IOTA launched an NFT marketplace with a focus on providing an easy-to-use feeless experiment for the NFT industry that may affect the MIOTA price. The new marketplace is now live on IOTA 2.0 DevNet, which means it will be available for the public in the next official network release.
IOTA claims the new marketplace will solve the fee issues of current NFT marketplaces. If the final version of the platform becomes successful in solving the challenges, we can expect more users to come to the IOTA community that will ultimately affect the MIOTA price.
Providing a Comprehensive Solution
Improving blockchain networks is a continuous process that helps end-users, as well as developers, enjoy more from the features and benefits. IOTA has one of the most active communities in terms of development and working on new features. The next version of the IOTA blockchain will launch soon with various new features that may result in a bigger ecosystem for this blockchain. One of the features that IOTA 2.0 will focus on will be NFT marketplaces.
IOTA NFT Marketplace is now live on the IOTA 2.0 DevNet for testing and will be available in the next public version. It provides a feeless, decentralized, green, and accessible for all marketplace that wants to solve the challenges of buying and selling NFTs we see on other platforms. It especially focuses on the feeless concept of the platform to make it a great competitor to famous blockchains like Ethereum. According to the announcement post:
“The fees paid for NFTs highlight the absurd heights these fees reach when the underlying technology becomes popular and the technical architecture cannot keep up with demand: in fee-based architectures, this usually leads to skyrocketing fees. Smaller, independent artists, in particular, cannot afford such steep prices and are thus excluded from participation in these new markets and ultimately from selling their digital artworks.”
IOTA Foundation, in partnership with IOTA community members, focused on an NFT marketplace that makes it easy for everyone to join the platform and offer their digital productions. The new marketplace uses the IOTA Digital Assets framework.
As mentioned above, the IOTA community is trying hard to provide new features and tools in the blockchain. But the token price hasn’t been performing well in the past few years.
After reaching an all-time high of over $5 in 2017, the token was being traded below $1 until 2021. Although it reached above $2 in the past months, it still isn’t among the well-performing tokens.
Some believe that launching the next version of IOTA may help the MIOTA token gain more value, but there is still doubt if users become encouraged to buy the token, especially because of the feeless protocol.
There are similar tokens to MIOTA that are in feeless protocol – like NANO – and haven’t had been performing well, either.