- The momentum around the NFTs is not stopping and reached a valuation of more than $41 billion. Cros Protocol will enable organizations to collaborate through smart contracts and help NFT developers and platforms with the struggles of setting up contracts and ensuring that the engaged parties comply.
2022 is set to become the year when Metaverse would start its golden run to attain explosive growth and achieve mammoth usability. Industry analysts are of the view that it could become a US$800 billion opportunity in 2024, a growth of 1.6 times from the US$500 billion in 2020.
Among others, Metaverse attracts online game makers, social technology leaders, and online entertainment stalwarts of this world. For instance, with the Metaverse becoming a US$800 billion opportunity by 2024, the primary market for online game makers and gaming hardware could also exceed US$400 billion.
Yet, a large part of this growth would rely on how well the businesses mix the potential of their platforms with experiences and transactions in virtual reality. Cros protocol is one such player that has successfully exhibited the potential to support a vital facet of the burgeoning Metaverse: NFT.
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Metaverse & the NFT Marketplaces
The concept and on-ground presence, to some extent, have been there for the NFTs for a decade now. The momentum around the NFTs started to grow in 2017. Yet, it took another three to four years for NFTs to take the leap of growth it deserved. The market of the non-fungible tokens is US$41 billion now, equal to the size of the global fine art market.
NFT marketplaces are attracting a host of artists, collectors, investors, and collaborators who want to hop on the NFT-growth bandwagon.
Cros Protocol: A Catalyst for the NFTs
The layer-2 specificities of the Cros Protocol help organizations collaborate through Smart Contracts. These self-executing automated contracts help monitor processes and run the operations in the pre-decided course. It transpires into a smooth running of the Metaverse NFT Marketplace, where players can execute their business value chains without compromising its traceability properties and in an environment that is trustless and tamper-proof.
As NFT marketplaces are efficiently leveraged by brands to maximize their viewership and traction in the Metaverse, Cros protocol’s services come as a perfect add-on to the system of running them. The entire workflow of the marketplace becomes seamless and well-stitched together. Starting from the process of acquiring the art to building a robust network of artists, collectors, and collaborators, the chain becomes hassle-free, with each transaction documented well on the blockchain.
NFT P2E Gaming
The NFT space is not only about arts, artists, and collaboration between them. It also helps regular crypto and DeFi enthusiasts to make their engagement worthwhile. One such area is the P2E or Play-to-Earn gaming model. There are several such platforms that have been gaining momentum fast, and they offer several incentivization schemes. But their most attractive offer is the native currency that acts as rewards tokens, which the users can use for in-game purchases, including the collectibles and enhancers. Tokenization in Metaverse through NFTs also allows players to purchase sophisticated in-game tools to improve their mining efficiency.
Yet, running these incentivizing provisions and features is something that needs expertise. Moreover, these processes should not be cumbersome and capable of being fluently done. Cros protocol helps NFT developers and platforms by helping them do away with the struggles of setting up contracts and ensuring that the engaged parties comply. The inclusion of the Cros NFT is also about the community acting correctly, thanks to its gamified reward system.
The Team Behind it All
The fast, connected, and secure protocol of Cros is the brainchild of its founding team’s blockchain ambitions. The founders are keen to leverage their tech expertise and entrepreneurial experience in applying blockchain for the greater good of the community.
Ajay Bhandari, one of the three co-founders of Cros, has served as chief architect at Microsoft and Google. The two decades of global experience in engineering, tech strategy, and architecture that Ajay comes with has empowered him to efficiently deploy blockchain to solve problems while staying resilient and scalable.
Hussein Abdelkarim, another founder of Cros, has been a serial tech entrepreneur. Abdelkarim has nearly two decades of experience setting up companies that received the backing of global stalwarts like Goldman Sachs, Mastercard, JP Morgan, and others. The aim of Abdelkarim behind founding Cros is to deploy blockchain in a way that helps change people’s lives.
IM Shousha, the third co-founder of Cros, has stayed active as a digital products strategist and transformation consultant for more than twenty years now. Building cutting-edge solutions with advanced tech paradigms, such as blockchain, is what Shousha is a master of.
The synergy of these three industry veterans, backed by an able and sufficient team, is what sets Cros all ready on the growth path.
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sources: crosnetwork, bloomberg, marketsinsider
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.