Tezos, the decentralized smart contract platform and Ethereum competitor, announced that its first NFT platform would be launching on-chain.
The Tezos platform is called Kalamint and will launch next month. Like many NFT alternatives currently available on Ethereum, Kalamint will allow users to mint (create) their own tokens and sell them.
NFTs, or nonfungible tokens, refer to unique cryptographic assets that can’t be exchanged for others. A beta version of Kalamint has been sent to users for feedback and smart contract testing.
Rise in Non-Fungible Tokens
With the rise in Decentralized applications (Dapps) and Decentralized Finance (DeFi), it’s not surprising to see digital collectibles make their way onto the scene.
Although non-fungible tokens can represent any unique digital asset like stocks, bonds, real estate, fractional ownership, and more, in this case, it will represent mostly art and digital collectibles.
This market is not nearly as big as the DeFi market, but collectible NFT’s have been growing at a steady pace along with the rest of the crypto ecosystem.
Recently, famous digital graphic artist, Beeple, sold a 2020 NFT art collection for almost $800,000. NFT marketplaces have experienced a notable rise in transaction volume and overall growth.
There are various innovations taking place in the non-fungible token space. Take the recent implementation of selling influencer tweets as one such example:
Tezos: A New Type of Collectible
Thanks to the Valuables platform by Cent, users can now buy and sell tweets on the blockchain. The creator will verify they are the owner of this unique and bizarre new type of collectible.
As seen above, Grammy award-winning musician RAC explained that he just sold a tweet to a fan for $50 worth of ETH, something that would have probably been unimaginable just one year ago.
The current highest offer for a tweet (currently not accepted by its creator) is $7777.77. The tweet in question? Elon Musk stating, “One word: Doge.”
NFT’s started with CryptoKitties, but the space has grown to represent a much wider niche that continues to evolve. Almost all NFT transactions take place on the Ethereum network. So, how will a Tezos based-platform compete with a well-established player?
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