- The IOTA NFT Marketplace aims to solve the existing challenges of other NFT platforms like a high-fee structure.
- Access to the test version of the IOTA NFT marketplace is now available as users can create free accounts on the platform.
IOTA, the open-source distributed ledger and IoT-specific blockchain platform, is now diving into the world of NFTs. On Monday, July 12, the IOTA community announced the launch of the IOTA NFT marketplace.
The launch happened on the IOTA 2.0 DevNet illustrating the future of digital assets and NFTs that are accessible to all. IOTA notes that its feeless protocol helps it to deliver the right NFT infrastructure while solving some of the existing limitations of the NFT market.
Non-fungible tokens have created a massive rage in the crypto space over the last six months. Besides, the market has witnessed NFT sales worth Millions-of-dollars in a short time. As the name suggests, non-fungible tokens help in the unique representation of assets. This could be anything like a piece of artwork, videos, images, etc.
Thus, NFTs are basically cryptographic tokens representing something unique in a digitized form. In today’s world, anything can be digitized and represented as an NFT. While NFTs have seen major market acceptance because of their value proposition, IOTA thinks that there are still many drawbacks.
With the existing setup of the NFT market, getting the NFTs to the buyer is very expensive. It involves high-end costs like the minting fee for creating the NFT, platform listing costs additional, then comes the commission on sales by the NFT platform, the actual transaction costs on the blockchain, and many more.
With its efforts, IOTA wants to get rid of the fee-based architecture thereby boosting business adoption as well as the use of IOTA technology. The goal is to support smaller independent artists who can’t afford such steep fees. This is especially true for NFTs hosted on the Ethereum blockchain where the transaction fee is very high.
IOTA NFT marketplace – futuristic, fast, and feeless
The IOTA NFT marketplace comes with a promise of a more accessible future for NFTs. IOTA has ensured that all the transactions on the network are feeless.
At the same time, the IOTA Digital Assets framework makes sure that minting fees are negligible. However, like other NFT marketplaces, IOTA also keeps commissions intact for the NFT marketplace, in order to power the infrastructure.
— IOTA (@iota) July 12, 2021
Overall, the IOTA NFT marketplace seeks to reduce the entry barrier for market participants making it relatively cheaper than others. Access to the IOTA NFT marketplace is currently available in the test mode only. In the test version, the IOTA NFT marketplace directly manages the wallet. This is similar to some of the major exchanges managing their client wallets. The official announcement notes:
We are stunned by how fast the IOTA NFT marketplace has been realized. Only a few weeks following the launch of our DevNet, they have already built an impressive test version of their future product. We are proud to have such an amazing ecosystem that works with us to achieve a more open, trusted and accessible DLT environment.
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On the official website, users can create a free account and claim their IOTA 2.0 DevNet tokens through the integrated faucet and mint their NFTs. The process is free, fast, and absolutely straightforward. As part of the broader use case, the general public can also access the decentralized IOTA 2.0 DevNet.
IOTA has been undertaking other big projects as well in the market. Earlier this month, IOTA joined hands with Trademark East Africa to facilitate paperless trade in East Africa.