How Canva Can Harness the NFT Boom and Its Unique Opportunities
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Canva recently became one of the most valuable startups in the world when it raised $200 million in fresh funding and at a valuation of $40 billion. The graphic designing giants have reached heights that only a few startups in the world can manage to reach.
An even encouraging positive from all of these is that the majority of its revenue is from recurring subscriptions. Canva is reputable for being a tool for amateur designers and small businesses to design.
It has over 60 million monthly users on its freemium package, while over 500,000 users pay to use its premium packages. Companies like CBRE, Kimberly-Clark, American Airlines, and Zoom use Canva for sales, social media assets, and even human resource presentations.
With the world and the crypto universe’s focus on the boom of non-fungible tokens (NFT), there’s optimism that Canva will take the NFT world by storm.
Will The NFT Market Make Canva Grow More?
Melanie Perkins, CEO of Canva revealed in an interview with StartSmart back in 2019 that while one of Canva's goals is to be a household name, becoming a publicly traded company is “not top of mind.”
The company isn't formally pursuing an IPO nor is it foregoing it but decisions could go either way as things unfold for the successful startup which has enjoyed a great 2021 so far.
As of June 2021, Canva had hit $500 million in revenue for the year and is on track to earn up to $1 billion in profits by the end of December. It has also recorded a milestone of 250 million presentations on its platform. So, what’s next for Canva?
Well, for a start, if Canva’s recent capital raise tells us anything meaningful, it is not to expect the graphic design software company to go public for at least a year. In September 2021, the company announced a $200 million funding round.
With that, Canva is valued at an enormous $40 billion valuation. Canva’s new funding, however, has increased the value of the stakes of its founders in the business. The stakes were previously valued at a valuation of $15 billion as of April.
With its exponential growth and increased valuation, Canva has also set out to reinvent itself while keeping up with its vision to empower the world to design.
Speaking in April 2021, Canva's CEO Melanie Perkins said, "now more than ever, teams and workplaces around the world need scalable, collaborative and easy-to-use visual communication products to empower them to achieve their goals."
Keeping true to that, the platform has gone on to launch Canva Apps, Canva Videos, Design Lab Kiosks, and lots of other partnerships and integrations.
In recent times, there have been talks of Canva foraying into the NFT space and exploiting the NFT boom the rest of the crypto world is enjoying. With a strong team and great marketing strategy, Canva can create the next best NFT platform that both digital creators and NFT art collectors will prefer.
One platform, however, is towing that path already, as blockchain platform Qtum begins its own foray into the graphic design and NFT space.
Like Canva, Qtum Platform is Also Entering the NFT Space
Qtum is a public blockchain platform that is open-sourced and seeks to leverage the security of UTXO. It does this while also permitting multiple virtual machines such as EVM.
Qtum provides an ecosystem and cryptocurrency that streamlines NFT transactions. The platform has recently introduced two new token standards and contract customization to go with its NFT support.
Qtum’s overall goal is to grant easy access to the security of Bitcoin while trying to keep up with Ethereum’s programmability. These are just some of the issues that Qtum hopes to solve.
The platform is proof of stake-based and has a decentralized governance protocol. Meanwhile, the Qtum Crypto Canvas will be testing NFT creation using its Web Wallet. Its testing campaign should run from October 6th, 2021, to November 2, 2021.
Qtum hopes to achieve the goal of users making NFTs on the Qtum Testnet, sending their NFTs to a registration wallet, and posting them on Discord. What’s more, users can also report any bugs they find in the course of the program.
The beginning part of the campaign is scheduled to be a lucky draw for making and sending non-fungible tokens. So every week the campaign lasts, 20 new NFTs for the week will be selected in a lucky draw to receive 1.0 QTUM.
While the second part of the campaign promises to be a bug bounty reporting campaign, participants will need to pay close attention and document bugs they find when they create and send NFTs on the Crypto Canvas. Qtum will give users 20 QTUM per 20 bugs reported for new, reproducible bugs during the campaign.
In a Nutshell
Canva is arguably one of the world’s biggest startups and a leading company in the graphic designing software space. Talks of the future initial public offerings are just one of the many positives for the platform.
Qtum’s Crypto Canva is on the way to being the next big thing in the NFT space. As developers consider a platform change from popular platforms like Ethereum, Qtum is one of the choices that users, including those in the NFT space, will want to explore.
For one, it offers lower fees that they can enjoy and create more quality digital assets without being restricted by prices. More so, Qtum is responsive, and its development environment is set up using a modularized approach.
Besides, developers have vetted the systems, making sure they are compatible with the existing blockchain infrastructure. While Qtum is a network that provides various development resources for building new blockchains, there are high hopes for the platform when it comes to its foray into the NFT space.