NFTMart, the first Polkadot platform to build a fractional trading marketplace of non-fungible tokens (NFTs) with its own public blockchain, announced an undisclosed number of funding by PAKA，LD CAPITAL ，CMS,AU21 CAPITAL, DFG(Digital Finance Group) ,Crasolum.
NFTMart was founded in 2021. It is committed to becoming the world’s most professional NFT decentralized trading platform. Unlike SuperRare, OpenSea, Rarible, and other Ethereum based NFT trading platforms, NFTMart is the first ever NFT marketplace trying to build its own public chain. The platform is divided into two parts. The first part is the nftmart.network, an open and decentralized NFT public chain that is primarily used for the issuance of NFT products and transaction data on the chain. The second part is the nftmart.io website which provides user-friendly transaction scenarios for users to upload or trade NFTs conveniently and quickly.
Building its own chain for NFT trading provides owners and traders a more convenient and reliable system for trading. This also solves a very thorny problem in the current NFT trading market—high gas fees. There have been constant complaints about the latest transaction fees on Ethereum which can be as high as $200. For NFTMart, the coordination between the public chain layer and the business layer can make it easier to provide trading services, while significantly reducing transaction fees.
NFTMart.network is built based on Substrate Framework, which will also associate with the Polkadot cross-chain ecosystem to amplify NFT accessibility for both asset owners and traders. It will become a trading platform that can capture all NFT products online, meaning that institutions and investors will be able to access a large number of NFT assets and artists. Young artists will have the opportunity to present their artwork to a wider range of audiences to build recognition and make a profit.
NFTMart will also be a fully decentralized platform governed by the community using the DAO mechanism. 40% of the platform token will be used for community incentive. Members are encouraged to participate in voting, develop resources, manage nodes, and service interactions on the platform. The NFTMart economic model is seeking a balance between protecting the interests of all participants and the development of the system. The economic models of NFTMart will eventually lead the ecosystem to community autonomy. At the same time, all participants can supervise and restrict each other to ensure the safety and stability of the entire ecosystem.
The project is now under development and will release the testing mainnet in April. Polkadot and Web3 Foundation is following the project closely to assist with mainnet development and is discussing financial support. With rapid development in the NFT space, NFTMart is sure to attract more attention among investors and NFT developers.
For more information please visit: https://www.nftmart.io
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ahmedabad Local journalist was involved in the writing and production of this article.