The new marketplace is said to provide a more affordable option for artists launching digital artwork and other rare collectibles. It also lets them donate a portion of their proceeds to charities.
NFTb, a nonfungible token platform built on the Binance Smart Chain, is launching a new version of its marketplace focused on supporting social causes and providing artists with more affordable listing options.
The new marketplace connects artists and leading charities, allowing anyone to auction their artwork at an affordable rate and donate a portion of their proceeds towards a charity of their choosing. NFTb claims over 120 artists have already joined the waitlist.
Sia Mohajer, an executive with NFTb, said many artists are concerned about the environmental impact of their work and that current marketplaces don’t provide any recourse for mitigating those risks. She explained:
“We have found that many artists who are not familiar with NFTs are extremely concerned about the environmental impacts of their activities. We’ve built a platform to help artists ensure that the production of their work is environmentally sustainable, and can support the social causes that matter to them.”
NFTb recently announced the completion of a $200,000 seed funding round in support of its marketplace. Its backers include Spark Digital Capital, Next Ventures, Metaconstant Ventures and Rarestone Capital.
Charles Read, the founder of Rarestone Capital, said NFTb aligns with his company’s vision of investing in “socially-conscious products that accelerate the adoption of blockchain technology while creating positive societal impact.”
NFTb claims to be the first NFT platform on Binance Smart Chain with a working product.
The NFT market is running red hot at the start of 2021, with several traditional industries embracing the digital revolution. As Cointelegraph Consulting recently reported, NFT marketplace OpenSea alone has generated over $153 million in NFT transactions across 97,072 transfers this year alone.