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NFT Market bursts in Europe
Nft market bursts in europe

In 2022, a turnover linked to NFTs of 13.35 billion dollars was achieved (671 million for Italy, which represents about 5% of the total) and the trend for the next few years foresees the achievement of about 69 billion in 2028. To buy, sell and trade NFTs, you need to use a marketplace.

First thing first. What is what?

NFT is the acronym of Non-Fungible Token, which in Italian means \”non-copyable token\”, i.e. something unique that cannot be replaced by anything else. NFTs are bought and sold online, often using cryptocurrencies, and are generally encoded using the same underlying software as many cryptocurrencies. Furthermore, NFTs are usually one-of-a-kind, or at least very limited, and have unique identification numbers. Although they have been around since 2014, NFTs are at the peak of their popularity right now as they are increasingly being used to buy and sell digital artwork.

The NFT marketplace is a marketplace that functions as a public blockchain platform. It is a platform that simplifies the storage and sale of NFTs. These tokens are generally available for purchase or auction at a predetermined price. To use an NFT marketplace, one must have a wallet to store and trade NFTs. Users have to create an account, upload their NFT (fine art, music, collections, etc. – the nature of NFTs is vast) and sell their work on the marketplace.

A simple system, which winks at the procedures in place in the traditional art world, but approaches new technologies linked to the use of the Blockchain and increases the chances of artists from all over the world and all social strata to emerge.

According to ResearchAndMarkets.com\’s report \”Europe NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022\” the NFT market in Europe grew by 46.8% year-on-year to $13.35 billion in 2022 with further growth forecasts (+33.4%) in the NFT sector for the period 2022-2028. The value of NFT spending in the European Union will thus increase from USD 13.35 billion in 2022 to USD 68.55 billion by 2028. 

The success of NFT in the Old Continent brings as a corollary the fact that European NFT start-ups continue to innovate and develop increasingly differentiated products, raising funds to accelerate their growth. The European market sees in NFTs not only an innovation that, for the first time, aims to protect property rights within the digital sector, but also the possibility of use in various sectors with different types of use, from sports and the arts to real estate and entertainment, and many others.

Within the context of the global NFT marketplace offer is Linework\’s NFT Marketplace, which allows anyone to create, buy and sell NFT. The application can be seen as a digital gallery offering the opportunity to create, buy and sell, with the possibility of bidding, transacting and exchanging works of art of various kinds, including: fine art, music, photography, collectables, virtual worlds, etc.

In addition, the application has a system that allows visibility within other marketplaces, such as OpenSea, thus exponentially increasing the visibility of artists, who take advantage of the unique opportunity offered by Linework by giving global recognition to their NFTs. 

As in the traditional art market, each NFT can be sold directly or by auction. The auction is set to increasing bids, on the model of the English auction, undoubtedly the best known auction traditionally used for the auctioning of art objects.

Through the Linework APP artists, companies and anyone who wants to be part of this new world can easily create and mint their own NFTs using ERC-20 technology with just a few clicks. Creating, distributing and exchanging NFTs is easier, faster, safer and more profitable with the Linework App, available on Google Play for Android devices and on the App Store for iOS devices, as well as the web version.

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