According to a press release shared with Market Tabloid, IOTA Foundation’s active community has built an almost feeless non-fungible token (NFT) marketplace, which just went live today on IOTA 2.0 DevNet.
According to the report, the initiative aims to provide a truly democratized, green, decentralized infrastructure for trading tokenized assets.
Non-fungible tokens, or NFTs, were all the rage earlier this year, but high fees quickly cooled the public enthusiasm for this new form of digital assets. A single NFT transaction on Ethereum-based marketplaces can easily cost you $200 or more. As demand increases, so do the fees, which prevents wider adoption and stifles development.
The IOTA NFT marketplace also allows the general public to use the decentralized IOTA 2.0 DevNet for the first time in a broader use case.
Thanks to the community and IOTA DevNet 2.0’s capabilities, NFT creators and traders no longer have to face exorbitant transaction costs — apart from a negligible minting fee, kept low thanks to the IOTA Digital Assets Framework, and a commission set by the marketplace’s owner.
Tokenized assets are only beginning to take shape and gain popularity, and IOTA’s technology opens up the field to a variety of use cases. For example, tokens can have a royalty function, which entitles artists to a predetermined royalty payment whenever their work is resold. In addition, NFTs are great not only for selling digital art but also for the burgeoning collectibles market where tokenized assets can maintain reliable proof of ownership and copyright.
Currently available to test, the new, community-built IOTA NFT marketplace promises a more inclusive and accessible future for tokenized assets.