IOTA: 450,000 NFTs moved to Shimmer – 4 NFT marketplaces you should know before Sep 28th

  • NFT marketplace Soonaverse is testing the migration of 45,000 NFTs to IOTA’s Shimmer platform.
  • The Shimmer network development is encouraging more NFT marketplaces to join the IOTA platform.

As IOTA’s staging network Shimmer prepares for a launch next week on September 28, there have been some interesting developments already on the platform. Adam from Soonaverse has been testing the minting of the NFT collection on Shimmer. The team is planning to migrate nearly 450,000+ NFTs to the Shimmer platform.

In the latest update, Adam noted: “Minting of collection on #Shimmer and its NFTs on #Soonaverse is being tested! Time to migrate 450’000+ NFTs on the platform! 90’000+ of them sold and owned!”

One of the Twitter followers asked Adam how they handle the storage deposit. Responding to it, Adam said that the creator of the NFT collection has to pay for the storage deposit. He added:

If the creator choose to mint on Shimmer, they will have to cover the storage deposit. They’ve receive funds for it when NFTs were purchased. Creator is gifting the storage deposit. We decided to take this approach otherwise we would have to introduce additional step where NFT owners would have to claim the NFT (they supposedly own). It would be terrible UX. It would also result in many unclaimed NFTs forever.

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The Soonaverse platform allows communities to build NFT marketplaces, decentralized autonomous organizations (DAOs), projects, companies, etc. by leveraging the feeless infrastructure of the IOTA network.

Shimmer is a Layer-1 innovation network that seeks to push the growth of feeless and highly interoperable digital assets. The Shimmer staging network also serves as the validation ground for different innovations geared toward the IOTA network.

IOTA’s four major NFT marketplaces

The IOTA blockchain has been working on its native NFT ecosystem. Let’s take a look at some of the top four NFT projects currently running on IOTA.

  1. Soonaverse: As said Soonaverse is a decentralized platform for communities facilitating the quick and easy setup of DAOs. The Sonnaverse has successfully created its own IOTA NFT marketplace and is ready for migrating 45,000 NFTs. The key features of the Soonaverse NFT marketplace include timed auctions, collections, integration with DAOs, price history, etc.
  2. Pylon: this is another IOTA-based NFT marketplace that comes with different features like several listing options, collections, and minting tools. However, Pylon has yet to share the timeline for the launch.
  3. TangleSea: TangleSea will be the first decentralized exchange (DEX) to be launched on the IOTA blockchain network. This platform will deploy on IOTA’s assembly network by the end of 2022. TangleSea seeks to provide similar features to other projects in the DeFi space. It will have basic trading features as well as a community DAO dubbed Tabgle DAO.
  4. ShimmerSea: This is a sister project of the TangleSea team. The ShimmerSea DEX will rest on IOTA’s Shimmer network and is likely to be launched before TangleSea.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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