BlockX Network is Perfect for NFT Tokenization
BlockX is an Ethereum alternative built specifically to cater to the oncoming slew of web3 dApps in Metaverse, Defi, and NFTs. Its incentivized test network will be launched in Q2 2022, and the mainnet will be launched in Q3 2022. BlockX positions itself as a blazingly fast Ethereum alternative for NFT tokenization, offering multiple capabilities. It is a layer-1 blockchain that uses the delegated Proof of Stake (DPoS) consensus mechanism to enable instant transactions for transfers and applications.
NFTs are unique representations of key valuable assets on the blockchain, and apart from being a digital representation of the asset and acting as a store of value, NFTs also represent intellectual property rights and rare commodities via tokenizing the same onto a blockchain. NFTs have impacted several sectors in the past years, including gaming, art, music, ticketing, sports collectibles, and real estate, among others, and will continue to rein the 2022 scene percolating into newer avenues while revolutionizing ownership.
Post the Beeple’s artwork sale at Christie’s for $69 million back in March 2021, the NFTs boom surged to unprecedented levels. The total transactional volume on the two most popular Ethereum smart contracts associated with NFTs — ERC-721 and ERC-1155 — was $26.9 billion.
Until now, Ethereum had been the top choice for creators and developers who wanted to mint their digital or physical properties into unique tokens. But the rapid surge in activity on the ETH network posed several scaling issues, including slower transactions and high gas fees. Soon after, we had several ‘Ethereum killers’ or alternatives popping up on the NFT scene that claimed to be much faster, cheaper, and more scalable than the Ethereum network. These networks, to some extent, have been successful as Ethereum alternatives.
But the NFTs minted on one blockchain aren’t always transferable or tradeable on another Ethereum alternative network or Ethereum itself. The lack of interoperability is a major hindrance in expanding the NFT use case and user base across chains.
That’s where the BlockX network steps in.
BlockX network has been built to facilitate high speed and low gas fees in transactions. BlockX’s infrastructure can be efficiently used:
- To mint NFTs,
- Set up an NFT marketplace,
- Host a multitude of metaverse-themed dApps which have in-game collectibles and tickets minted as NFTs, and
- Other feature-specific utilities make it a perfect Ethereum alternative for NFT tokenisation.
Besides the impeccable performance that is sure to drive crowds from other blockchains into the BlockX network, three key features make the BLockX network a true NFT tokenisation blockchain:
Smart Contract Compatible
BlockX network, being smart contract compatible, is a potential Ethereum alternative. It can deploy EVM-compatible (Ethereum Virtual Machine) smart contracts and assets. Now, EVM is one of the biggest projects in the cryptocurrency world and acts as a big decentralised computer to complete all kinds of transactions on the blockchain. It helps to eliminate issues faced by the users by adding additional functionalities on the blockchain. This function makes the user experience a seamless and secure one.
The EVM-compatible interface makes the network highly secure for NFT minting as EVM has no access to a network, file system, or other processes making it less prone to hackers.
Multi Chain Issuance and Settlement Protocol
BlockX allows issuance and settlement of assets from multiple chains, including COSMOS SDK-based chains, Polygon, Bitcoin, Ethereum, Avalanche, Solana, etc. NFTs minted on another blockchain can be issued and settled on the BlockX network.
The network allows the development of dapps that require the transfer and interoperability of assets from multiple chains, including P2E games, metaverse-based games, NFT marketplaces, social media dapps, etc. Any project that was earlier developed on another blockchain can be readily ported to the BlockX network for execution and settlement.
Low latency Network
Anyone seeking to mint their NFTs on the BlockX network gets to benefit from the low latency operations offering lightning-fast speed at low gas fees. It uses the Delegated Proof of Stake model, which allows for faster transaction throughput and greater scalability. It is a highly energy-efficient way to validate and add new blocks to the existing network.
Besides, the network participants get a right to vote in the block validation process in proportion to the $BCX tokens (the native tokens of the platform) held by them. The higher a person contributes to the platform, the higher say they have in its operations. Also, participants on the BlockX network can earn handsome rewards by staking their $BCX tokens to ensure the platform is secure and agile. $BCX tokens can be purchased using this link.
The environmentally-sound logistics of the BlockX network would surely be a massive draw for artists and creators seeking sustainability in the way they promote and bring forth their art for the greater world.
BlockX is consistently breaking down barriers for artists and creators by allowing them a platform to share their work with the world and make a living off it. It aims to be the network of networks to become the primary hub of the blockchain world where multiple chains can operate. BlockX opens doors to a viable metaverse with an ecosystem of various digital virtual assets, including NFTs and tokens.
This ecosystem will develop itself as a sound circular economy with a 30k plus-member community and 35 plus team members on the BlockX network. It will help its members shape motives and share incentives with the community via robust asset tokenisation and a burgeoning Tokenizer platform for NFTs and other Asset-backed tokens.
BlockX Network employs technologists, scientists, designers, and business people, all dedicated to building a more inclusive global marketplace. Its goal is to unlock the world’s economic potential by making money more fluid and people more empowered.