My cousin Aws Al-Hassani is a landlord, amateur boxer, world traveler, entrepreneur, gamer, eligible bachelor, and co-founder of the NFT start-up Auxiun. With Aws’ passion for entrepreneurial-ship, he earned an MBA from Concordia University’s John Molson School of Business. For as long as I could remember, Aws was a huge gamer. He still has the original NES (Nintendo Entertainment System) and some old Sega’s with hundreds of games between all of his gaming consoles. It was his love of gaming and playing Fortnite that gave him the idea of Auxiun.
In Fortnite and many other online strategy games, you can buy items such as weapons, costumes, and land, however you don’t really own these items. Anyone can buy the same items as you. That is when Aws thought of the creative use-case for NFT’s. NFT’s are Non-Fungible Tokens. Popular in the crypto space, NFT’s allow you to buy and own digital assets, whether it’s the original artwork of Charizard, a musical sound clip, a video clip from the NHL Cup, or the meme crypto cat. People have made millions buying and selling NFT’s.
What is Auxiun?
Auxiun, pronounced Auction, is a media and gaming economics company looking to revolutionize ownership and transactions of digital assets. In short, Auxiun provides an NFT-based blockchain marketplace where digital artists can tokenize their work and list it on the marketplace, earning Auxiun royalties on their transactions.
Auxiun Challenges and the Future
The year 2020 saw the huge rise in interest and investment in crypto. Bitcoin went from $8000 to $50,000. Ethereum went from $600 to $1200. Dogecoin went from $0.02 to $0.40. More and more well-known companies started to invest in crypto. Countries started accepting Bitcoin and other crypto’s as a form of payment. Going into 2021, crypto kept going up even higher as Ethereum saw $4300 and Bitcoin reached over $60k. That is until the perfect storm of announcements caused crypto to drop by 50% – just in the past few weeks alone. Auxiun is launching a time of instability and uncertainty in the crypto market. They will need to convince potential partners that their revolutionary business model and this new blockchain technology is safe and sound.
Luckily, there is a huge market for Auxiun. There are over 2.7 billion gamers world wide. There is $50 billion spent annually on in-game purchase and $160 billion spent on purchasing digital games. Auxiun’s NFT marketplace can solve fraud and theft in the gaming industry while raising funds for small game developers. In the world of art and media, traditional print media is on a huge decline, making it difficult for up and coming artists to get noticed. Auxiun can provide artists and small media companies with a means of promoting and selling their work through NFT’s.
Source: Business Because
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