What will Valereum's NFT Open Marketplace platform offer?

Highlights

• On 16 June, Gibraltar-based technology firm Valereum PLC announced its plans to enter the NFT space with a global marketplace.
• Valereum PLC has already plans to launch Gibraltar Stock Exchange in the pipeline and the NFT marketplace is expected to be different.
• According to a Research and Markets report, the NFT space is expected to reach US$13.6 billion by 2027 from current US$3 billion.

The year 2021 was a remarkable year for non-fungible tokens (NFT). Since then, many brands and celebs have entered the space to cash in on the opportunity. Brands such as Adidas, Coca-Cola, McDonald’s, Super Bowl, etc., have already jumped on the NFT bandwagon to ensure they can maximise their reach and connect with their fans.

On 16 June, Gibraltar-based technology firm Valereum PLC announced its plans to enter the NFT space. Valereum PLC aims to provide a platform that will ensure immutability and freedom for its users to pay either in crypto or fiat currency to widen its reach. The investors are expected to get exclusive access to wallet services for their NFT portfolio. The company intends to ensure that the users will adhere to the Anti-Money Laundering and Know Your Client (AML/KYC) processes to promote trust and transparency.

Related read: Crypto firm Circle to launch its first euro-pegged stablecoin

Though Valereum PLC is keeping the plans close to the chest, it is expected it will give more information in coming days. However, Valereum PLC’s NFT marketplace would be different from the proposed Gibraltar Stock Exchange plans which the firm has in its pipeline.

NFT: A big opportunity

Valereum PLC top brass believes that NFT presents a big opportunity and would want to cash in on the wave to make sure that they don’t miss the bus.

Richard Poulden, Chairman of Valereum, believed that NFT offers a dynamic opportunity for the firm as it caters to the users of all masses. Poulden further highlighted that the NFT marketplace would follow a similar regulatory practice to promote confidence in its operating functionality.

Executive Director Patrick L Young highlighted that the firm has always had an interest in the concept of NFTs and the opportunities it brings with them. He added that Valereum's NFT marketplace would interest NFT collectors and commercial participants across the globe.

Related read: Why does ECB want to cap the digital euro at 1.5T tokens?

Conclusion 

Experts have already said that the NFT market has enormous potential and is expected to grow exponentially in the coming years. According to a Research and Markets report, the NFT space is expected to reach US$13.6 billion by 2027 from current US$3 billion.

The primary drivers of this growth are expected to be influencers, brands, the gaming industry, and digital artworks.

Valereum PLC's entry to the NFT space could help strengthen the European region's growth in digital assets. This would prompt many more brands to join the space, which would surely offer unique opportunities to the investors.

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