Kollektor.io Reveals Social NFT Tools On Algorand

February 13, 2022 5:19 pm Comments

Users of Algorand will now have a new set of NFT tools at their disposal that is particularly helpful for artists that are looking to create and provide new content for their social media audiences.

The creator of this new toolbox is called Kollektor.io which is essentially a platform that allows creators to sell NFTs directly from their social media platforms by making the process of purchasing an NFT as easy as a few clicks.

The way to purchase the NFTs is also streamlined as people will be able to use fiat payment options to purchase the NFTs.

The feature is quite significant as it could be the answer to bridge the NFT world which is still quite niche and difficult to navigate to the mainstream world which is unfamiliar with how the buying process works.

Yahoo reports:

Kollektor.io – an NFT creator powerhouse – has begun releasing a toolbox of Algorand based NFT minting and transaction tools seeking to empower artists to leverage and monetise their social media audiences.

The fiat option represents a marked leap in the space bridging the gap with conservative TradFi markets, boasting functionality for both debit and credit payments – Kollektor also offers creators the opportunity to receive payments directly to their bank accounts.

The Kollektor platform is now onboarding beta users.

The release of such a platform on Algorand could spell good news for ALGO holders as the network could then take advantage of the recent growth of the NFT market and the Kollektor.io platform’s capability to make the NFT buying process easy.

In just the year 2021 alone, there was a huge growth in the NFT market where there was a market capitalization of over $40 billion by the end of the year.

Based on the recent trend alone, investors are expecting the industry to continue to grow as appetite for this market continues to mature.

Additionally, the choice of Algorand for platforms that facilitate the NFT marketplace such as Kollektor.io helps indicate that there is a sizeable concern regarding Ethereum based NFTs.

On the contrary, Algorand does offer lower gas fees and is considered a carbon-negative blockchain which may make it a popular choice for NFTs in the future.

Coinrivet.com reports:

However, in the past few weeks alone, the first collection of NFTs went on display at the United Nations, the 2022 Winter Olympics launched NFTs in collaboration with Alibaba, and YouTube revealed it was looking to incorporate NFTs for content creators.

Kollektor.io positions itself to take advantage of these opportunities by targeting the lucrative niche of social media monetisation in light of the reported 50 million social media users worldwide that consider themselves ‘creators’.

Furthermore, the choice to build on Algorand (ALGO) represents strong consideration of the issues surrounding Ethereum-based NFTs.

Algorand offer low cost gas fees (transaction fees) at just fractions of a cent, and boasts serious environmental credentials as a completely carbon-negative blockchain network.

Algorand has been able to recover as well despite the recent slump in the crypto market that has persisted since the beginning of the year and currently has a total market cap of $6.1 billion.

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