- ConsenSys is building a white-label NFT platform and is in talks with luxury and sports brands.
- Executive Director of Strategic Initiative Company details the potential future of “everything irreplaceable”
ConsenSys expects the segment to grow significantly over time, so it’s trying to use NFTs as a way to incorporate its next wave of users into its flagship product, Metamask.
Johnna Powell, Executive Director of the Strategic Initiative at ConsenSys, told Blockworks:
Developed by ConsenSys, MetaMask is a mobile app and browser extension that acts as a cryptocurrency wallet for interacting with the Ethereum blockchain. The offering reported about 21 million monthly active users in November.
According to Tyler Mulvihill, co-head of the global NFT at ConsenSys, the NFT quickly reduced its focus on former DeFi. According to Cryptoslam, NFT sales reached nearly $ 20 billion in 2021, but were less than $ 100 million the previous year.
“They are fun, culturally relevant, and a great playground to educate people about Web3 promises,” Mulvihill said in an email.
“We plan to use NFTs to accelerate this journey as a way to get people to Web3 through purchases and storage at MetaMask.”
In addition to considering adding MetaMask users through NFT, Powell noted that the company is focusing on the white-label NFT platform.
ConsenSys acquired blockchain company Treum and its NFT platform in October to promote the delivery of NFT technology to creators, brands, rights owners, game publishers, sports teams and leagues.
Powell explained that the company is currently in talks with one major brand owner in the luxury market and several in the sports arena.
“People have finally realized that there is a way to own something digitally. It’s provable, genuine, and immutable. It never existed before,” Powell explains. ..
The future of NFT
Powell emphasized NFT opportunities beyond collectibles and pointed out that personal resumes, medical records, or driver’s licenses could be NFTs.
“We are looking at this very narrow niche area, but we are seeing a wide world open that can be essentially everything that is irreplaceable,” she says. I did.
“This is a much more efficient way to track what you need to track your records and your provenance.”
ConsenSys is also particularly interested in NFT monetization and is considering collateralization, fragmentation, swapping, borrowing and lending in this segment.
“In the past, it was difficult to price assets that were illiquid and infrequently traded, such as NFTs,” said Mulvihill. “By solving this problem, people can borrow from NFTs by collateralizing them.”
The NFT platform Arcade matches blockchain art owners with future lenders and accepts collateral ranging from virtual land plots to prestigious collections such as Bored Ape Yacht Club and Crypto Punks.
Mulvihill added that these pricing modifications will make it easier for people to replace NFTs.
Some investors who want access to popular NFT collections such as Bored Ape Yacht Club, CryptoPunks and World of Women cannot afford the price mandated by such non-fungible tokens.
According to Larva Labs, CryptoPunk # 5822 sold for about 8,000 ETH and about $ 23.7 million on February 12.
As the mainstream becomes priced from the popular NFT collection, subdividing NFTs and owning one will increase the demand for upside participation.
“We think all of that is imminent,” Powell said. “Nothing really is here yet, but we expect it to appear in the next year or two.”
Deliver the day’s top crypto news and insights to your inbox every night. Subscribe to Blockworks’ free newsletter now.