]RENOVI, a new NFT marketplace for designers has been launched, giving creators the opportunity to showcase and monetise their work.
Validated through the blockchain, NFTs within Renovi can be used for artistic and collection purposes, with actual items also being made available to the Metaverse.
Renovi will enable leading designers to monetize their existing, new and draft designs, as well as offer the opportunity to profile their business and brands to a global audience – showcasing and sharing best practice examples of work.
The secure platform, developed by a team of senior leaders within the design, property, tech, finance and legal professions, is the first NFT marketplace of its kind for designers. It will also serve architects and other professions operating in the design space.
Renovi’s website will be able to integrate with the most popular crypto wallets. The wallets will be able to read the NFT user data and display its contents on the Renovi platform. It will also host live auctions, hot bids, and top sellers.
The easy-to-use platform means creators can upload their designs in seconds.
NFT stands for non-fungible token. The tokens are not interchangeable as they have unique properties. They can be used to represent ownership of one-of-a-kind assets such as digital art, digital collectables and even real estate.
NFTs can only have one official owner at a time, and they're verified by the blockchain.
Their meteoric rise has been well documented with the total market capitalisation for NFTs in 2019 at USD $40 million, then rising to USD $338 million in 2020 to $5.2 billion at the time of writing.
In March 2021, the market cap of just the 10 biggest projects alone was USD $432 million while at the time of writing the market cap is at a staggering 2.9 billion.
The blockchain technology market size in 2021 is estimated at USD $5.88 billion and is expected to rise to USD $394 billion by 2028.
Adonis Zachariades, Renovi, said: “The Metaverse is a collection of alternate digital realities where people work, play, and socialise. We want to play our part in building it and create a shop window for those seeking to raise their profile, promote their projects, or sell their work.”