a fundamentally new approach to NFT trading
In February, the NFT marketplace experienced its rebirth. For the first time in the last 8 months, the trading volume is growing and reached a record high of 2 billion dollars. This was largely due to the activity of professional traders on NFT marketplaces, as well as changes in the policy of trading platforms in relation to buyers after the launch of the Blur aggregator. The first to respond to market changes was the new NFT ecosystem LovePower, which creates a fundamentally new environment for trading non-fungible tokens. How the ecosystem works and why the startup is likely to become a unicorn in the near future is discussed below.
The Love Power Ecosystem: support for traders and artists
The idea of a fundamentally new NFT ecosystem appeared back in the crisis year of 2022, when the main problems in the market were clearly visible not only to traders, but also to creators of non-fungible tokens. The main “red flags” were the confusion with royalty payments and commissions to creators, the lack of copyright protection for artists and users’ difficult access to commerce. A team of enthusiasts decided to change the rules of the market and created a new decentralized ecosystem that included LovePowerCoin, LovePower NFT and Love Power Marketplace.
“Our concept is fundamentally different from existing ones on the market. First, we are ready to support creators by holding special contests and events for NFT creators. The level of rewards can be as high as 1.5 ETH. Second, we use fixed commissions and royalties so that every merchant or creator benefits from the transactions,” commented Love Power Ecosystem Project Manager Snezhana Kolesnik.
At the moment, the company has already launched a native Love Power Coin token, which will act as a unit of account in the market, and part of the profit from the sale of exclusive NFTs will be used to provide a collection of non-fungible tokens, as well as for charity . As Snezhana Kolesnik explains, the project team intends not only to create better conditions for trade, but also to actively support talented artists, designers, musicians and other creators.
“We chose the name ‘LovePower’ as our team intends to support the NFT industry by donating part of the profits to the artists themselves. This will help them develop in digital art,” said Snezhana.
Love Power NFTs – tokens filled with love
In 2022, Love Power collaborated with well-known European artists and designers to create its NFT collection, which is already traded on leading marketplaces such as Rarible and OpenSea.
LovePower Coin NFT collection on OpenSea
“We held a contest for creators with cash prizes to motivate artists to join the community and create more and more works of art,” says the project manager.
NFTs from the Love Power Coin collection can be purchased here.
Love Power Marketplace is a new marketplace for practical sales and purchases
In the first half of 2023, the project group intends to launch its own Love Power Marketplace, which will offer buyers and sellers practical cooperation conditions.
“We studied existing experience on the market and took into account the wishes of artists and buyers. Based on this, Love Power Marketplace will provide favorable conditions for artists in the form of a fixed commission and royalties even from repeated sales, and we also intend to conduct ongoing competitions and drawings among NFT creators” – commented Snezhana Kolesnik.
For buyers, Love Power Marketplace is ready to provide an easy registration and safe storage of funds. In addition, participants will have access to a global community of artists and professional traders.
“For merchants, we are ready to offer fast and reliable transactions, as well as transparent analytics on every purchase,” says the Love Power Ecosystem project manager.
In the near future, the company will hold an airdrop for the loyal community, where users can get project tokens for completing simple tasks. More information about the project here.