UA Multimedia, a technology company with a focus in blockchain, cryptocurrency, DeFi, NFT and metaverse, today announces the launching of its beta NFT marketplace further expanding its presence in the multi-billion-dollar NFT market.
The worldwide NFT market is expected to reach $80 billion by 2025, up from $25 billion in 2021. Many firms in this field have seen rapid growth, notably OpenSea, the largest NFT marketplace, which saw its valuation climb to $13.3 billion following a recent $300 million fundraising round.
The Company’s beta Gogi Marketplace is a Binance Smart Chain digital marketplace
The beta of the company Gogi Marketplace is a digital marketplace powered by the Binance Smart Chain that allows users to find, purchase, and sell digital items using BNB. Transaction costs on the Binance chain are a fraction of what they are on Ethereum.
One of the most convincing arguments for the Company’s decision to construct its platform on the Binance blockchain is its speed and cheap transaction costs. Because of the low cost, more people should accept the notion of digital assets and collectibles, bringing it closer to the mainstream. With four times the speed of Ethereum, the BNB chain is better suited to high-volume transactions like gaming.
Sellers can opt to sell either digital files or physical items as an NFT
Gogi Marketplace will progressively extend its listing categories to include art, music, watches, rare spirits, luxury products, and perhaps vehicles and real estate. As an NFT, sellers can sell digital files or a mix of digital and physical things.
In the future, the company intends to expand the marketplace to include multi-chain transactions such as Ethereum and Solana. Users will be able to move assets between chains, making them available to a variety of marketplaces.
Gogi Marketplace is the Gogi ecosystem’s second component, following the crypto exchange GogiSwap. The metaverse will have a role in the third component. Sandbox, Decentraland, and the soon-to-be-available Bored Ape Yacht Club are all part of the company’s aim to produce NFTs for the virtual world while also expanding its footprint in the metaverse.
The Company aspires to build e-commerce solutions for the metaverse utilizing its marketplace and GOGI token to purchase and sell virtual and actual products, in addition to generating games. Users will be able to utilize the GogiSwap currency conversion service to convert other cryptos into BNB or GOGI in order to make transactions or participate in various games or events in the Company’s metaverse at some point.
“The Gogi Marketplace launch is the second milestone in our ecosystem plan,” said UA Multimedia CEO Michael Lajtay. “The NFT and metaverse market has immense development potential, and we are certain that our expansion in this field will position us as a key player and a direct beneficiary of that growth.”