Coder and DeFi developer Andre Cronje launched a beta version of a new NFT marketplace on the Fantom network.
The decentralized network Fantom welcomed its newest ecosystem addition. In a blog post on September 24th, the network announced the beta version of its new NFT marketplace, Artion. According to the post, Artion touts open-source coding, fast transaction speeds, and low costs and related-fees.
Cronje is the founder of major DeFi entity Yearn Finance. In addition, in 2020 DeFi Prime named him the “DeFi Person of the Year” for his contributions to the space.
According to information from the Block Research, the DeFi space is the crypto industry’s fastest growing sector. This latest announcement out of the Fantom network combines the NFT boom with DeFi growth.
This new Artion NFT marketplace operates with ERC20 tokens based on the Fantom network. Those include fUSDT, USDC, DAI, and wFTM. As far as FTM/wFTM, the marketplace comes with a built-in swap station to wrap/unwrap these tokens.
Low Fees, High Efficiency
According to the blog post, the marketplace boasts low minting fees, 10 FTM, and 0% commissions on sales. Moreover, NFT creators can arrange for royalties at the moment of mingint and even earn from later sales. This comes as high fees on other networks received scrutiny from regulators.
“Our mission, in short, is to unburden creators of the high-fees and constraints that limit the potential of imagination,” the update reads.
In addition to low fees, Artion has an efficient UX design for fast load time and responsiveness. The coding which underlies the marketplace is open source.
For those with collectibles in other NFT marketplaces, Artion has a built-in Ethereum-Fantom NFT bridge for interoperability. Therefore, Artion is the first cross-chain NFT marketplace. Those in other networks discouraged by high fees and processing times can move their collections to Fantom.
Fantom for the Future
Along with ready-to-roll-out marketplace features, Fantom released a roadmap for future updates to Artion. The road map includes: the creation of ERC-721 or ERC-1155 collectibles and ERC-1155 support and tracking. It also mentioned future support for ERC-2981 and increased ERC-20 payment options. Lastly, Artion plans for an expanded system for email notifications.
The release of Artion is the latest major news from the Fantom network. In late August, Fantom made another big announcement. It unveiled a 370 million FTM incentive program for protocol teams on the network.
According to the Fantom Foundation, this program is in an effort for better alignment of “incentives between users, builders, and the network.” As the DeFi space continues its expansion, innovative platforms will serve the increasing amount of developers and investors in the industry.
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