In 2021, Non-Fungible Tokens (NFTs) went mainstream. A few years ago, NFTs were barely mentioned or heard of and were limited to a small corner of the Blockchain-based Internet.
Dubai, UAE, 6th December 2022, ZEXPRWIRE, According to numerous valuations and estimates, until 2021, when overall valuations and market capitalisations for NFTs range between $25 billion and $41bn.
Alongside Blockchain-based Web 3 (also known as Web 3.0) and cryptocurrencies, NFTs are starting to play a role in numerous sectors and areas of economic activity. NFTs are changing economic models across various sectors, especially art, finance, creators, and games.
What are NFTs, and why are they so popular?
NFTs are unique; the key to this is they are not “fungible.” Unlike Bitcoin or other cryptocurrencies and fiat currencies, you can exchange one for another, making them “fungible.”
NFTs were originally created — and many still operate on — the Ethereum blockchain. Although other blockchains have implemented a way to create and track ownership of NFTs. Once you own an NFT, it’s yours. Until you sell it. Smart contracts prove ownership, making the buying, selling, and market capitalisation values public record.
NFTs represent an exciting way to make their work digital, tangible, and accessible to millions of people for art, artists, and creatives. Creating whole new income streams. In 2021, NFTs started selling for 6 and 7-figure sums. The NFT most people have heard of is a digital artwork by Beeple, which was sold at Christie’s for $69 million.
Since NFTs went mainstream, countless startups and blockchain-based businesses have started creating and selling NFT digital artwork collections. Big brands like Nike have generated over $185 million so far (the top-performing NFT brand). Dolce & Gabbana has generated $25.65m, and Tiffany has achieved $25.65m, so far.
NFTs have become a way for unique pieces of digital work to be created, bought, sold, and traded. Anyone can turn anything into an NFT, whether that’s a work of art, music, Tweets, videos, or even AI-based brain scans. Many people are now buying and selling NFTs within investment portfolios, and for artists, creators, and brands, NFTs are a valuable new revenue stream.
What is Sastanaqqam?
Sastanaqqam is a project that launched as a result of NFTs going mainstream.
The project started when they explored how to switch from a traditional business model — in art and art collecting — to a decentralized one using blockchain technologies.
From this vision was born a range of projects to be developed around this, such as the Wallet, native token (Blue Token), Marketplace, NFT RentalPlace, Virtual Museum, Staking Platform, and P2E Games. In this article, we explore every aspect of that project in more details: showing you what you can experience and benefit from on the Sastanaqqam Platform.
What’s Sastanaqqam‘s Vision & Goals?
Artwork should be accessible to everyone, and artists should have a much wider audience. At Sastanaqqam, they want to make that vision a reality.
Sastanaqqam is more than just a project, it’s an ecosystem. Within that ecosystem are five parts. Everything in this ecosystem is connected through the Blue Token — there native crypto-token — and crypto-based Wallet. Here are the five parts of the ecosystem, and we will explore each of them in more details below:
- NFT Rental Place
- NFT Marketplace
- Virtual Museum
- Staking Platform and Launchpad (Staking-as-a-Service)
- Blockchain-based P2E Games
Sastanaqqam goal for every part of the project, every individual business unit, is to grow and manage them the traditional way while leveraging modern technology. they want every aspect of the business to be sustainable on its own, with the aim of becoming profitable within 12 months.
In turn, this will make the overall project stronger and Blue Token viable as a stand-alone cryptocurrency. Only then they will seek external investment after reaching growth milestones. Sastanaqqam is building the business this way to make it more valuable and useful for customers, users, artists, art promoters, games players, and business clients and partners within there expanding artistic ecosystem.
Description of the Sastanaqqam Project
For every aspect of the project, they have a Whitepaper, Pitch Deck, and articles covering everything in more detail. So, for this article, we will give you a brief summary and link to there in-depth websites for more information.
#1: Wallet and Blue Token
The Blue Token (BT) is the native token of the Sastanaqqam ecosystem.
Anyone can buy Blue Tokens with cryptocurrency or fiat currency using the Sastana Wallet, Sastanaqqam’s non-custodial Smart Wallet. You can also transfer and exchange Blue Tokens using this wallet. Users can buy, sell, or rent any artwork for sale or rent within the NFT Marketplace and NFT RentalPlace.
At the same time, you can stake Blue Tokens on the Staking Platform, use BT’s to make in-game purchases when immersed in a Play to Earn (P2E) game or enter premium exhibits within the Virtual Museum using the Blue Token. Although you can do all those things with other cryptocurrencies, users will receive discounts and benefits for paying for virtual goods or services with the Blue Token.
#2: NFT RentalPlace
The Sastana NFT RentalPlace will be an exclusive platform for experienced, famous, and outstandingly talented artists.
The main goal with the SastaRent is to make art more accessible. they will achieve this by giving artists and their promoters the tools to create high-quality digital versions of remarkable works of art.
At the same time, they will work with luxury and boutique hotels and resorts, high-end restaurants, famous coffee shops, and other venues that would benefit from displaying priceless (digital) artworks. People viewing in-person or online could then make offers to buy NFT versions of this art, increasing an artist’s audience and revenue streams. Artists will be paid for their work being rented to various venues through the RentalPlace.
Imagine being able to rent some of the world’s most famous works of art, such as The Mona Lisa, as a digital masterpiece in an NFT format, for a special event. Making art accessible is Sastanaqqam’s mission.
#3: NFT Marketplace
Another part of this is the NFT Marketplace, a platform for promoting emerging artists, empowering them to build an audience, and giving them the tools to sell their artwork on the Sastana Art as NFTs.
Sastana is building a platform for those with no experience of NFTs, crypto, or blockchain, with easy-to-use navigation and user-friendly experience. Anyone can access every aspect of the platform through apps (iOS and Android).
Within this, they will ensure there’s a High-Quality Service for Digitalisation. Overcoming the main barrier that prevents artists from transforming their work into NFTs. Artists can sell physical and digital artworks, whether separately or as a bundle.
#4: Virtual Museum
Next, Sastanaqqam is building a Metaverse-based Virtual Museum. Artists can display their work as NFTs within this virtual museum. Construction is already underway. Part of the SastArt Virtual Museum is already graphically built.
They will either build this within there own ecosystem, or buy land on an already popular Metaverse platform — such as Decentraland or The SandBox — and users can access it through Sastanaqqam, one of those platforms, and any VR headset.
#5: Staking platform and Launchpad (Staking as a Service)
Instead of attempting to build another crypto exchange in this hyper-competitive market, Sastanaqqam is developing a new type of SaaS: Staking as a Service. Within this is a Launchpad for crypto-based startups.
This is an ideal solution for people wanting to invest in new crypto and blockchain-based startups, and for founders raising money.
Sastanaqqam Staking Platform and Launchpad will offer a range of services, such as Liquidity Provider Farming (LP: buy-stake-earn), lending and borrowing (Yield Farming), and a Launchpad that would provide early access for new coins and be an incubator for DeFi projects (decentralized finance).
#6: Blockchain-based P2E Games
Blockchain-based P2E Games are a huge market and will be integral to the Sastanaqqam experience.
Every Sasplay P2E game will be directly linked to the NFT Marketplace, as aspects of the games (such as rewards and other features) are interconnected with NFTs Collections.
Sastanaqqam are currently developing several blockchain-based games, including a Casino Game, a Board Game, Arcade Games, and a Game based on an NFT Collection (games such as Fennec, Falcon, Pixel, Cromanion, and Samurai).
They want to give users the complete blockchain-based immersive games experience, giving them the opportunity to gamble (responsibly), connect with other users, and embrace this exciting new gaming environment.
Status of the Project
Sastanaqqam is an ecosystem of interconnected digital, blockchain-based, and real-world projects. They are developing this ecosystem on the Polygon Blockchain — and will explain more about why in another article.
Various aspects of the project have been in development since 2021, with an experienced worldwide team working on it. Several ecosystem aspects are finalized and will soon be ready for Beta testing.
Stay connected to Sastanaqqam online and across social media to find out when they are launching various parts of the project to the public!
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Scotland News journalist was involved in the writing and production of this article.