NFT PRO: White Glove Service for Brands
Updated: Apr 7, 2022
Non-fungible tokens are both here to stay and extremely polarizing. Conceptually, NFTs are multifaceted and could be utilized in a myriad of ways. Currently, NFTs are mostly used to represent digital ownership of media in the form of profile pictures, art, music, or gaming/metaverse assets. There are millions of NFT projects on OpenSea alone and they vary wildly in quality, relevance, and bestowed rights to the owner. The one NFT start-up on everyone's mind right now is Chiro Labs. On January 12th, 2022, Chiro Labs created an NFT collection called Azuki which consists of 10,000 unique avatars. Ownership of an Azuki guarantees access to a social club called the Garden that claims to be focused on creating a decentralized Web 3.0. The initial mint price for one Azuki was 1 $ETH, today the floor price of an Azuki is 28 $ETH. Chiro Labs made $29 million the first day the Azuki project went live and $2 million in the following days for a total of $31 million in direct sales. They now earn 5% of every subsequent sale of an Azuki. On April 5th of 2022 900 $ETH worth of Azuki’s were sold on OpenSea.
NFT start-ups have been leveraging their intellectual property in a new, trendy, and lucrative way. It’s no wonder that traditional companies are chomping at the bit to participate in this monetization of IP. Repurposing established IP of an established brand in the correct way is difficult. Established brands have the financial resources to launch a successful NFT project but lack the confidence, knowledge, and guidance to execute successfully. This has created a need for the white glove service that NFT PRO offers. NFT PRO helps brands with the entirety of their NFT launch and the post-life cycle of their NFTs. This includes everything from selecting the appropriate blockchain, marketplace, and custody to auditing smart contracts, marketing, and design. On February 1st, 2022, Lamborghini launched their first NFT project with the assistance of NFT PRO. Lamborghini’s NFT Project consisted of 5 unique pieces of art that all sold by February 4th for a total combined value of $659 thousand.
As NFTs continue to blossom into the mainstream, more and more established brands will attempt to get in on the action. The ones that do it successfully will most likely be leveraging some sort of white glove service. NFT PRO has successful projects under their belt and little competition in the space. They stand to become the premier white glove NFT service as brands become increasingly interested in the blockchain space.
Who is behind NFT Pro?
Christian Ferri and Jeff Mallett are CEO and CTO respectively. Ferri has been the CEO of NFT PRO since 2019. Ferri is a Cornell alumni and guest lecturer on the subject of digital assets and blockchain. Mallett has been in software development for the last 25 years and is a pioneer of AI gaming at Cornell. These two lead a team of highly motivated and crypto savvy individuals that make up the NFT PRO team. NFT PRO has accepted funding from Ripple, SeventySix Capital, and Peer Ventures Partners along with other VC firms and individual investors not mentioned here.
Why NFT PRO?
NFT PRO already has a headstart on their thin competition. The NFT PRO team is uniquely qualified to provide a white glove NFT service to brands interested in the space and they have proven their efficacy. NFT PRO offers a service that is necessary for established brands to successfully launch and maintain one or multiple NFT projects. As NFTs evolve so will NFT PRO. They already offer AR and VR capable NFTs along with mobile app integration. As crypto becomes more mainstream the combination of customers and brands venturing into crypto will rise making NFT PRO’s services increasingly necessary.
Written by David Coryat, Crypto native and Analyst at Istari Capital LP.
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