- September 21, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
In industries like media, arts, and entertainment, the value that fans bring in is immeasurable. The growth and development of these industries largely depend on fan-artist/fan-celebrity interactions. It is these interactions that drive sales, increase profits, and propel the brand value of artists and the industry as a whole.
In this context, the recent advancements in blockchain technology and the rise of non-fungible tokens (NFTs) have opened new avenues for fan-artist interactions online. NFTs are digital collectibles that give fans a unique experience of exclusively owning a piece of their favorite celebrities’ work. In the digital world, NFTs are a new way of showing support and declaring fanship towards an artist, celebrity, or franchise.
In fact, the NBA rightly capitalized on this trend and created its Top Shot NFTs that raked in over $700 million in sales in less than a year. However, it is worth noting that NFTs are new to the marketplace and still practically inaccessible to the masses. Besides, they impose a significant environmental load due to the blockchain network they mostly use. This is why we need an NFT marketplace that is environment-friendly and is built with its primary focus on fans. This is where Chronicle comes into the picture.
Building a Futuristic NFT Marketplace
Chronicle is a fan-driven studio and marketplace for showcasing NFTs. It lets users buy, sell, mint, trade, and gift certified digital collectibles from top brands across the globe. This brand new NFT marketplace is fully accessible to everyone, even beginners because it accepts transactions in USD and its crypto variant USDT.
While there are other NFT marketplaces working on similar goals, most are built on the Ethereum blockchain, which consumes energy equivalent to a small country and leaves a large carbon footprint.
Chronicle, on the other hand, has made a conscious decision to deploy the platform on blockchains that use the proof-of-stake (PoS) algorithm which is cheaper, faster, and most importantly sustainable. Chains that use the PoS consensus naturally have a smaller carbon impact when compared to chains like Ethereum that use proof-of-work consensus.
To achieve sustainability and build more environment-friendly NFTs, Chronicle partnered with the NEAR Protocol that builds the Aurora Ethereum Virtual Network that will serve as the backbone to its infrastructure. NEAR Protocol is a highly efficient proof-of-stake blockchain network that aims for carbon neutrality by planting thousands of trees across the globe. The network is easy to use, easy to build on, and acts as a bridge that connects Web 2 to Web 3.
Being built on NEAR makes Chronicle a faster, scalable platform that produces NFTs in a guilt-free, sustainable manner.
The Chronicle Ecosystem
A myriad of roles, components, and services within the Chronicle network contribute to the smooth functioning of the platform.
Firstly, there are NFTs that form the center around which the ecosystem is built. These NFTs on Chronicle are licensed collectibles that represent 3D models, images, music, art, and videos from top brands across the globe. All these collectibles come with their watermark so users can verify their authenticity before buying, selling, and trading these NFTs in the Chronicle store.
The next important part of the network is the Chronicle Studio that consists of 2D and 3D digital character artists who design and develop these NFTs and deploy them on the store. Further, the platform has licensing partners who partner with Chronicle to license the digital collectibles for a percentage of the generated revenue.
Apart from this, the Chronicle network provides a variety of services to its users in the form of the Chronicle Store, NFT as a Service, Chronicle Marketplace, and Premium NFT auctions with an aim to create immersive experiences for fans, connecting them to their favorite brands.
The XNL Token
All these ambitious, futuristic initiatives of Chronicle are powered by its native ERC20 XNL token that will play a key role in the development, functioning, and governance of the Chronicle network. It has a total supply of 100,000,000 XNL with a plethora of use-cases within the ecosystem.
The token holders get exclusive access to NFT drops, sales, and auctions and can even claim discounts on the Chronicle store. Users can stake this token to participate in protocol governance to help in the progress of the network. The platform is also working on DeFi programs where users would be able to earn yield and interests off of XNL.
What Does the Future Have in Store
Even though the Chronicle network has launched quite recently, it managed to create a buzz in the marketplace with its unique visions and innovative implementations. Coinciding with the launch of its platform, Chronicle has partnered with the world’s most beloved bear, Paddington.
Paddington books have sold more than 30 million copies, and the character recently had several commercially successful and critically acclaimed films, Paddington (2014) and Paddington 2 (2017), with Paddington 3 set to begin filming in 2022. The exclusive collection on Chronicle will feature art from 1976 BBC TV show animator Ivor Wood and book illustrator Peggy Fortnum.
Chronicle also recently partnered with Bleecker Street, a leading distribution company, to give away an NFT of the official teaser one-sheet for the film I’m Your Man. This marked the first time a film studio released a one-sheet as an NFT.
With today’s NFT market thriving and sales topping $2 billion in 2021, Chronicle seems to be positioned perfectly to leverage this growth by offering an NFT marketplace alternative that is built to sustain.
