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Untold story nft boom

untold story nft boom

Given the travel constraints that arrived with Covid-19, they partnered with Swiss NGO Porini Foundation to create an alternative income. Why? Well, in 2018, the Swiss NGO Porini Foundation set up a first near-zero energy blockchain called Sustainability-Chain to make this technology accessible for nature conservation projects.

“The Seychelles magpie-robin will take us into the unchartered waters of digital tokens for conservation. As traditional sources of funding have dried up, we need innovative ways to support long-term programmes that are the backbone of successful conservation. This is just the beginning of experiments to find new income streams for conservation,” said Dr Nirmal Shah, the CEO of Nature Seychelles.

These new digital collectables diversify the income stream for conversation bodies.

The untold story of the nft boom

Consumers should be able to visit an online store, pay with a common currency, and automatically convert their holdings into crypto.

While this requirement may pose a technical challenge, allowing non-expert consumers to enter the market with fiat currency is a necessity. Otherwise, the market will never tap into mainstream consumers who do not have crypto holdings for lack of interest or knowledge.

Lastly, vendors should establish easy-to-navigate stores; consumers should feel as comfortable purchasing NFTs as they do their favorite products on Amazon. Given how new NFTs are, some consumer hesitancy is to be expected.

Having a familiar shopping experience — i.e., viewing product catalogs, putting items in a cart, checking out, etc.

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Mercy and John talk with Janée Woods Weber, the executive director of CWEALF, the Connecticut Women’s Education and Legal Fund.

Organizations featured in this episode:

  • Habitat for Humanity of Coastal Fairfield County
  • The Black Business Alliance
  • SEIU 1199 NE

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Instead, you can buy a Digital Nature Collectible.

How to buy an endangered bird

It will cost you between $10 and $10,000.

“We can offer a new road to income and extend the NFT market beyond art, games and music” is the rationale behind these newfangled #NatureCollectibles. “We have the million-dollar bird”, Dr Nirmal Shah, the CEO of Nature Seychelles said. “It cost over a million dollars to actually save this bird. Now we want this bird to save us”.

Nature Seychelles, along with the IUCN and Porini Foundation has launched the world’s first Digital Nature Collectibles using carbon-neutral infrastructure that expends almost zero energy. #NatureCollectibles are NFTs, each one a unique digital representation that can only have one official owner at a time.

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We need to rethink how NGOs like Nature Seychelles can get paid and direct funds to critical (and successful, proven) work on the ground.

“The response has been amazing with 29 of the 59 tokens sold as of 22 July 2021”, Shah told The African Insider. “We have been talking about how important it is to innovate during this crisis and we are happy to be early adopters of this innovative technology, we named it – Next Gen Conservation“. Funds raised from the collectables will assist the ongoing recovery of the Seychelles magpie-robin.

“This bird is still endangered. There is ongoing monitoring.

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Figuring out how NFTs work can be difficult, especially if a would-be collector doesn’t have a baseline understanding of blockchain and cryptocurrency. Moreover, a consumer who doesn’t understand the blockchain might be hesitant to engage with it, let alone invest money in technologies that use it.

“One of the difficult things about understanding NFTs is the jargon barrier; all the terms that explain how it works are really only familiar to people who already get crypto,” Abby Ohlheiser explained for the Technology Review earlier this year.

“A lot of the information on NFTs comes from its biggest evangelists: the marketplaces that sell them, the people who invest in them, and the artists who create them. To everyone else, it’s a bamboozle,” she concluded.

That said, a consumer’s hurdles don’t disappear once they understand blockchain.

Establishing a straightforward transactional flow is equally important. At present, consumers often need to visit several platforms to obtain cryptocurrency, transfer it to their wallet, and purchase an NFT. Only determined customers will slog through the process; consumers motivated by impulse or hobbyist interest might decide not to bother.

Related:

  • The Impact of NFTs on Fintech
  • So you want to make money on NFTs: Here’s how to build your own
  • Coinbase NFT platform will use Mastercard
  • Visa Buys a CryptoPunk NFT
  • Tom Brady, Tiger Woods join growing surge of NFTs

NFT vendors should facilitate all-in-one transactions with fiat onboarding to cut down on the hassle.

NFTs are polarizing: Some think they’re the future of digital ownership, others predict the crypto bubble will pop and NFTs will vanish with it. What’s uncontestable, though, is that there are scams everywhere. One of the latest to fall for one such scam is actor and comedian Seth Green.

On Tuesday, Green announced on Twitter that four of his valuable NFTs were stolen from his wallet.

These include a Bored Ape Yacht Club NFT (worth $200,000 at the time of writing), two Mutant Ape Yacht Club NFTs ($40,000 each) and a Doodles NFT ($28,000). Someone subsequently bought Green’s stolen Bored Ape for $268,000.

“Well frens it happened to me. Got phished and had 4NFT stolen,” Green said.

We build and clean nest boxes, check each bird for diseases, and run SMART — the Seychelles Magpie Recover Team — a group of managers taking care of the birds on the islands they occur in Seychelles”.

Visit Cousin Island

If you’re more traditional and prefer to see your birds in real life, visit Cousin Island. Eco-tourism and visitor fees remain a significant means for funding conservation activities and research.

Managed by Nature Seychelles, Cousin has a longstanding ecotourism program that began in the 1970s. In recognition of the environmental impact of international visitors to the island (most of whom fly from Europe and reach the island by boat) all the emissions are rigorously measured.

The following is a guest post from Forest Bai, co-founder of Foresight Ventures.

Consumer interest in NFTs is overwhelming, undeniable, yet still far short of its peak potential.

Over the last several months, forward-thinking tech enthusiasts and ordinary customers alike have witnessed the emergence of a new industry, the first salvo in an outright revolution for the blockchain-based collecting sector.

Consider the numbers. Sales volumes for nonfungible tokens are projected to top $13.2 billion by the end of the year — and while this figure is impressive enough on its face, it doesn’t quite convey the explosive growth reported over the latter half of the year.

According to DappRadar, sales volumes skyrocketed from $1.3 billion in Q2 to an incredible $10.7 billion in Q3.

The potential for sector growth is real and present; if NFT innovators can find a way to make market entry feasible for non-expert consumers, they could spark an NFT boom.

Unlocking NFTs for the masses: what would it take?

Today, the onboarding process is the onboarding process. The single most significant hurdle consumers face when attempting to purchase blockchain-based collectibles. Customers want to collect NFTs; they simply don’t know how to get started.

To remove this barrier to entry, vendors need to develop an onboarding process that offers a straightforward, intuitive, and layperson-friendly experience.

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