IOTA's Feeless NFT Marketplace Goes Live On TestNet
IOTA has announced that their community-built NFT marketplace is now available for public tests on the IOTA 2.0 Devnet.
Following the launch of the marketplace, IOTA users will be granted access to dozens of digital collectibles designed by 16 artists. Available collectibles on the market are set to be auctioned off with IOTA tokens in the coming weeks.
IOTA & The NFT Industry
Over the past few months, Non Fungible Tokens (NFTs) have solidified their presence in the industry as a valid form of digital artwork, with the value of the entire network adding up to over $2 million.
Several influential individuals and institutions have jumped on the trend of NFT creation and collection. However, NFT deals do not come cheap, and the significantly high costs make it rather difficult for your everyday artist to be a part of this remarkable innovation. One example is the Ethereum blockchain on which NFT transaction costs are rather pricey.
Compared to existing NFT marketplaces, IOTA's marketplace has one majorly distinctive quality: their Tangle network design provides clients with access to their services with very low fees.
The network charges a commission each time an artist makes a sale but the process of creating NFTs is completely free. The Tangle network also comes with high energy efficiency, and speed: another feature that makes for an effective selling point.
Why Launch An NFT Marketplace?
When the news about a feeless IOTA NFT marketplace became more than a rumor earlier this year, it was not entirely a surprise. The IOTA Team had always suggested it; flaunted it; courted the idea.
IOTA developed its NFT marketplace hoping to give NFT enthusiasts and upcoming artists an easier way to enter the fast-growing NFT industry. The team says their marketplace is futuristic, fast, and feeless.
A release from IOTA explains the push behind their novel project:
“The current process of getting your NFT to a buyer is extraordinarily expensive. Usually, a minting fee for creating the NFT is attached to the process, listing it on the platform costs an additional fee...Smaller, independent artists cannot afford these steep fees and are thus excluded from participation in these new markets and ultimately from selling their digital artworks.”
In a short time, more developments will come to IOTA's feeless NFT Marketplace, as the team hopes to make IOTA the de facto home of the promising NFT industry.
IOTA has expressed their intention to make the test version, which currently utilizes a centralized bidding system, totally decentralized through the inclusion of smart contracts and a browser wallet. For no fees at all, IOTA users can register and obtain IOTA 2.0 tokens and mint their NFTs on the official website. IOTA's NFT marketplace payment structure will be based on mainnet MIOTA tokens.
Other than the current brilliant milestone, IOTA has also recorded impressive deals in recent times, including a collaboration with Leica Biosystems in June and a Partnership with Trademark East Africa.
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