As the cost of Ether becomes an issue, many artists and content creators are moving to Tezos to start, buy, and trade NFTs (non-fungible tokens). 90% of NFT minting occurs in Ether, and as NFTs become more popular, the Ether network is seeing considerable workloads, boosting gas fees to hundreds of dollars per transaction.
The ethereum network has seen tremendous network activity this year, with a large portion of that activity being NFTs transactions. As more content creators join the NFT movement, more people are joining the network, leading to higher gas fees.
OpenSea is currently the leading NFT marketplace. The platform has generated record sales this year – last month, NFTs traded at $3.4 billion, 10 times more than in July. But as an ethereum-based platform, it has yet to escape network congestion and soaring gas costs.
Many cryptocurrency and DeFi analysts believe that alternative high-performance blockchains could end up owning a significant portion of the NFT market. For example, we have Solanart, Solana’s decentralized NFT marketplace, which is generating record-breaking sales of NFTs. Cardano, founded by ethereum developer Charles Hoskinson, is also supporting NFTs creators with a more flexible, lower-cost, high-throughput platform.
Tezos is another platform where content creators are setting up shop, and Kalamint is Tezos’ NFT marketplace, where we can see several projects being auctioned off, from a few hundred dollars to tens of thousands of dollars. Recently, it was announced that an NFT series on the life of famous American rapper Tupac will soon be available on Kalamint.
Tezos is a Proof of Stake (PoS) decentralized protocol that supports programmability of smart contracts and building dApps (decentralized applications).Tezos is designed to address some of the technical hurdles of today’s blockchain such as low throughput, centralized systems, and high gas fees.
The DeFi community saw the huge potential of Tezos and gave the protocol a successful initial token offering (ICO) in 2017, raising over $232 million, 10 times the $20 million target. These funds were used to accelerate the launch of its main network a year later.
Tezos has its own utility token, XTZ, jokingly referred to as Tez or Tezzie.The token is used to pay fees, bets, and provide voting rights to its holders.XTZ holders can lock in their tokens, become verifiers, and receive rewards and voting rights. Validating blocks in the Tezos network is called “Baking”. Block validators are called Bakers and they need to hold at least 8,000 XTZ which is considered 1 volume of Tez. as a baker, the more volumes you have, the higher the probability of you baking blocks and receiving baking rewards.
Unforgivable tokens are digital assets powered by distributed ledger technology (DLT). These cryptocurrency assets represent unique digital representations that can range from digital wearables and clothing, fashion, and avatars to pieces of land that sell for hundreds of thousands of dollars. While NFTs are currently booming in the market and taking social media by storm, we can trace the first NFTs back to 2017, with the launch of Bitcoin trading cards.
NFTs represent ownership of a unique item. To ensure the uniqueness of the product, each minted NFT is stamped with a standard. 90% of NFTs are minted on the ethereum blockchain using the ERC-721 standard. These standards are smart contracts that track the owner of a particular asset.NFTs have property certificates and cannot be copied like other forms of digital files. Once you buy an NFT, it belongs to you.
Many celebrities are jumping on the NFT bandwagon. We can name some examples such as Snoop Dogg, Steve Aoki, Kings of Leon or DJ 3LAU.They all launched tokenized products such as albums, songs, collectibles, etc. that fall under the NFT category.On July 5, the NFT market registered a record-breaking surge with net sales of $2.5 billion, which, considering that last year only 13.7 million in NFTs, that’s a huge number.
Ether 2.0 is an upgrade to the Ether ecosystem designed to enhance Ether’s scalability, network throughput capabilities, and bring a new gas fee system that promises to reduce transaction costs.
ETH 2.0, also known as Serenity, has been in development since 2014 until this year, when Ether developers finally hinted at a possible unveiling date, which could be by mid-2022 or early 2023. The announcement has filled DeFi and Etherscan with hope for an enhanced ecosystem, and that enthusiasm has been reflected in the amount of ETH locked in the ETH 2.0 deposit contract. According to Etherscan, 7.7 million ETH have been locked up in the network so far, totaling $25 billion.