Friday, September 24, 2021

IOTA NFT Marketplace Records Thousands of Bids and 508 Minted NFTs in First Week of Testnet Operations

There has been a remarkable growth in the IOTA non-fungible token (NFT) marketplace over the past week.

According to a report shared via the official Twitter handle of IOTA NFT Marketplace, within a week of commencing operations on testnet, thousands of bids have been recorded.

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

In a tweet on 19th July 2021, the NFT Marketplace pointed out the adoption of the product has been surprisingly vast in the NFT ecosystem.IOTA

In just the first week of its testnet operations, a total of 966 users’ accounts have been registered and verified on the IOTA NFT Marketplace.

According to the report, 273 digital artists minted and deployed their artworks to the mechanism of the NFT Marketplace. Also, a total of 508 NFTs were created and available for purchase for users on the marketplace. The report added that hard work is ongoing to add new features to the marketplace for needed improvement.

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

IOTA NFT Marketplace tweeted, “After a week, here are some statistics from our IOTA-based NFT Marketplace. Users: 966. Creators: 273. Created NFTs: 508. Successful Biddings: 3700.”

In response to the progress recorded by the NFT Marketplace within a week, the co-founder of IOTA Foundation, Dominik Schiener, termed the team’s hard work as amazing.

At the moment, IOTA is being viewed as the best platform for minting non-fungible tokens due to its relatively feeless operations.

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

Unlike other platforms, including Ethereum, where it costs a lot to mint an NFT, the cost of minting NFTs on IOTA is relatively zero. However, the NFT Marketplace is still running on testnet, IOTA is expected to become the go-to platform for NFT enthusiasts once it’s launched on mainnet.


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Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

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