The all-in-one NFT marketplace recently integrated fiat payments to meet this sudden increase in demand from mainstream users. XOXNO NFT buyers, sellers, and creators can now conduct their business in EUR and Romanian RON using any VISA or Mastercard.
The addition of fiat payment support was targeted to make NFTs far more accessible to the average person, and specifically the European audience. The integration was made possible through the company's partnership with fully licensed Romanian online payment solution Twispay.
