In the current cryptocurrency bull market, many projects have no trouble raising millions of dollars off the back of a whitepaper and decent-looking website. NFTrade is taking a different and more direct approach, one the industry should follow, launching their mainnet weeks before their token generation event, allowing anyone to use the platform first hand before getting financially involved. This refreshing transparency is the first step of what’s to come from an exciting project, one that can fundamentally enhance every aspect of a user’s NFT experience. With the imminent launch of the NFTrade mainnet, here is what you can expect to see from the next-generation NFT platform’s release.
NFTrade has a simple yet essential goal, to provide a platform that allows users to unlock the total value of the NFT ecosystem through multi-chain and cross-chain buying, selling, trading, creating, leveraging, farming, and fundraising of NFTs – creating a one-stop-shop NFT application. With the implementation of highly technical features, they will not all roll out immediately, but NFTrade sets the stage for what users can expect from the platform moving forward.
Buying, Selling, and Peer-to-Peer NFT Swaps
Eventually, users will be able to transact with NFTs across all relevant blockchain networks, allowing for effortless cross-chain operations, but with the launch of its mainnet, these features will firstly be available on Ethereum. Ethereum is the largest and most used smart contract network, serving as the cornerstone of the NFT economy, so it represents the ideal launching point for the platform. Following the launch of the NFTrade mainnet, users will be able to buy, sell, and trade NFTs created on Ethereum, regardless of the token standard used or which platform the NFT was minted on initially. All trades will be escrowed and peer-to-peer, providing a safe and decentralized method for users to swap non-fungible tokens directly with each other.
Initially, NFT will serve as an aggregator of all NFTs on Etheruem, but has plans to quickly expand to additional networks, such as Binance Smart Chain, Flow, Wax, Avalanche. The features offered will give users an introductory idea of what to expect when transacting using the NFTrade platform.
Surprisingly, many of the top NFT marketplaces do not allow for the creation of NFTs using their platform; this is not the case for NFTrade. Besides the exchanging of NFTs, users will be able to start minting their own NFTs directly from the platform. The development team has made this process as straightforward as possible, appealing to both technical and non-technical users alike, allowing for the creation of any NFT with the click of a few buttons. Users will be able to mint NFTs directly from a browser wallet, such as MetaMask, allowing for non-custodial creation and complete sovereignty over their NFT creation. This allows the creator to retain full power of their NFT, with the option to sell it, swap it, give it away, keep it, or leverage it in other ways.
Although not initially available with the NFTrade mainnet launch, users will eventually have the option to mint and trade Ethereum-based NFTs using a layer two solution, significantly reducing transaction fees while drastically increasing finality speeds. Users will also be able to mint NFTs on any network integrated with the NFTrade platform, allowing for additional opportunities.
One of the most unique and value-driving features NFTrade is introducing is NFT farming, allowing holders of idle tokens to stake them to earn exclusive collectible and utility-based NFTs. Any user will be able to stake tokens of NFTrade partner projects to earn limited edition NFTs that will not be accessible in any other manner. These NFTs can offer different functionality, such as a discount on a native platform’s fees, early access to new releases and updates, gaming NFT items, special collectibles, and more. This aspect will benefit both token holders and the projects themselves, locking up users’ liquidity for participating projects and allowing token holders to gain more utility and a higher yield in the form of NFTs. Considering that these tokens would otherwise be sitting in a wallet, generating nothing for the owner, this feature is a no-brainer for token holders of NFTrade partners.
With all the features that will be readily available right after mainnet launch, NFTrade is starting off strong, showing the NFT world what it has in store to bring additional value to the ecosystem. NFTrade has been building in stealth for months, and with its release comes a whole new slew of features to innovate across all aspects of the NFT economy.