The non-fungible tokens are quite a hot topic in the market. Earlier this week, the MakeMyTrip platform created its non-fungible token. Well, the most curious thing about this non-fungible toke is that it didn’t comprise the involvement of cryptocurrencies. Every NFT of MakeMyTrip costs Rs. 14999. The fantastic thing is that the buyers don’t need the crypto wallet and crypto funds to purchase these non-fungible tokens. Once you purchase these tokens, you can trade them on the OpenSea or the MMTs platform. When you buy these non-fungible tokens, you can also trade them using cryptocurrencies at NFT Profit. Here is the thing the MMT non-fungible token is an excellent example of what has been cooking in this industry for a long time now. While you should keep in mind that non-fungible tokens, as well as for cryptocurrencies, make use of blockchain. The experts say NFTs are not obligated to follow the same rules as cryptocurrencies.
The rise of NFT sales using fiat money!
- The non-fungible tokens use blockchain technology to signify the ownership of the digital assets. If we talk in simple terms, then the thing is that they are the digital form of an agreement which shows that a person is the owner of that item. The make my trip platform is not the only platform that uses fiat currency for NFT sales, but it is the biggest platform.
- In December 2021, the MG motors platform also used fiat currency to sell the non-fungible tokens, UV creations, and the Spartan poker platform. Now, you should know that these companies are using the nGageN platform. The owner of this platform is homegrown blockchain firm KoineArth. As per the views of Praful Chandra, who is the CEO of the KoineArth platform, this platform is built to answer a genuine concern among the creators who want to get into the NFT field, but we all know that the crypto is not accepted as the legal payment mode in any business of India.
- However, you should know that this platform does eliminate cryptocurrency from the NFT field. The platform is developed by using a polygon platform. It means that every NFT sale will include the transaction of the company’s token. However, it is the part managed by the KoineArth and the nGageN platform. The company is doing the deed with PayTM and Mobiwik, allowing users and brands to transact strictly using fiat money. The blockchain functions by keeping the transaction records and recording the information about the owner of the specific digital assets.
- This platform also ensures that the gas fees are already paid. Also, the buyers don’t have to see the cryptocurrency in their transactions. The CEO says that they bear the gas fees cost. The company also hopes to make the nGagen platform like the Opensea platform. But the fact is that the payments take place in the form of INR rather than using Ether or any other cryptocurrencies. This platform profits from revenues from every sale of non-fungible tokens.
- It’s important to know that the gas fee is the fee of transaction that you need for executing the crypto transaction. Every entry you make into the blockchain ledger is a transaction, so the platform must pay for that fee on the polygon platform. KoineArth is not the only company recognizing the issue of attaching digital currencies to NFT sales. NFTically company’s founder also expressed that their company is working on the methods of detaching the non-fungible tokens from the digital currencies. According to his statements, the solution will enable the users to buy the non-fungible tokens using debit or credit cards. The brands are also concerned about the regulations of the cryptos. They see the concerns about the exposure of cryptocurrency. According to him, government rules might make it illegal in the future, so we cannot rely on them entirely. According to Chandra, such a platform can lead to the complete elimination of cryptocurrencies when it comes to making sales of non-fungible tokens. A platform like nGageN allows people to trade non-fungible tokens for fiat money. Moreover, it allows them to trade any assets for Non-fungible tokens and vice versa.