It just got a lot easier for NFT Marketplaces to do business on the blockchain. We’ll let you in on how.
The risk of success is chasing business born out of the Metaverse, and especially Non-Fungible Token (NFT) marketplaces that have attracted so many artists, collectors, investors and business partners who all want a share of the pie.
Cros is a layer 2 protocol and a framework for collaboration, especially useful between organizations thanks to its blockchain smart contracts. These compliance-by-design smart contracts monitor the business process and make sure partners act according to the agreement. This empowers MetaVerses, NFT marketplaces, DeFi protocols, and Gaming Platforms to execute their business value chain with full traceability and in a trustless and tamper-proof environment.
NFTs have existed since 2011, and came to public awareness in 2017. It wasn’t until this past year that they went truly viral, making it a very lucrative business and bringing an influx of attention from multinational brands to capitalize on commercial ventures. NFT marketplaces are easy targets for brands to max out on viewership in events on the metaverse.
This is the perfect use case for Cros, organizing this jungle of opportunities on it’s unique blockchain, documenting transactions, and making sure that everything and everyone behaves according to plan. This gives NFT marketplaces the luxury of working on their brand, acquiring new art, and building a stronger network of artists and collectors without worrying too much about the logistics of business operations.
There’s a plethora of scenarios that one can think of, but let’s look at one example. A business, let’s call it ABC, is launching an event on the Metaverse and wants to dedicate a slot for an auction powered by an NFT marketplace. Not only that, but a brand, let’s say Adidas wants to plant a billboard to attract the bidders of the auction. A big chunk of the sponsorship fees will go to the hosting company, and a small chunk will go to the NFT marketplace, however Adidas is paying the whole sum to ABC. It is so easy for the ABC to just ignore the marketplace and go about their business after the event without paying their dues.
Now, this will never happen with Cros, a decentralized cross-organizational platform that not only preserves your data, but also makes sure that the business partners comply. This spares the NFT marketplace the struggles of chasing paper, and pressuring ABC to stick to the terms of the agreement, Cros will deploy its smart contracts to ensure that the business process execution is carried out correctly.
Cros also encourages and incentivizes the community to act correctly, thanks to the gamified reward system. With Cros, NFT marketplaces will not need to worry about getting exploited by big sharks roaming the Metaverse. Instead, they’re empowered by a powerful suite of tools that don’t break their budget, and most importantly, does not require them to give up invaluable data and resources.