After Polygon, Binance Smart Chain and Solana have been very successful in the NFT space lately. The next candidate is Fantom. This is a huge development for the network.
As interest in the NFT space grows, Ethereum faces tougher competition.
follow notification On September 24th, Fantom launched the open source NFT marketplace Artion with some really cool features. While it’s only in beta, its features are what draws everyone in. With almost zero transaction costs and instant payment processing, it costs users a very small fee of 10 FTM to mint NFT. Artion has also partnered with Chainlink for a price feed.
What makes Fantom stand out is to be an Ethereum bridge. In the near future, this potential will make the platform the first cross-chain NFT marketplace to enable NFT transmissions between networks.
Although the NFT hype has subsided a bit, and weekly trading volume has dropped from over $ 1 billion to less than $ 100 million in the past 5 weeks, it’s still hot enough to spark interest.
Weekly NFT trading volume down | Source: Theblockcrypto
Fantom’s announcement of joining NFT drove the price of FTM up 12.46% despite the fact that virtually the entire market is in the red.
However, the development of the platform should not be taken lightly, because even without NFT, Fantom is still the seventh largest DeFi chain, mainly due to the high participation. Although the network only has 102,000 addresses, each has an average balance of $ 75,000.
BeFantom’s address | Source: Intotheblock
Capability. Fantom’s efforts to increase engagement have paid off. For example, program The latest offering of 370 million FTM has increased Total Value Locked (TVL) by more than 71%.
In general, development activity has been quite strong and the speed hit a 2 month high, showing that FTM trading is quite active.
Fantom’s developer activity at 5-month high | Source: Santiment
However, in order for Fantom’s NFT marketplace to be successful, the platform must soon open up the GameFi area. Since more than 75% of total revenue and nearly 95% of all NFT transactions come from NFT gaming and it is slowly becoming an important sector.
NFT transactions regulated by NFT games (Pink) | Source: Theblockcrypto
As for Ethereum, the platform still dominates 70% of DeFi space. But competition is growing fast, and with more EVM-compatible chains, lower NFT minting costs and fees, they could lure users away from Ethereum.
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Minh Anh
According to AMBCrypto
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