First Non-Fungible Token Has Been Minted on the IOTA NFT Marketplace

As the IOTA ecosystem continues to grow into desired stature, a report has it that the first non-fungible token (NFT) has been minted on the newly launched IOTA NFT marketplace.

This new development was passed across via the official Twitter handle of the IOTA Foundation a few hours ago. According to the report, IOTA will become the go-to platform for NFT users once it’s launched on mainnet, due to its relatively zero minting fees.

Read Also: IOTA Community Builds Almost Feeless Non-Fungible Token (NFT) Marketplace

IOTA Foundation tweeted, “The first NFTs have been minted on the IOTA NFT marketplace! This marketplace is currently for testing only, but proves that our technology is the future: no transaction and minting fees will soon be the gold standard for NFTs – try it out!”

It can be recalled that Market Tabloid reported that IOTA Foundation’s active community users built an almost feeless non-fungible token (NFT) marketplace, which went live on 13th July 2021 on IOTA 2.0 DevNet.

The report pointed out that the initiative is targeted at providing a truly democratized, green, decentralized infrastructure for trading tokenized assets.

How IOTA NFT Aims To Lead Others

IOTA is coming into the crypto ecosystem with almost zero minting fees, compared to a single NFT transaction on Ethereum-based marketplaces that can simply cost users relatively $200 or more. This has caused the prevention of broader adoption and development as demand for NFT increases on this platform.

Read Also: IOTA Foundation Partners With Trademark East Africa to Provide Solution to Paperwork Challenges

As the report has it, the IOTA NFT marketplace will also allow users to leverage the decentralized IOTA 2.0 DevNet for the first time in a broader use case. Thanks to IOTA DevNet 2.0, NFT creators and traders will not have to pay exorbitant transaction costs.

Also, IOTA’s technology is also giving room to a number of use cases. For instance, tokens can now bear a royalty function, which opens the door of gains for artists any time their works are resold.

As aforementioned, the community-built IOTA NFT marketplace is only available for testing and it promises an accessible and inclusive future for tokenized assets.

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