Last year, the DeFi summer led crypto adoption to mainstream attracting bigger players into the sector, this year, the massive adoption of a non-fungible token (NFTs) is the hot cake on everyone’s menu, both crypto enthusiast and non-crypto enthusiast. NFTs which started as a small sector within the blockchain and cryptocurrency industry have witnessed explosive growth, rarely found in any industry sector.
NFTs might be thought of as digital collectibles, the most prevalent NFTs right now are related to things like art, pictures, and video highlights, which the NBA has already embraced. Blockchain technology, the underlying ledger that maintains Bitcoin and Ethereum transactions, is used to track NFTs.
The NFT marketplace is fast evolving, today we are witnessing the rise of Artrade, an innovative gasless NFT social media, and NFT marketplace. Artrade is an NFT platform that allows all creators across the world to use NFT technology. Every user can start creating with his smartphone and enter the new era of digital items as a crypto artist thanks to the NFT live function. With Artrade, anyone will be able to work as a virtual graffiti artist.
How NFT Started And Where We Are Today
With the debut of CryptoPunks, the world’s first “rare digital art” marketplace in October 2017, NFTs first reached the spotlight well before you might imagine. They were just non-fungible tokens back then, with little recognition outside of the blockchain community.
Let’s fast forward to 2020 when 30,000 to 80,000 NFTs were traded on a weekly basis, although this is a minute volume compared to the volume being traded in a week in the first quarter of 2021. It was however a building blockchain to an explosive NFT market witnessed in 2021.
According to nonfungible.com, over $2 billion was spent on NFTs in the first three months of 2021, up 2,100% from the fourth quarter of 2020. Data from DappRadar shows that NFTs generated $1.2 billion in sales in July 2021 alone, accounting for more than half of the year’s total sales volume of $2.5 billion.
Despite The Continued Boom, The Sector Isn’t Without Some Fixable Challenges
While the NFTs are here to stay, high gas fees for completing NFT transactions remain a bane on the industry. To date, OpenSea is the largest originator of Ethereum gas fees, an intelligent analysis from investorplace.com shows that an average OpenSea user spends about $151.93 on each side of the buy and sell on the OpenSea marketplace. This value might be higher during peak transaction cycles.
The high gas factor will unarguably hinder the possibility of an all-inclusive NFT marketplace thereby, driving small players away from the market. It is to this effect that Artrade is rising to the occasion to bridge the gap between the NFT whales and shrimps, by providing an inclusive gasless NFT social media & marketplace platform to cater to both small and big players.
How Arcade Is Revolutionizing The Existing NFT Marketplace
Artrade is a cross-chain platform compatible with the entire existing NFT ecosystem, but significantly faster and cheaper than the others, as it will be built on the layer 2 technology Immutable X.
The scalable and fast Immutable X L2 technology makes Arcade better for both the users and the environment. Artrade is on a mission to become a gateway for both small, big, popular, and unpopular artists to start leveraging digital artworks to expand their brands.
The majority of existing platforms aren’t designed with the end-user in mind, they mostly are built with a complex interface and as such, they are mostly not user-friendly, especially for newbies in the crypto space. Instead designed for professionals and aficionados.
Aside from being a gasless NFT platform, Artrade is fully designed to be user-friendly and well optimized for both Desktop and Mobile users, giving them an unmatched digital experience. In addition to the use of cryptocurrency on the Artrade platform, users will also be able to carry out financial transactions with the use of fiat currencies such as the USD, EUR, etc.
This is a huge upside for Artrade as mainstream and non-crypto users will be able to interact with the digital art platform. According to Artrade, “To reach the mainstream market, Artrade will provide a full package solution for users to pay in fiat and crypto, with an internal wallet and custody function, so that no one will be left behind”.
Artrade NFT platform cares about environmental sustainability and is therefore designed to be carbon neutral. The gasless NFT platform will share a part of the marketplace commissions with its climate change partner to offset the carbon footprint of all NFTs minted on the platform.
The Gleaming Future Of NFTs Is Already Taking Shape.
The first wave of NFTs served as a beta test for Blockchain technology, with a focus on the digital possibilities for art. As new use cases are revealed, indicating extra room for expansion, we are now entering a second, roaring-20s era for NFT adaption. As the industry continues to march to mainstream adoption, Artrade is positioning itself to lead an all-inclusive digital collectible platform for all art lovers.