Non-fungible tokens: How BlockX is ahead of the Curve
Non-fungible tokens have come a long way from their early days. Debut in 2014, Quantum is regarded as the first-ever NFT on the blockchain. The niche has since grown to include digital collections of generative art and unique one-of-one art.
NFT has evolved beyond video clips and still images in recent years. NFTs are most notable today as digital representations of values on the blockchain as well as in the physical world. Thus, we are seeing their adoption across industries and sectors. Real estate, traditional art, restaurants, luxury drinks, event ticketing, hospitality and tourism, and sports are among the industries that have already adopted NFTs.
As NFTs continue to grow in importance, there is a need for the creation of a blockchain ecosystem that will match the increasing demand for NFTs across sectors. In this piece, we discuss five ways that BlockX is the most suitable network for NFT project deployment. We also share how we are staying ahead of the curve and the crypto space as a whole.
What is BlockX Network?
BlockX is an integrated blockchain solution that is specifically built for the latest iterations of blockchain projects. The BlockX ecosystem is built to support blockchain projects in the metaverse, NFT, and DeFi niches.
The network offers EVM compatibility to help projects easily interoperate with other blockchains. BlockX also has a developer community that readily helps projects with the needed technical support. The overall atmosphere of BlockX revolves around scalability, cost reduction, and efficiency. These functionalities combine to make BlockX the foremost chain the new and emerging blockchain solutions.
BlockX Solution for NFT Projects
The scaling of NFT projects is one of the core capabilities of BlockX. Below are some of the ways that NFT projects will benefit from BlockX.
The BlockX network is built to support NFT projects that are specialized in wealth tokenization. This directly relates to physical assets such as real estate, valuable artworks, and luxury items. The BlockX infrastructure has all the functions to help mint NFTs and securely store them on the network. It also has an in-built oracle mechanism that can be deployed to integrate real-time data of assets.
Blockchain projects that are focused on digital identity can also benefit from the robust architecture of the BlockX network. BlockX makes it possible for these projects to seamlessly deploy. The network offers a secure ecosystem where digital identity and personal data can be securely stored on an immutable network.
NFT projects in the digital identity space will also benefit from BlockX network oracles which can be used to feed on-chain data into existing NFTs. Thus, the state of digital identities can be upgraded with the latest data.
Everyone can now build an investment portfolio of their choice. BlockX has created an infrastructure that simplifies investment tokenization for crypto projects. Investment tokenization platforms can now seamlessly build on BlockX. They will be able to deploy all Ethereum token standards (ERC 20, ERC 721, ERC 777, and ERC 1155) for their NFT project. This means that fractional NFT ownership will be possible. As a result, investment opportunities are open to everyone who wish to hold any specific asset class.
NFT marketplaces that are looking to stay competitive and seamlessly scale will find a home on BlockX. BlockX is especially attractive to these projects because it offers a low gas fee. Collectors will benefit from this because they will not need to pay significantly to mint NFTs. This also means that NFT marketplaces can lower their transaction charges and stay ahead of competitors on other blockchains.
Community NFT projects such as profile picture NFTs (PFP) and creative commons zero (CC0) art can also benefit from BlockX. NFT DAOs can easily mint collections and build communities around their art.
BlockX is a robust blockchain network that should be adopted by every NFT project that wishes to stay competitive in the crypto space. The ecosystem has all the functionalities that NFT projects require to stay ahead of the curve in this rapidly evolving space.