NFTify is delighted to welcome Morningstar Ventures to our investment spotlight, an investor in early-stage companies including blockchain startups in the NFT, Defi, art, and gaming spaces.
Below, Danilo Carlucci, CIO of Morningstar Ventures shares his views on the future of NFTs and eCommerce on the blockchain.
1. Why did you invest in NFTify?
Non-fungible tokens (NFTs) reinforce a well-known principle of free-market economies — when people can protect their property rights, they produce and invest more, stimulating economic growth.
Each NFT registers data on a unique asset on the transparent and traceable digital ledger to create proof of ownership rights, uniqueness, rarity, and other properties. Backed by this irrefutable proof of authenticity and ownership, the value of tokenized assets is rising in the artwork, sports collectibles, gaming, and other markets.
Consequently, we are seeing an explosion in NFT issuance and new use cases across all industries. Yet marketers lack a centralized place to build NFT brand identities and buy and sell NFTs. eBay and Amazon revolutionized digital commerce by enabling entrepreneurs and enterprises to set up their own online storefronts and sell peer-to-peer.
NFTify is doing the same for the NFT market by building a Shopify of NFTs, but with an important difference: NFT e-commerce is backed by the transparency, security, and property protection rights of blockchain technology, from product searches and payment processing to delivery.
2. What will drive product differentiation in NFT marketplaces?
The nextgen e-commerce platform will be powered by the convergence of the blockchain and Web 3 and bring innovative new features to e-commerce. To name one, through NFTify AI Services, NFT sellers and buyers can search the copyright of NFTs for duplicates and similarities, as well as inappropriate content (of a sexual or obscene nature, for example).
This is an impressive demonstration of how Web 3 will leverage artificial intelligence and machine learning to make formerly dumb data very smart, useful, and actionable.
3. What is the main signal of product-market fit in the NFT space in your opinion?
We are focused on investing in interoperable and scalable blockchain businesses. Many industries from Defi to gaming are already deploying cross-chain functionality, allowing their users to create more value from their products and services.
Going forward, it’s not enough to build on an open-source platform if that platform does not support interoperability.
If your NFT-backed art or gaming assets are stuck on a closed platform, you will not be able to fully participate in this fast-growing global e-commerce market where your digital asset originality is protected by the ERC-1155 standard.
4. In your view, what is the future of e-commerce on the blockchain?
The future of e-commerce has arrived on the new Layer 1 and 2 solutions solving technical and operational issues. Current NFT platforms are plagued with the same challenges as other business use cases on the blockchain.
They include slow transaction speed, high gas fees, and complex onboarding and identity management processes. We are focused on ecosystems like the Polkadot multi-chain that can support scalable cross-chain features like decentralized data oracles, product and IP searches, and payment processing through user-friendly, frictionless, and open e-commerce gateways.
Go ahead & open your NFT stores via: https://nftify.network/