We’ve been busy behind the scenes here at NFT FM. We have lots of new updates to our roadmap and some news about the payment structure we are adopting going forward.
If you look at the roadmap you will see that we’ve added sections for the upcoming quarters, as well as knocking some of our goals off the list!
To start, artist registration and uploading has been streamlined into a much more efficient flow. Results of this have been dramatic, with many new artists registering each week. Check out the marketplace to see what they’ve been up to!
Secondly, we recently unveiled cross-chain capabilities, allowing artists to mint NFTs on the Binance Smart Chain. We think that this was a crucial move to allow both artists and users to participate without the volatile gas fees on Ethereum.
Coming soon is public user profiles. We know that everyone wants to show off their collection so we’re working hard on releasing this exciting feature.
Lastly, NFT FM’s mission is to provide an equitable marketplace for musicians to create content on their own terms while allowing fans to directly support and be a part of the musician’s success. We have done our best to ensure that our fee is small enough to ensure that musicians are not being ripped off. That being said, we have gone over our financials and are finding it difficult to grow with the current structure. After doing some deep dives into future projections, we have arrived at the conclusion that it is necessary to raise the fee from 5% to 10%. With this change we will be able to continue to develop and grow this platform as well as market it to a broader audience to help artists sell their NFTs. This fee is not retroactive, all previously minted NFTs still provide artists with 95% of the proceeds. This change is being applied to new NFTs minted after artists agree to the update.
