ITSMYNE; THE CHALLENGES FACED BY NON-FUNGIBLE TOKENS BY CREATORS

INTRODUCTION

Normally, most cryptocurrency projects are decentralized to prevent third party intervention in the banking system besides other problems faced. However, ITSMYNE project is centralized to allow users purchase non-fungible tokens also called licensed digital collectibles personally from production studios, sports teams, athletes and sport icons regardless of any technical know-how on cryptocurrencies or experiences. Another feature that distinguishes ITSMYNE project from others that are solely marketplaces for making transactions is it's social platform for users particularly fans from a curator in the sport and movie, buy, carry out trades on licensed digital tokens and engage in conversations regarding their best topics concerning Non-Fungible Tokens .

CHALLENGES OF DIGITAL COLLECTIBLES (NFTs)

Non-fungible tokens market suffers hindrances from bother creator and user sides (supply and demand).

Exploring the Supply/Creator Side

Sports or cinema creators are required to make researches on the world of Non-Fungible Tokens market to discover the methods of usage, the process of listing and it's promotion, etc. This research process takes about 30 minutes to approximately 4 hours including a time of friction though, most personal influencers, production studios, and sport teams oftern depend on marketers to go through the scouting process and pick out the market which is best.

In making use of the market or Non-Fungible Tokens platform maximally, the creators and assistants go through discomforting periods and may lack adequate know-how on the kind of content suitable for distributing digital tokens (non-fungible tokens), what it takes to price them, the amount of royalties needed for additional sales, etc.
The unease that comes from pricing non-fungible tokens (collectibles) with numerous cryptos since the suppliers are unable to optimize to receive and invest proceeds in crypto and depend on Fiats dominantly.
Due to the rise in environmental awareness of the community, most suppliers run from using Non-Fungible Tokens as a medium of story-telling because of the concerns about the creation of Digital Collectibles which uses a great quantity of quantum energy resulting in an unhealthy and irresponsible environment caused by the [NFT] creation because the electrical power that fuels Blockchain is formed through fossils.
Numerous stakeholders like the squad if persons from sports, cast pair in a movie, etc in the aspect of movie and sports. Therefore, it becomes tricky for suppliers to choose who should be responsible for selling the non-fungibles tokens (digital collectibles), collect the earnings from the sales, collect the royalties from already made sales and so many more. Even when the profit-distribution agreement is settled regarding stakeholders, there is still a complex matter of deciding the allocations of profit amongst them.
Famous Blockchain networks that mint Non-fungible tokens e.g. Ethereum, follow a process of verifying models wherein the commissions (gas/transaction fees known as Gwei on Ethereum) are expensive with an average $50-$500 making it impossible for masses to afford it.

CONCLUSION

ITSMYNE is a project that creates a means for the hundred thousands of individuals who lack access to the profits of non-fungible tokens from sports and movies to benefit from without requirements or skills.

USEFUL LINKS

Website: https://itsmyne.club

Telegram: https://t.me/itsmyne

Twitter: https://twitter.com/itsmyneclub

Instagram: https://www.instagram.com/itsmyneclub/

Discord: https://discord.com/invite/hBXArekx

Medium: https://itsmyne.medium.com/

AUTHORS DETAILS

Bitcointalk Username: Royalaim

Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768243

BSC Wallet Address: 0x65e5CDE41c31e44B5fFbb84BCc9457CadB0334B0