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The cryptocurrency market has entered a bullish phase, which has also impacted the non-fungible token (NFT) sector. Since the beginning of the year, NFT trading volumes have increased by almost 30%, with a peak in token sales occurring in March of this year when creators sold over $400 million in NFTs. Today, the sector continues to grow steadily and develop, creating new opportunities for collectors and creators of unique tokens. Thanks to new technologies, users can now not only buy and sell NFTs but also exchange them for other tokens, transferring ownership rights. Let’s explore how this works and why this feature can be useful for collectors and artists.
Not Just Business, but True Art
LovePower Marketplace is the first and unique marketplace of its kind, creating fundamentally new approaches to NFT trading. Initially, the project was conceived as a closed community of artists and collectors seeking to help the development of digital art. The concept is based on the idea of patronage and supporting young and promising creators capable of revolutionizing the contemporary art market.
“It started as a small group of creators from Europe and the US. They really liked the idea of the platform, and they actively supported it: they created paintings, turned them into NFTs, and actively promoted the idea of digital patronage among their community. Within just a year, Love Power grew from a group of activists into a global initiative with thousands of community members worldwide,” said one of the company’s founders.
At that moment, the project team realized that Love Power was not just a community of enthusiasts but one of the largest groups of artists and collectors ready to work and create their art for the benefit of humanity. That’s when the idea of monetizing artists’ creativity and directing part of the funds to a special supporting fund emerged, which supported young artists.
“We created our fund and held a special lottery. LOVE token holders could win special cash prizes, which were generally used to support aspiring artists and for the personal goals of the winners. More than a thousand community members participated in our lottery. We are now preparing for the next draw,” said the founders of Love Power Marketplace.
The primary goal of the platform is to connect artists, collectors, and traders on one platform while creating the most favorable conditions for buying, selling, or exchanging NFTs.
P2P for NFTs: Have You Heard of This?
Currently, Love Power Marketplace offers services for buying and selling non-fungible tokens (NFTs) from its own collection, as well as collections from other creators. Purchases can be made with LOVE tokens, which are the internal currency for the entire ecosystem.
“A portion of the funds from token sales is automatically directed to a pool from which lottery rewards are formed. Thus, the more sales, the larger the prize pool and the higher the chances of winning. This is how we maintain community activity and support the creativity of our partners,” the company explained.
Soon, the project team will launch its own P2P exchange, allowing NFT holders to exchange them by transferring digital rights and sending the token itself.
“The system is both simple and complex at the same time. We’re currently working on implementing the P2P exchange to help users trade NFTs and make money from it. This feature doesn’t yet exist in the market, so we’re essentially pioneers in this regard,” said a representative of Love Power Marketplace.
To exchange non-fungible tokens, user A must post an offer on the platform, specifying the token name, the blockchain on which it’s created, its rarity (if applicable), and the purchase price. Meanwhile, user B can also offer an NFT for exchange, providing the same information.
The system then operates like a typical P2P process. User A sends their token to user B’s wallet, and after receiving the NFT from the second party, user B’s token is sent to user A’s address. In this case, Love Power will act as a mediator and guarantee the transaction, but the actual exchange happens solely between the two parties.
“We decided to modernize the well-known peer-to-peer exchange mechanism by adding elements of digital rights transfer. We essentially created a unique service that helps popularize digital art and opens new boundaries and opportunities for collectors and artists,” the company stated.
The advantages of the P2P platform are:
- Simplicity and high-speed exchange
- Ability to exchange NFTs created on different blockchains
- Opportunity to earn by selling, buying, or trading tokens
The founders claim that the P2P exchange feature will be implemented by the end of the year. For now, the team’s focus is on supporting the LOVE token and further developing the marketplace.
LOVE Token: What Is It For and How Much Does It Cost?
The native LOVE token serves as the internal currency on the Love Power Marketplace and can also be used as an investment asset.
“Users can pay for any operations and purchases on the marketplace using LOVE tokens. This is cost-effective and convenient because it’s available for buying and selling on Uniswap, and soon it will also be listed on one of the centralized exchanges (CEX). We’re currently in talks to expedite this listing,” the project team explained.
Today, the LOVE token is priced at about $7, and this figure is steadily increasing. Since the beginning of the year, the token has seen three times its all-time high (ATH), and the number of token holders has almost doubled. The creators say this is just the beginning, as the company hasn’t yet run active marketing campaigns, focusing solely on developing the marketplace’s functionality.
“I think that by the end of the year, the price of the LOVE token could reach $10, especially after listing on a CEX. This proves that the token not only has clear utility within the platform, but it can also be used as an investment and trading asset,” says the company’s manager.
You can purchase the token on the Uniswap platform
Conclusion
Love Power Marketplace is a fundamentally new platform with a token exchange function that can bring about a true revolution in the NFT market. However, the project’s creators focus on social value and the development of digital art and supporting creative people rather than solely financial profit. The company will soon announce some significant collaborations and list its native token on a CEX. Stay tuned for company news to avoid missing out. More information is available here.
