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Makersplace is an NFT marketplace that aims for a premium market. TokenPost conducted an interview with Makersplace, which connects artists and collectors and supports NFT purchases.
Q. Please introduce yourself and introduce ‘MakersPlace’
I am Dannie Chu, CEO and co-founder of MakersPlace. MakersPlace is the premier NFT marketplace for digital art. Launched in 2018, we utilize blockchain technology to facilitate the sale of authentic, original digital artwork, ensuring rarity and ownership for both creators and collectors. Our mission is simple: to enable a vibrant future for digital creativity.
Q. I wonder when and how you got to know ‘Non- fungible Token’ and why you started the NFT business. Why did you think there should be a NFT marketplace?
We started MakersPlace with the belief that there had to be a better way to empower the creator economy. For years, we saw first hand all the issues that plagued digital artists, with their works being stolen, misappropriated and undervalued. Fast forward 3 years, and we’re ecstatic to see what we believe to be the biggest shift in the digital creator economy with the advent of blockchain and NFT technology. We couldn’t be more excited about the future ahead, and the role MakersPlace is playing.
Q. What do you think is the key value of NFT and What role and function do you think NFT can play in digital art, collections, media, etc?
Without NFT technology to attach an artist’s permanent signature to a digital work, there was no way for artists to establish the provenance or authenticity of their creations, resulting in the exclusion of a huge demographic of skilled creators from the global art market.
Q. NFT values are soaring day after day. Some say the market is a bubble, what do you think?
While the NFT industry experienced an unprecedented boom at the beginning of 2021, industry activity leveled out mid-year to a more sustainable level of growth. But despite overblown numbers, the NFT industry has much to be hopeful about as the creative community grows and collectors discover the ease of use of marketplaces like MakersPlace.
Q. There are many NFT marketplaces and big companies such as eBay, Shopify, Visa, and Rakuten are also preparing to enter the NFT market. What do you think is the difference or competitive edge of MakersPlace? Is there an exclusive or noteworthy work that can only be found at MakersPlace?
MakersPlace has prioritized quality, trust and ease of use, differentiating from other NFT platforms.
We have an unrivaled focused on ensuring the authenticity and quality of every creator on MakersPlace. For this reason, MakersPlace is not an open marketplace today, to provide buyers with the most trusted buying experience for NFTs.
We provide the easiest experience for artists, with custodian and non custodian options depending on their understanding of blockchain technology. We also offer the easiest experience for new and existing NFT buyers, most notably as the first NFT marketplace to facilitate purchasing with both credit card (USD) and cryptocurrency (ETH).
Q. MakersPlace has recenlty succeeded in attracting large investment. It’s shown that the market has recognized the potential value of NFT. How do you see the future of the NFT market? Weren't you worried when the volume of transactions dropped sharply after May?
After the $69 million Beeple sale in March 2021, the NFT market experienced a funding boom so large that many NFT marketplaces, including MakersPlace, had to turn down funding. However, as the NFT industry leveled out, MakersPlace’s stable and solid business model persevered, and we have been able to concentrate demand and continue to field interest in funding, partnerships and collaboration opportunities.
Q. What do you think about environmental issues with NFT, and is Makersplace working on its own solutions?
MakersPlace is committed to a sustainable future for NFTs and we look forward to sharing updates on our efforts in due course.
Q. The cryptocurrency industry is facing securities regulations. The FATF and other regulators have begun to refer to the NFT. What do you think about this?
We welcome appropriate regulation provided that it is built on a thorough understanding of our industry.
Q. Lastly, please share MakersPlace’s future plans and anything you want to say to korean readers.
The future looks bright! While many projects remain confidential, I can say that the investors in our Series A round were chosen to help with our strategic expansion into markets that have proven key to our recent growth, including the traditional / fine art market, music, and sports. Beyond that, I will say stay tuned for more!
