The non-fungible token (NFT) market is currently experiencing exponential growth. Tokenization of numerous assets is fast becoming common practice. What we are currently witnessing is history in the making within the digital asset movement.
NFTs can be anything from artwork to memes. These are essentially unique items that cannot be replaced with something else. NFTs are a one-of-a-kind digital asset that can be purchased and sold but have no fungible form.
While NFTs take multiple digital forms, currently the most sought-after use for this tech is to sell digital art. Traditionally, fine artworks are sold through auctions or private purchases. This concept has been transformed digitally, where people can purchase and collect these assets through NFT trading.
The allure of NFTs as a whole is that they are created to be completely unique and irreplaceable. The artist, like with a physical piece, can retain the reproduction rights and copyright though. Human beings are drawn to rare things, we have a fascination for things deemed unobtainable. From the fashion industry to hardware, we all want what is perceived as the next best thing.
The easiest way to get involved in NFT trading is to find a dedicated marketplace or app and search for an NFT that is up for sale. It can be argued that the complexity comes in choosing a marketplace as the focus of their offering and the benefits available vary greatly. You really need to know what it is you want to purchase before choosing a marketplace to enter.
Hot on the heels of this, is the development of NFT marketplaces and more notably, the onset of cross-chain technology within an NFT marketplace. The digital asset space as a whole is permanently evolving and shaping the future of how we mere mortals will behave in the space of NFT trades in the future.
Technological developments such as decentralized, cross-chain technology within an NFT marketplace, may feel like a mouthful, but it is actually a revolutionary way to keep up with the rapidly increasing growth rate of NFTs as a whole.
TriumphX, a cross-chain NFT marketplace, has launched its beta version. TriumphX describes its main goal, which is to “create a highly liquid decentralized market that enables users to trade NFT tokens that exist across various blockchains with the highest security and transparency.”
In April 2021 TriumphX launched a beta version of Sole-X. The goal: to make the world’s blockchain-based NFTs tradable in one marketplace.
Through this, TriumphX is one step closer to having their ambitious goal become reality.
Cross-chain technology in the NFT marketplace
Cross-chain technology has been described as an emerging technology that allows value and information to be transferred between various blockchain networks.
According to TriumphX, Sole-X has been developed based on Kakao’s blockchain network Klaytn through Orbit Chain. This cross-chain platform aids interoperability across various blockchains such as Bitcoin, Ethereum, Klaytn, and more. This means that traders can trade in the market with coins and NFTs formed on other chains.
Orbit Chain is the world’s first decentralized open inter-blockchain communication (IBC) platform. According to TriumphX, Orbit Chain aims to reattach the fragmented ecosystem in order to solve problems of liquidity in independent chains, which is in line with Sole-X’s vision.
Cross-chain NFT marketplace vs. standard NFT marketplace
A standard NFT marketplace allows for single transactions, where Sole-X’s purpose is to allow for free transactions between all chains.
Sole-X is a fully decentralized cross-chain NFT marketplace
Sole-X encompasses multiple NFTs and other digital collectibles. Based on TriumphX’s cross-chain bridge, Sole-X is a decentralized cross-chain NFT marketplace. Traders can dabble in the exciting world of NFTs easily and conveniently through this platform.
Sole-X is currently able to support transactions with two chains, three wallets, and four coins. Users are able to access an array of top-quality NFTs with minimal barriers to entry within the platform. Convenience is a core characteristic of Sole-X.
Sole-X supports the upload of NFTs based on Ethereum and Klaytn. Wallets that can be connected to Sole-X include Ethereum-based METAMASK and Klaytn-based Kaikas and KLIP. Transactions are available in TriumphX’s coin, TRIX, in ethereum (ETH), klay, and tether (USDT).
Trading in Sole-X
To trade in Sole-X, users need to deposit assets in Sole-X by connecting their wallet-deposit to Sole-X. Through this process and the bridge function, other NFTs or different chain-based coins are then converted into Klaytn-based assets.
Sole-X explains that the reasoning behind this is to remove the inconvenience of purchasing various chains of wallets and coins when transacting NFTS on various chains. All chain-based NFT transactions are possible though, even if you only have one of the available coins.
The second reason users have to convert to Klaytn-based assets is because of the fee and to ultimately save on comissions.
Payment fees are free currently in Sole-X’s beta version. However, platform fees and the payment fees in the existing Ethereum chain-based large NFT marketplace are quite pricy. The Klaytn-based Sole-X beta version supports swift payment speed and free payment fees in comparison to the expensive Ethereum gas fee and relatively relaxed payment speed.
Sole-X also offers a secure auction system where users can escrow the desired auction price when active in an auction and deposit money directly to the seller if their bid is successful.
Essentially, the highest price participants bid is escrowed. These escrowed tokens are then transferred to the seller’s Sole-X account once the bid has been successful. This in turn prevents transactions that may be unreliable, such as the seller not receiving tokens despite the success of the auction.
Ready, set, launch for NFT publishers
In the first week of Sole-X’s launch, 3,500 people visited the site. The fast entry into the NFT market within a short period of time created a big buzz within the industry.
Sole-X will be hosting a launch event for NFT publishers soon. The event, which was originally meant to take place on May 9, 2021, has been extended to May 31, 2021. To celebrate their official launch, Sole-X will select and list 30 NFT publishers for their platform.
For the first month, NFT publishers will earn 100% of their commission as Sole-X is waving their commission fee. What’s more, is that NFTs will receive free PR linking to TriumphX ‘s community through promotional packages. NFTs will also be visible through banner ads on the platform for five days.
How to get selected as an NFT publisher
NFT publishers can reach out to Sole-X and apply via email. A description of the NFT needs to be included within the mail. Sole-X is taking the first 30 applicants that meet their criteria on a first-come, first-serve basis. To apply to the event contact Sole-X at firstname.lastname@example.org Sole-X is also actively seeking out NFTs on Twitter so you can also reach out to them here.
Sole-X in all its glory
What we’re seeing with Sole-X is history unfolding. From the user experience to the cross-functionality and the convenience and safety of trades within the marketplace, backed by pioneering technology, traders will without a doubt thoroughly enjoy engaging on Sole-X, whether as a buyer or a seller.
TriumphX is pioneering a shift in the digital asset market through the innovation that is Sole-X. Holistically, this cross-chain marketplace is solving issues for the entire community, benefiting those looking at purchasing, collecting, or selling NFTs as well as the creators themselves.
The ambition of this technology is something all industry players should be celebrating. Buying NFTs has never been more seamless, accessible, and convenient.
The entire marketplace has been formulated with the user in mind. So much so, that the original launch date was pushed back to ensure everything is user-friendly and that transactions would be convenient and unproblematic.
First-time traders have also been kept in mind throughout the design process. With convenience at the forefront of this technological development, the environment Sole-X has created makes using the platform a fine experience. There is nothing overly complicated or intimidating about buying, negotiating, or auctioning in this marketplace.
Additionally, by extending the launch date for NFT publishers, Sole-X is keeping the community front of mind. Publishers who are entering into the market have more time to pitch their idea as best they can and score an invite to the launch. What’s also worth noting is the waving of commission fees for the first month and the visibility TriumphX is offering. Both of these are a real leg-up for NFT publishers.
Utilizing Orbit Chain’s technology was an ingenious decision. The architecture here serves a plethora of blockchain projects to connect in one ecosystem. The decentralized IBC protocol ensures the safety of transactions of blockchain assets. This is arguably the most important feature of any digital asset transaction and something Sole-X can take serious pride in.
By converting deposits to Klaytn-based assets, Sole-X is tackling issues pertaining to trading as a whole. Sole-X has created a solution for high gas fees, speed, and concerns of liquidity.
Being a decentralized cross-chain NFT marketplace is as ambitious as it gets. Change is synonymous with anything crypto-related and Sole-X is just one shining example of this.
Sole-X is shaping the future of how users will trade within the NFT space. It is both exciting and revolutionary.
For more information on Sole-X, visit: https://sole-x.io/home.