In a recent report, nonfungible.com noted that NFT spending exceeded 2 billion in the first three months of 2021, an increase of 2,100% over the fourth quarter of 2020. Only 2021, more than half of the sales volume between January and June 2021.
The milestones mentioned above are iceberg levels, as the NFT ecosystem continues to expand and set new records with each passing day. Between 2020 and 2021, NFT has established itself as one of the leading sectors in the Decentralized Financing (DFI) economy, enabling thousands of creators worldwide to start a parallel (and recurring) source of income.
However, starting with NFT is not everyone’s cup of tea. In addition to the blockchain’s steep learning curve, the complexity of creating multiple wallets, buying tokens needed to pay for gas costs, and identifying the right marketplace for affordable NFT lists all make it difficult for artists to create their own NFT. AF
The process of digging up NFTs can change drastically, primarily due to the availability of several blockchain platforms that support NFTs and the emergence of hundreds of new marketplaces. Moreover, most platforms jump against constraints or deal with increasing NFT demand.
Currently, for example, most NFT and NFT marketplaces are built on Etherium networks. Due to the influx of artists and collectors, the Etherium network has come under unprecedented pressure, resulting in network congestion, low throughput and rising gas fees.
A fully featured platform for NFTs
Although a number of alternative blockchain solutions such as Benson Smart Chain, Polcdot and many more have started to support NFT solutions, not all support local. In fact, most underlying blockchains are fragmented or completely ignorant of the NFT assets available on their platforms, as it is possible to register wallets, buy tokens, and trade using smart contracts created by third-party developers.
Depending on the smart contract created by third-party developers, there can be a number of issues, including security risks, high costs, and increased concentration. This is where Ardor emerges as an impressive solution for developers and individual artists, revealing a number of features specifically designed to support NFT tokens and resources.
Conceived by the team behind Zelurida and Nxt, Ardor is a multi-chain proof-of-stack (PoS) blockchain platform with a unique parent-child chain architecture and extremely powerful customization features. Ignis features Ardor’s Child Chain, out-of-the-box features and supports advanced privacy processes such as currency exchange and encrypted messaging for secure sharing between third parties.
Unlike existing blockchains that support NFTs through smart contracts, Order and Ignis support a built-in transaction type to provide rich functionality while providing the flexibility needed to facilitate wider use for NFTs.
With Ardor, features like NFT registration, trading and transfer are supported locally by the decentralized asset exchange of the main platform. The Cloud Data feature manages NFT storage, and Ignis oversees other activities such as account registration, ownership validity, transfers, and other related matters.
In addition, all of these activities can be sorted into full dApps using Ardor’s energy-efficient PoS-based smart contract process and a built-in classification determinant (HD) wallet, ensuring full transaction fees and enhanced user experience. Several notable projects, such as NFT Magic, DeFiMAGIC, Cycle4value, TreeCoin, Triffic GeoMorfs, Sigbro, Mythical Beings, among others, are already using Ardor’s power.
With parent-child architecture, numerous functionality, and support for real-world use, Ardor has emerged as a viable platform for native NFT support, with high-grade security, low fees, and a good user experience.