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Dept launches open-source platform for creating an NFT marketplace

As NFT’s grow in popularity, Dept’s new platform makes it easier for brands to get involved

Georgie Moreton

Assistant Editor, BITE

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A few months ago the acronym NFT meant very little to most, but now NFT sales have soared 20-fold within a year, from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021, making it impossible for brands to ignore.

In response to this growth, digital agency Dept has launched the first open-source, white-label solution for launching an NFT marketplace, built on top of the Algorand blockchain. 

The NFT marketplace, called AlgoMart, will make it easy for brands to build and launch their own NFTs in a matter of days. Thanks to open-source, modular tools, simplified interactions with the blockchain and integrated payment solutions from Circle, brands can make use of the platform and be a part of the NFT trend that appears to be here to stay. 

“NFTs exploded this year as many of the world’s top brands realised the role the digital assets can play in a diverse set of applications. A missing component, however, has been a straightforward way to launch a marketplace to leverage the benefits of these unique digital assets,” said David Markley, director of business solutions at Algorand. “Algorand is an attractive infrastructure on which to launch these marketplaces as it is eco-friendly, scalable, and offers inexpensive transaction fees. I am excited to see Dept recognise the opportunity and launch its state-of-the-art platform that removes complexity for brands to more fully incorporate NFTs into their businesses.”

There are many ways in which brands can harness the power of NFTs. By leveraging technology such as blockchain-based NFTs brands have the ability to create intimate and evolving relationships with customers but so far the options available use technology that requires a fixed experience beyond the brand’s control.

To fully give the power to brands, Dept’s marketplace lowers the barriers to entry, allowing brands to take charge of their digital assets and how their users engage with them. The open-source project provides core modules that can be used easily to create new models and experiences, whether it’s engaging with customers through auctions for digital collectables, creating NFTs to engage with gamers in the metaverse, offering something redeemable in the real-world or blending physical and digital experiences. 

“NFTs open up avenues for all consumer brands to innovate in new and meaningful ways,” said Jesse Streb, Global SVP for Technology and Engineering at Dept. “People want to engage with digital ownership and digital collectables. NFTs represent better monetisation for creators and a more intimate connection with consumers, all while providing more financial utility to the owners.“At the end of the day, it’s a fundamentally better distribution method that brands can leverage to generate new and increased value.”

The new marketplace allows brands to get started more and the integration with Circle helps companies to remove the complexities of creating and managing wallets, so users can pay with a credit card or bank account like any other ecommerce transaction. 

As NFTs continue to grow larger, now is the time for brands to get involved. Dept’s latest offering simplifies the process, helping brands to learn and explore the opportunities that NFTs can bring. 

“Our NFT marketplace provides a more flexible, energy-efficient and usable infrastructure for brands to be able to take advantage of the massive opportunities that exist within NFTs.” added Streb.

To learn more about AlgoMart and launch your own NFT marketplace, please click here

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