Crypto-finance unicorn Amber Group has partnered with TR Lab to launch a new initiative to help creators access the booming nonfungible token (NFT) market, further highlighting the rapid uptake of digital collectibles in various industries.
The CreatorFi initiative was unveiled Wednesday as a new platform to help NFT creators hit the market faster. This includes receiving infrastructure setup support, including minting, custody and platform penetration testing directly from Amber Group. CreatorFi leverages the expertise of Amber Group and TR Lab to provide users with customizable and end-to-end services for their NFT auctions.
"NFTs are revolutionizing the traditional art world,” said Annabelle Huang, a partner at Amber Group. “Artists can now monetize their work every time ownership of the asset changes hands on the blockchain.”
TR Lab operates its own NFT platform that allows collectors to discover and bid on digital art. The platform was jointly established by Dragonfly Capital, Christie’s deputy chairman Xin Li-Cohen, the founders of Artsy, Shanghai Rockbund Art Museum and ART021 Shanghai Contemporary Art Fair.
TR Lab recently closed its first auction for "Transient Eternity — 101 Ignitions of Gunpowder Paintings," an NFT based on Cai Guoqiang's gunpowder painting. The 48-hour sale closed on July 16 for a bid of $2.5 million.
The continued growth of NFTs has defied a prolonged slowdown in the cryptocurrency market. Even as assets like Bitcoin (BTC) and Ether (ETH) met the technical definition of a bear market, NFT sales continue to grow. As Cointelegraph reported, the audiences of NFT creators don’t seem to care about the price of BTC or ETH, at least for the time being.