Why we are building an NFT marketplace on Fuel. How is it superior?
Fuel is a modular execution layer that gives Ethereum the most flexible throughput. It uses a modular design to enhance security and ensure swift transaction executions.
Thunder — is a cutting-edge NFT marketplace with superior experience built on top of Fuel.
In today’s blog, you will get key insights on why exactly we fixed upon building on this superior layer.
Let’s get into it!⚡️
Why Fuel
Fuel Network is an ideal platform to construct a go-to NFT marketplace. Period.
It enables the creation of convenient trading features and flexible development. This deadly fusion will allow our development team not only to create unmatched trading and user experience but also to stay close to creators and tailor the platform to their specific needs.
Thunder will be known for being an NFT marketplace BY creators FOR creators.
Fuel’s features to pay attention to
👉 Zero Token Approvals
Zero token approvals mean that users don’t have to approve the transfer of their tokens before sending them to the contract. Instead, they can send their spendable tokens’ balance directly to the contract.
This feature makes it easier for developers to interact with smart contracts, allowing for greater flexibility when it comes to building new products.
👉 Trust-Minimized Bridging
Fuel provides fraud-provable, trust-minimized light clients AND trust-minimized liquidity bridging, which is not possible between two independent L1s.
Maximum security guarantees for the Ethereum ecosystem.
👉 Storage Space Flexibility
For the first time, users of the Fuel VM can take advantage of 64-bit storage slots rather than the standard 256-bit slots used by Solidity, thanks to a feature called storage space flexibility.
Since the Fuel VM does not share Ethereum’s storage layout restrictions, it can take advantage of more efficient storage layouts, resulting in lower storage costs and better scaling as an L2 (EVM).
👉 Parallel Transaction Processing
The Fuel Network is an Ethereum execution layer built with modularity in mind. When compared to monolithic chains, this allows for greater scalability and enhanced performance.
Given the Ethereum nature, this chain’s transactions are processed linearly. In the early days of the EVM, when most programs only used one or two threads, the entire VM was heavily decentralized.
Nowadays, especially for Layer 2 solutions, the ability to execute multiple transactions simultaneously is becoming an increasingly desirable feature thanks to the rise of multi-threaded processors.
But trust us, Fuel Network is a real game-changer when it comes to computation on blockchains. New and improved, the FuelVM is a virtual machine optimized for speed and responsiveness.
It was built from the ground up to facilitate parallel transaction processing, which boosts processing speed and efficiency. This, in its turn, provides users with a superior experience.
Additionally, unlike other smart contract platforms, FuelVM prioritizes the developer experience by making it simpler for programmers to write code, ensuring smart contracts’ safety.
👉 Gas Can Be Paid In Any Supported Token
Users can pay their gas fees in any of the tokens that Fuel Network accepts. As a result, users are not confined to paying gas fees exclusively in the network’s native token.
It makes platforms built on Fuel more accessible for new users since they don’t have to acquire the native network token.
NFT Marketplaces Challenges & Solutions
The current NFT marketplaces have several challenges that we aim to solve by using Fuel:
- Slow transaction processing
- High and hidden fees
- Poor user experience
- Royalties
Let’s dive into how exactly Fuel will give our platform a competitive advantage while solving the issues above.
⚡️ Slow transaction challenge
Most of the NFT marketplaces can’t boast of the fastest transaction processing times. Users who are trying to buy or sell NFTs may find it inconvenient to wait for their transactions to be confirmed. What’s more, the market may become congested as a result of slow transaction processing, which may lead to mistakes or delays or limit the number of transactions that can be processed.
Thanks to the Parallel Transaction Processing feature that we discussed in detail in the previous section, slow transaction processing is no longer a problem for Thunder.
⚡️ The UX challenge
Rather than prioritizing decentralization, many blockchains have instead focused on building systems with high throughput. Fuel enables the highest flexible throughput while still preserving the benefits of decentralization.
Fuel’s execution layer is built to process large numbers of transactions quickly, which greatly enhances the user experience on Thunder.
⚡️High and hidden fees
NFT marketplaces on Layer 1s have one problem in common — they failed to reduce fees successfully. This makes it prohibitively expensive for some users to participate in the market, especially if the fees are not only high, but also not transparent.
Fuel’s virtual machine architecture is one of its most notable advantages. It’s designed to remove the waste we experience and pay for with the EVM, while opening the door to new design opportunities for developers, enabling us to lower fees, and eliminates any hidden ones.
At Thunder, we are determined to provide not only the best experience, but the lowest fees too.
⚡️Royalty issue
In an effort to collect royalties, many NFT marketplaces have recently introduced smart contract-level restrictions. This undermines the decentralized, permissionless, and open nature of digital assets.
This can discourage trading and eliminate choices around how token owners can use their tokens, limiting the optionality and flexibility of artists and collectors to operate in the way they want.
Thunder will be empowering creators and supporting creators not only through a fair royalties system, but also by providing assistance in technical support, networking and community building.
Final Word
Summing up, the Thunder team is confident that the Fuel Network will provide our users with a superior experience and it is the best option for powering our NFT marketplace.
We are optimistic about the future of our platform and think that we made the right choice.
Also, make sure to follow us on social media to keep up with the latest updates when our marketplace goes live.
Stay tuned and remember: the future is modular!⚡️
