For novice investors in the blockchain space who find themselves overwhelmed by the torrent of information and have little time to sift through it, social trading platforms can be a boon.
Social trading platforms allow users to interact with and learn from one another as well as replicate someone else’s successful trading strategies. German fintech firm Naga Group introduced its Web 3.0 exchange NAGAX, focusing on cryptocurrencies, with a built-in NFT platform.
The app, which combines social media and crypto, went live on Mar 7 and has a crypto copy trading feature. The company revealed that it will be introducing a host of NFT features including NFT staking through NAGA Earn, which will allow users to mint their content into NFTs that can be monetised.
The all-in-one social trading platform that enables users to trade crypto and NFTs has big plans for the NFT element on the platform. Following the live debut of NAGAX, We speak to CEO Benjamin Bilski to find out more about the other exciting NFT features the app will be rolling out to users.
Please tell us about yourself and the story behind NAGA Group.
Hi, I’m a German former professional swimmer and the CEO of NAGA. Back in 2015, I co-founded NAGA Group AG with a goal to make the investing process more beginner-friendly than it was on most of the trading platforms back then. NAGA is like Facebook in the trading industry. We aim to cover a wide range of investors’ needs in one place so they don’t need to operate on several platforms at once.
You open just one account, and you can communicate with more than 1 million users, copy their strategies, hold real stocks and crypto, pay for anything around the world with a NAGA Card, participate in fun events and educational seminars, get free education, and win awesome prizes in trading challenges and giveaways. We believe the social aspect just makes trading so much better.
How and when did you get into crypto and NFTs? Where did you hear about it in the first place?
I was aware of NFTs before it blew up in 2021 with all the crazy valuations of meme and art NFTs, and when it happened, it was a certain validation that we need to develop in that direction as it’s clear it will only emerge into a much, much bigger market.
Why has NAGA Group decided to incorporate an NFT platform into NAGAX?
I believe NFTs are the new step towards mass crypto and blockchain adoption. They’re a very easy-to-use form of blockchain technology, and present a more of an “entertaining/art” form, rather than a financial one. NFTs also combine varying age and social groups, and target more people like art collectors, sports fans, etc rather than just those who pursue monetary return on speculative assets.
Will the NFT platform also have a copy trading feature?
Yes, it’s coming soon and will be the first-of-its-kind feature in the financial industry. We will also explore the fractionalization of NFTs so that you can invest jointly with others and co-own valuable NFTs.
Which countries will NAGAX be available in?
We will be mainly focusing on Europe, Asia, Middle East and Africa.
When will the NFT features be rolled out on the platform?
The NFT platform itself in the next week. The features will then be rolled out one by one.
How do you plan to scale NAGAX?
We will invest aggressively in direct marketing, partnerships and affiliation. There are many opportunities on the B2B side. We will start listing popular and new projects on NAGAX, as well as facilitating large-scale IDOs via NAGAX Launchpad which is currently under development. Token/coin promotion is also an option for other businesses/projects. Later on, we will be able to assist other exchanges and platforms with providing liquidity.
What kind of role is NAGAX playing in the current state of the NFT market?
NAGAX will be a first-of-its-kind platform that mixes the social trading aspect with NFTs. Currently, no other platform online provides such an experience.
What does the roadmap look like for your company? What should the average user expect to see from you?
Our current aim is the launch of NAGAX, and following it we’ll work on an on-chain social trading feature, as well as other amazing features – staking across a wide range of assets for reward generation, IEO Launchpad for amazing and promising projects, and much more. So, users will get more and more out of NAGAX in the near future, and we will continue developing new advancements all the time.
Where do you think we could see NFTs in the near future?
I think the major bull case could be for betting, gaming, and everyday services, such as the purchase of plane tickets, real estate deals, and any other sector that involves deals and where the process could be made way easier.
Any other NFT-related industry issue you would like to talk about?
I believe that NFTs are the door opener to the mass adoption of the crypto space. We are just getting started and everything that creates a comprehensive context for users like an art piece, music etc helps them to understand the space and its advantages.
Digital assets are the absolute future and we see this with every day of working with our teams and serving our clients. The interest is so huge that we can definitely state that we are very very early!
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