Domini ($DOMI) has emerged as a popular NFT project thanks to its cutting-edge approach to making art investments more accessible for regular people. It has the potential to be one of the biggest threats to platforms like OpenSea that serve as a Web3 marketplace for ERC20 coins, better known as non-fungible tokens (NFTs).
Unlike most of the non-fungible tokens sold in the cryptocurrency sphere, the value of the ERC20 coins sold on the Domini ecosystem isn’t based on speculation. Rather, the value of tokens is based on original artworks stored securely in a storage vault. The NFTs are simply a digital representation of the original work of art that can be broken up into smaller pieces so investors can own tiny portions of high-end artworks that cost millions of dollars.
OpenSea runs one of the largest Web3 NFT exchanges and there’s a good chance the Domini project poses a serious threat as it offers more profitable NFTs with real value.
Domini ($DOMI) presale is off to an excellent start as investors flock to popular NFT project
Most regular people never consider investing in art, despite it being common knowledge that most of these blue-end pieces appreciate over time. Highly-priced art is inaccessible to the majority, but it’s a brilliant investment with a high potential ROI. For example, Pablo Picasso’s Les Femmes d’Alger sold for $179.4 million in 2015. The investor who sold Les Femmes d’Alger originally bought it for $31.9 million in 1997.
Domini harnesses the power of fractionalization, smart contracts, and NFTs to allow people from all walks of life to invest in artworks they can’t afford to buy outright. This way, thousands of people can own small portions of such prestigious – and expensive – artworks and enjoy the profits that come with them.
Just imagine Les Femmes d’Alger was fractionalized into a thousand equal pieces in 1997 with each buyer owning a small piece. Each investor would have only paid $31,000 for their share and would have netted $179,000 after the sale, walking away with over $148,000 in profits. Thanks to the Domini project, anyone with a cryptocurrency wallet can now invest in such prestigious pieces. Blue-chip artworks have historically outperformed the S&P 500 by over 250%.
The process
Domini’s team of art experts searches for high-end, blue-chip artworks that have a history of appreciation from a wide range of styles and periods. Works that meet Domini’s standards are purchased and stored in a secure vault.
A unique, digital version of the artwork is then created on Domini’s Ethereum-based blockchain and fractionalized into thousands of small pieces so investors can invest as much as they choose. The value of any NFTs purchased can be monitored in a user’s account and they can sell their NFTs or buy more whenever they choose.
Platforms like OpenSea brace for Domini’s impact on the ERC20 marketplace
Domini introducing NFTs with values based on the tangible artworks stored in insured vaults will likely help to revamp the greater non-fungible token marketplace, but it will also threaten conventional NFT marketplaces like OpenSea whose ERC20 token list consists primarily of tokens that are valued based on speculation like sports cards or memes.
The Domini project has the potential to be one of the most popular destinations for NFTs as investors who have historically been shut out of high-end art markets gain entry.
Summary
Domini can already be considered one of the best cryptos to buy thanks to an innovative approach to opening the high-end art world to everyone. One overlooked aspect is what this means for other NFT marketplaces, though. Platforms like OpenSea rely on tokens that are based on speculation without tangible value, as opposed to Domini’s structure. Domini’s ($DOMI) tokens are based on an asset with real, appreciating value. Many investors are hedging their bets that this futuristic approach could see Domini sail past established NFT providers and marketplaces.
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