NFT for the Masses: Goodbye to High Gas Fees & Bland Marketplace
NFTs are all the rage in 2021. First created in 2017, they have become the most popular new tech trend of 2021. And why not? In addition to being an excellent byproduct of cryptocurrencies – NFTs are not cryptocurrencies but are tokens built on the blockchains.
Cryptocurrencies are tokens on a blockchain, but instead of being interchangeable (or fungible) like cryptocurrencies, these tokens are unique or non-fungible. NFTs are an innovation capable of disrupting many artistic fields. They can allow a creative to bring their creation to market without going through an agent, a label, or a gallery. Doing so creates an accurate democratic financial system in the art world’s history, perhaps for the first time. Collectors or investors pay what they are willing to pay for the great art that the artist creates. The free market, in this case, rewards the artists in cryptocurrency, and the collectors or investors receive NFT art.
In gaming, NFTs take on a whole new level of utility. In-game features including characters, skins, attributes and benefits can be purchased with cryptocurrency and exist as non-fungible tokens on a blockchain. Doing so can make them be ported to other games and help in a secure digital wallet. These are two aspects of gaming that were never possible before. Platforms like GoFungibles, CoinFantasy and more have been gamifying and inculcating the aspects above within the play to earn space. By gamifying distinct DeFi activities like yield farming and staking on the platform, GoFungibles is built to bolster the liquidity of digital assets and give users access to a wide range of new DeFi options while providing an intuitive front end-user experience.
GoFungible is a new and comprehensive DeFi-powered platform for creating, trading, earning and leveraging NFTs with gamified yield farming, staking and rewards. Breaking it down, GoFungibles has a cross-blend of a conventional NFT marketplace, a play-to-earn mobile game, and a gateway for accessing DeFi markets. It is also a pioneer in the NFT-backed capital space.
Significant barriers to broad use and an optimum user experience have often been the high transaction costs even to create an NFT. The process of creating an NFT, known as minting, must be done to make the digital signature that is an NFT on the blockchain.
Ethereum was the first blockchain where NFTs were created and was built to enable an application layer. It popularized Ethereum to the point where blockchain had thousands of cryptocurrency tokens on it.
Bull markets of 2017, 2021 and more also experienced a rise in DeFi applications and NFT minting on Ethereum, with artists paying $100 of $ETH to mint an NFT. For a first time artist, this is prohibitive. In some countries outside the US and Western Europe, it has served as a massive barrier for most of the population from ever minting an NFT.
Thus a solution was needed where the most popular platform to mint NFTs on could be accessed, with the ease of use and popularity of Ethereum, but so the gas fees were not prohibitive. Such a solution would need to be powered by a cross-chain solution that allowed complete compatibility with Ethereum but off the blockchain directly so costs could be meagre.
GoFungibles uniquely addresses the issue. In its upcoming NFT marketplace, the sequence is flipped, creating an entirely different user experience. In other marketplaces, the series is creating a piece of art, then minting it as an NFT and paying the gas fee, and then listing the NFT for sale.
GoFungibles NFT marketplace allows minting and listing for free. A fee is only charged at the point of sale. Doing so allows many artists to participate and not need to have money before starting, thus potentially adding billions of users across the globe.
This is done because of the unique tokenomics of the GoFungibles ecosystem. Its $GFTS token is built on Ethereum and uses the Polygon cross-chain solution lowering fees significantly. The project then holds a portion of the tokens created in a liquidity pool. It enables the ecosystem to cover the costs of minting and listing beforehand instead of essentially giving the artist the bill. With this ecosystem in place, when the artist makes the sales, the liquidity pool is reimbursed. This both supports the artist and creates stable tokenomics.
NFTs are here to stay, and with multiple platforms and innovations each day, they are being made accessible, shifting from a nice-to-have to a must-have sooner rather than later. Please find out more on how projects like GoFungibles are combining the NFT and video game industries by checking them out across the web.
