Source: Adobe / Focused
The IOTA (MIOTA) Non-fungible Token (NFT) marketplace has started on the IOTA 2.0 DevNet in test mode – it is “almost callous” and is to be completely decentralized.
The IOTA NFT marketplace enables the general public to use the decentralized IOTA 2.0 DevNet for the first time in a broader application, announced the IOTA Foundation. It allows users to test the platform in the current trial version, where the wallet is managed directly on the marketplace website, much like keeping wallets on large exchanges like Binance, they added.
Users can create a free account, claim IOTA 2.0 DevNet tokens through the built-in faucet, and start minting NFTs. MIOTA 1 will be granted after signing up to bid and create NFTs, added nftiota.org.
According to the marketplace website, the goal was to create a very first working version of an IOTA-based NFT platform, adding that with many core features such as smart contracts, identity or a browser wallet still in the works, “we decided To compromise “. all these functions with a central server in order to get started as quickly as possible and to decentralize the functions step by step. ”
The marketplace is expected to change the brand name as well as the corporate design and identity. Central authentication is being replaced by a browser wallet and central bidding is being replaced by smart contracts.
“With the addition of a browser wallet and upcoming smart contracts, the IOTA NFT marketplace will be completely decentralized,” the announcement said.
While NFTs have numerous advantages, current NFT solutions also have major disadvantages – and one of them is certainly the fees, whereby the process of getting the NFT to a buyer is “extraordinarily expensive” according to IOTA. Typically, there is a minting fee, a fee for listing the NFT on a platform, and a platform sales commission, followed by transaction fees.
The new marketplace’s solution is to eliminate transaction fees as there aren’t any on the IOTA blockchain. The process was “almost numb”, it said in the announcement (emphasis added) – so not entirely without Fess, but “significantly cheaper”.
There are minting fees that are “negligible” due to the IOTA Digital Assets Framework, it said, while it is claimed that the IOTA NFT marketplace commission is the only remaining one because “the infrastructure needs to be powered somehow.”
The IOTA 2.0 DevNet (Nectar), the fully decentralized IOTA network that does not require a coordinator (a network protection and transaction confirmation node operated by the IOTA Foundation), was launched in June along with the new Digital Assets Framework.
As reported, the foundation announced the release of pollen in June 2020, the first phase towards its decentralized network IOTA 2.0 and the so-called “coordicide” – the death (removal) of the coordinator.
At 10:15 UTC, MIOTA, number 49 by market capitalization, is trading at $ 0.79 and is down nearly 3% in one day and 4% in a week. The price has also fallen 22% in a month, which has reduced its gains to less than 215% over the past 12 months.
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