The Bitcoin NFT marketplace has launched a new identity to coincide with the launch of its social hub.
As value shifts from the physical to the digital realm, the obvious issue is where one’s identity, probably their most valuable asset, will exist.
The traits, beliefs, and appearance that define a person are regarded the most significant assets of that person. While one’s identity was formerly defined by their physical presence, it has fast moved to include the concept of “online identity” on social media.
However, as value shifts to the digital sphere, each person’s identity is evolving in a new way, with the physical world becoming supplemented by the digital one. Users can share interests, passions, communities, investments, projects, and pastimes through their social identity in this augmented reality, which portrays who they are and what they aim to achieve better than if they did it in words.
Nonfungible tokens (NFTs), which enable each metaverse user to exhibit an identity they own and can use across a variety of ecosystems, are at the heart of this progression. These NFTs, which may appear to have an avatar on the surface, will go far deeper, providing features such as proof-of-attendance to events, creator tooling passes, and even verifying one’s banking details, which are frequently taken in the actual world by identity thieves.
“Where will one’s social identity, centred around NFTS, exist?” is the only question left unanswered with this amazing programme. Gamma.io, often known as Gamma, is a metaverse identification hub that aims to provide that answer.
Gamma has three main platforms: a user-centric marketplace for discovering and acquiring NFTs, a creator-centric launchpad for artists to install fully-tested no-code smart contracts, and a social network.
The project, which was originally known as STXNFT and was released in September, has since been relaunched to reflect its progression to more native BTC integration, which includes expanded social features to connect artists and collectors together in a Web3-native fashion.
Back to the beginning
Gamma differs from most NFT solutions in that it is built on Bitcoin (BTC) rather than Ethereum (ETH), which is where most digital assets presently exist. Gamma took this decision based on a strong believe in Bitcoin’s decentralisation as well as the settlement layer’s widespread trust and adoption. These capabilities might theoretically be extended to the settlement layer for nonfungible assets.
Consider that NFTs first appeared on the Bitcoin blockchain in 2016, and due to previous base layer technology restrictions, they quickly spread to other chains. Although this move made sense at the time, recent smart contract developments on the Bitcoin base layer have led to NFTs being reintroduced to Bitcoin, which has a broader ecosystem than any other blockchain.
Gamma’s creators think that by releasing Bitcoin’s capital, Web3 technologies may benefit from perhaps the most reliable store of value, accelerating NFT and metaverse adoption.
Jamil Dhanani, a former Apple engineer and now the founder and CEO of Gamma, shares,
“NFTs have changed digital asset ownership in the last year, bringing together artists, makers, collectors, and community members. Our platforms have already brought individuals from all over the world together; Gamma is the next stage, emphasising community and prioritising collectors and artists.”
Gamma has signed on over a dozen artists and creators as partners in acknowledgment of being a creator-first platform that can effectively bring people together around Bitcoin and Web3.
These artists will be compensated by Gamma for their services, which will include a 100 percent share of mint revenues and royalties from the collections.
Strong foundations from the start
Gamma has grown to become one of the most popular open markets on Stacks, with thousands of customers and a loyal user base that makes an average of six purchases every month.
In the next quarters, the platform, which already facilitates the minting of various NFTs via lightning payments, will focus on accepting native Bitcoin through its marketplace. The project’s vision also includes the development of a social platform, which will provide producers and collectors more options to interact with one another and form larger communities.
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