• NFT for the masses: goodbye to high gas bills and a bland market

  • NFTs are all the rage in 2021. They were first created in 2017 and have become the most popular new technology trend for 2021. Why not? Aside from being an excellent byproduct of cryptocurrencies – NFTs are not cryptocurrencies, but tokens built on the blockchain.

    Cryptocurrencies are tokens on a blockchain, but these tokens are not interchangeable (or replaceable) like cryptocurrencies, but unique or irreplaceable.NFTs are an innovation that can disrupt many areas of the arts. They allow creatives to bring their creations to market without going through a broker, label or gallery. Doing so creates an accurate democratic financial system in the history of the art world, perhaps for the first time. Collectors or investors pay what they are willing to pay for the great art created by artists. In this case, the free market rewards the artist with cryptocurrency, and the collector or investor receives the NFT artwork.

    The utility of NFT is taken to a whole new level in the game. Game features including characters, skins, attributes and perks can be purchased with cryptocurrency and exist as unforgeable tokens on the blockchain. Doing so allows them to be ported to other games and contributes to a secure digital wallet. These are two aspects of gaming that were not possible before. Platforms like GoFungibles, CoinFantasy and others have been gamifying and instilling the above aspects into the game money making space. By gamifying unique DeFi activities like revenue farming and betting on the platform, GoFungibles is built to enhance the liquidity of digital assets and give users access to a wide range of new DeFi options, while providing an intuitive front-end user experience.

    GoFungible is a new, comprehensive DeFi-powered platform for creating, trading, earning and leveraging NFTs with gamified revenue farming, stakes and rewards.Breaking it down, GoFungibles features a cross-fertilization of traditional NFT marketplaces, game-making mobile games and a gateway into the DeFi marketplace. It is also a pioneer in the NFT-backed capital space.

    A significant barrier to widespread use and optimal user experience is often the high transaction costs of creating NFTs. The process of creating an NFT is known as minting and must be digitally signed on the blockchain, which is the NFT.

    Ether was the first blockchain to create an NFT and was built to implement an application layer. It popularized Ether to the point where there are thousands of cryptocurrency tokens on the blockchain.

    The bull market of 2017, 2021, etc. also experienced the rise of DeFi apps and NFT minting on Ether, where artists paid $100 in ETH to mint an NFT. for first-time artists, this was prohibitive. In the US and some countries outside of Western Europe, it has become a huge barrier to most people casting NFTs.

    Therefore, a solution is needed in which the most popular NFT platforms are accessible, the ease of use and popularity of ethereum, but not the high cost of gas. Such a solution needs to be powered by a cross-chain solution that allows full compatibility with Ether, but directly off the blockchain, so the cost can be low.

    GoFungibles uniquely solves this problem. In its upcoming NFT marketplace, the sequence is flipped to create a completely different user experience. In other markets, the sequence is about creating a piece of art, then casting it as an NFT and paying for the gas, then listing the NFT for sale.

    The GoFungibles NFT marketplace allows for free minting and listing of coins. Only a fee is charged at the point of sale. This allows many artists to participate without needing to have money before starting, thus potentially adding billions of users worldwide.

    This is done because of the unique token economics of the GoFungibles ecosystem. Its $GFTS token is built on Ether and uses the Polygon cross-chain solution, which significantly reduces fees. The project then holds a portion of the created tokens in a liquidity pool. It allows the ecosystem to pay for the minting and listing up front, rather than essentially paying the artist. With this ecosystem, when the artist makes a sale, the liquidity pool is repaid. This both supports the artist and creates stable tokenomics.

    NFTs are here to stay, and with multiple platforms and innovations every day, it’s only a matter of time before they are popularized and transformed from a nice to have to have.

    What's your reaction?