Source: Dapper Labs
At a time when the value of NFTs is on an upwards trajectory and we’re seeing more than $10 billion in transactions, developers find themselves faced with two options: chasing today’s dollars or waiting for tomorrow’s users.
Dapper Labs, the company behind one of this year’s most mainstream breakout NFT hits NBA Top Shot has been looking to persuade investors that it can pursue developers to bet on them.
Today the company displays some of its fruits as they are value at $7.6 billion. As a result, it debuted an innovative product from its partnership with avatars-for-the-stars startup Genies. A leading avatar technology company that enables its users to create fully personalized avatars.
Genies NFT Platform
The new platform, called The Warehouse, is launching today to a small group of invite-only users before progressively going out in the coming months. Both startups tell us that they plan on making this available for wider audiences soon.
The new platform will enable users to breathe life into 3D cartoon avatars created in the Genies app. By equipping them with masks, shoes, and backpacks stamped on Dapper’s blockchain network called Flow.
The store has a variety of items that are price at or below $20, says Genies. Owners can decide the secondary market price for individual goods, but most will only be sold in primary sales. Note that the Warehouse won’t enable its secondary marketplace at its launch to give the community an extended period to focus on the products more than the resale values.
Genies have experienced selling digital apparel and accessories inside its app, particularly in the trial. But that venture did not involve blockchains or NFTs. The new blockchain from Dappers for Genies is one that may be less decentralized than networks like Bitcoin or Ethereum. But offers many user benefits, including lower fees and the ability for developers to create applications that take advantage of web3 luxuries such as processing credit cards seamlessly with no problems on their end.
Dapper’s Flow is certainly not the only blockchain platform that offers more consumer-friendly features with lower fees and friendlier onboarding. With an investment cap of $600 million, however, investors are betting on its success in this regard.
Competing with platforms like Wax and Solana has led to an increase in native NFT projects. As developers look for ways they can tap into what these networks offer. Crypto unicorns are being created at an unprecedented pace this year, with several Ethereum-base startups. Aiming to scale the blockchain by combining its security features while processing transactions on a secondary chain.