The community-driven art marketplace on the blockchain, DoinGud, has announced that it had partnered with many major companies which include Polygon(formerly Matic).
NFTs have suddenly become a rage in the blockchain domain and the jury is still out whether this will be a very temporary fad or whether NFTs are here to stay. But irrespective of that, not a day passes without some announcement in the NFT space and DoinGud hopes to be looked at differently than the others.
The platform says that it will not just be an art marketplace but also try to help the community by backing social causes. It says that every transaction would have something good associated with it and that would be the one that separates this platform from the others.
For this purpose, it has tied up with many such platforms which also support social causes like Gitcoin, Aave, Giveth, and more. These partners would help the platform to grow into a large NFT marketplace as well as a social media platform as well.
NFTs are non-fungible tokens which can be issued by artists and content creators and they can put their NFTs on sale in the marketplace once it is up and running. 5% of every transaction in this platform would be given away to an organisation that makes a social impact. The platform also says that it would provide solutions for artists to build their brands.
Many platforms around NFTs have sprung up in recent times which has come into the limelight ever since the record sale of an NFT for $69 million in March. Since then, there has been a serious push in this domain with many related platforms tying up with other partners and sponsors as well. THis has led the NFT domain to grow into a large industry and it is expected to lead the next boom in the crypto token space.
Sceptics are still very doubtful though as they do not see any real world value in art being released as digital tokens and so are not very enthused by it. But just as speculation drove much of the early crypto trading market, it is expected that speculation would drive the NFT market as well, at least in the short term and many traders and investors are trying to extract the maximum mileage out of it. Whether it will be a bubble or will withstand the long term pressure remains to be seen.