Tezos NFT Marketplace Explained
Though a central hub for developers, the exorbitant cost of gas on the Ethereum network has diverted the attention of non-fungible token (NFT) enthusiasts to other platforms. One such platform is the Tezos NFT marketplace.
In the last three years, the blockchain ecosystem has experienced significant growth, especially with the development of decentralized applications (Dapps). The Tezos network is no exception. Since September 2018, the platform has risen to a hub for Dapps, moving its focus to green technology and eco-friendly governance.
Similarly, NFTs have gained significant popularity in the past few years. The Tezos blockchain now has a marketplace where NFTs can be sold, bought, and exchanged. This guide explores the NFT marketplace on Tezos.
What is the Tezos NFT marketplace?
The Tezos marketplace for NFTs is an interface where users can create trades and buy NFTs. This blockchain can store tokens under stable and secure conditions. This, however, is made possible through gateways, otherwise known as a group of participants that will run nodes compatible with the blockchain and interact with other blockchains.
It must be understood that the Tezos ecosystem does not support the stringent requirement that a blockchain needs to be secure and decentralized. Instead, it relies on the community to create Dapps with NFTs.
For the effective storage of the NFTs, a centralized exchange or an entirely different blockchain can be used. The smart contract protocol enables users of the Tezos marketplace to use a blockchain application or another application that has already been created. With smart contracts running on their resources, users do not have to worry about the cost of transactions.
The Tezos NFT marketplace uses the Proof-of-Stake (PoS) consensus mechanism, enhancing efficiency and equality in the staking process.
The platform is designed to give its members greater power over the network's rules. Compared to other blockchains, Tezos is self-governing, enabling growth and efficiency.
With the PoS, users can stake a certain amount of tokens to stand the chance of becoming a block validator. And the entire process requires less computing power. This explains why Tezos is efficient and has lower transaction fees.
Tezos NFT marketplace - what to consider
When investors come in contact with NFT marketplaces, they must consider factors such as ease of use, transaction costs, creativity, available NFTs, and security. Just as criteria exist for selecting crypto exchanges, the same strategies apply when picking an NFT marketplace.
These strategies include:
• The kind of NFT - To evaluate the type of NFTs being sought, investors must ask themselves questions like what NFT they need, if the tokens are in the gaming or creative industry, or if they need a fan token. Knowing what kind of NFT is required will help investors understand the best marketplace to secure it.
• The central currency - Each NFT marketplace has its base currency. Some marketplaces may accept fiat, or even crypto assets such as Ethereum (ETH), Build and Build (BNB), or Solana (SOL). In addition to central currency, some marketplaces require a specific wallet for optimum functionality.
• The cost of gas - Different NFT marketplaces charge variable amounts for gas fees, making this factor quite significant. Opting for a marketplace with the least gas price will help investors maximize their returns.
Using the NFT marketplace on Tezos comes with several benefits, such as:
• Lower cost of transactions.
• Maximum security with verification at the protocol and application level using the OCaml and Michelson languages.
• Decentralization with active community enrollment.
• Eco-friendly since the PoS consensus mechanism is involved.
Tezos NFT marketplace - top five platforms
There are several NFT marketplaces in the Tezos ecosystem. Below are the top five that investors may consider.
Objkt is the topmost NFT marketplace on Tezos based on sales volume and user activity. The platform has some unique features, such as:
• A 2.5% service charge.
• Royalties for creators.
• Divisible royalties.
• Vast listing options from marketplaces like Hic et Nunc, Rarible, and Kalamint.
The OneOf NFT marketplace deals with entertainment tokens, particularly sports and music. Having ties with mainstream artists and platforms such as the Grammy and Warner Music, users can have unlimited access to special NFTs.
Features that make OneOf unique include:
• Links with musicians.
• Periodic auction listings.
• Drop calendar.
Kalamint users have had security warnings in the past, even though it is a dedicated closed platform where artists can gain access only after application. This allows users to access only quality tokens.
Some features of Kalamint include:
• Creator royalties.
• Diverse listing options.
The platform is an open marketplace where investors can mint and collect NFTs. In some instances, the quality of the art piece may seem questionable. This is because the platform focuses on generic art only. Notable features of FxHash include:
• Diverse listing options.
• A service charge of 2.5%.
• Collections can be ranked.
The platform is well-known in the Tezos marketplace and also ranks in the Ethereum NFT marketplace.
Rarible features include:
• Active users are rewarded with tokens.
• Has the $RARI native token.
• Numerous listing options.
• A service charge of 2.5%.
Tezos NFT marketplace - conclusion
Tezos, within a short period, has established itself as a useful blockchain for NFT enthusiasts to access both valuable and generic tokens without spending a fortune on transaction fees. In addition, the platform boasts a variety of marketplaces within its NFT support.
Tezos has a simple user interface and is a secure place for new NFT investors to begin their journey in the crypto industry. Nonetheless, nothing beats adequate research, a must-have skill for potential crypto investors.
Author: Lucy Adegbe
Lucy is a crypto enthusiast that finds unique interest in writing as means to not only promote knowledge but also change the world. With focus in crypto and personal finance, she aims to become a respected voice in these industries through writing.