From just a fringe project on Ethereum in 2018 to being on the news every day in 2021, NFTs have exploded in the mainstream like never before.
Celebrities from Eminem to Emily Ratajkowski and from Dez Bryan to Reese Witherspoon have come on board with NFT projects. Beeple and FEWOCiOUS broke records, made millions, and ushered in a gold rush. Waves of digital and traditional artists started selling NFTs on online marketplaces.
Many cryptocurrency traders followed. The market even continued to grow during a mid-year downturn for cryptocurrency and it exploded as the cryptocurrency markets grew in size.
At the center of this vibrant new ecosystem are NFT marketplaces.
NFT marketplaces
Some of the top NFT marketplaces include OpenSea, Super Rare, Rarible, Foundation, and MakersPlace on Ethereum. Hic Et Nunc is the leading NFT marketplace on Tezos, while Solanart and SolSea are the top marketplaces on Solana.
This is a vast market. Some of these marketplaces, 19 in fact, saw over a million dollars in monthly sales. OpenSea sees over two billion dollars per month in sales. This is massive since many of these marketplaces didn’t even exist a year ago. But as goes with new technology and new platforms, all is not perfect for the newly onboarded users.
There are numerous barriers to an ideal user experience for artists and blocks to onboarding even more users who can be successful. One of the most significant issues is gas fees, both total cost and the prices to even start.
GoFungibles: A new NFT marketplace
Enter GoFingibles, a blockchain-based ecosystem. GoFungibles houses a video game platform and is powered by its cryptocurrency token, $GFTS. $GFTS are ERC-20 tokens built on Ethereum using the Polygon sidechain solution.
In addition to the above GoFungibles, it doubles as an NFT marketplace. GoFungibles will tap into the sectors of NFT creators, cryptocurrency traders, decentralized finance, and Play-To-Earn gaming. Building in features that allow for each of these elements to dovetail smoothly one with another and thus create an immersive ecosystem.
How do GoFungibles solve the issues of gas fees in general and start-up costs?
In two ways:
- The first of these is through being minted on the Polygon network; gas fees are significantly lower. At the same time, Polygon is an Ethereum sidechain so that the platform can access the total value of the robust Ethereum network.
- The second way that the GoFungibles NFT marketplace will help is perfect for new artists starting. Most of the significant NFT marketplaces do not have this feature. It is called Lazy minting. Instead of paying $50 or even $100 or more upfront to mint an NFT, the artist only pays a fee when the NFT is sold. This feature makes it easier for new artists to get started.
Where an artist has their art as an essential side hustle or their full-time profession, economics and high fees are a critical consideration. GoFungibles seeks to attract top-tier artists and the collectors, investors, and traders that go with them but make it easier for those artists to start and operate. So they can focus on what they love – creating art, not on timing the market on gas fees.
The GoFungibles team is confident this can bridge these worlds in a superior user experience that will be popular with artists worldwide.
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