The Road to Inferno Mainnet
Next week, the Burnt Finance Inferno Mainnet will be officially released worldwide.
The Burnt team has been hard at work over the past few months to create a state-of-the-art platform where decentralized auctions and NFT marketplaces become reality for the first time in the history of the rapidly growing metaverse.
The article here will aim to provide context on the Burnt community’s accomplishments thus far while also laying out a roadmap for the future.
The Beginning: Burnt Banksy, Fame and a New Mission
Burnt Finance was in many ways born from the dire needs we saw throughout the NFT industry.
The team behind Burnt quickly rose to prominence when they burned an authentic Banksy painting and minted it into an NFT. The idea in essence was to transfer the value of a physical piece into a digital good that would forever be authenticated by the blockchain. The event made waves throughout the entire world of art, landing mentions in major media outlets such as Bloomberg, GQ, BBC, and CBS. The NFT broke records across the board, outselling titans such as Beeple. In fact, the New Yorker magazine even went on to do an exclusive interview as I explained my goal to bridge the traditional art world with the metaverse.
However, during this entire Banksy NFT minting and auction process, I realized how much there was left to do if I truly wished to usher in a new age of art and auctions. Every single aspect associated with NFTs, auctions and marketplaces were fundamentally flawed. High fees, slow transaction times, poor user experience and rampant levels of centralization helped to ensure that gatekeepers from the traditional world would reign supreme. Despite NFT marketplaces claiming to fix the problems, they were in fact just worsening the present issues which meant that the end users were the ones who lost out on new opportunities.
So, my team and I set out to create what at the time seemed impossible: building an entirely decentralized NFT marketplace. Along the way, we met others within the community who believed in me and my mission. We recruited other team members and Burnt rapidly grew to be run by a stellar group of people that is already 10 strong. We were able to raise a seed round from some of the best investors in all of crypto and was the first incubated by Injective which has taken the world of DeFi by storm. The era of Burnt Finance was in many ways born from the ashes of the Banksy we burned only a few months ago and from it would rise the most powerful decentralized protocol that would come to reshape the industry.
The Progress: The New Standard and Breaking Records
Soon after we began to release the first iterations of Burnt Finance. First came the invite-only Spark Testnet which enabled our earliest supporters to try out Burnt. After taking into account feedback, we quickly iterated on Spark and released a new version that vastly revamped the user experience and speeds.
Finally, the latest version of Spark was launched which would allow everyone to access Burnt. A number of new features were released such as advanced search functionalities alongside a complete UI overhaul. The product achieved record-breaking milestones from both a user and activity perspective. When the testnet period officially came to a close, Burnt had generated over $100 million in transaction volume and had nearly 200,000 waitlist users.
Burnt Finance: The Decentralized Future for Web3 Assets
Burnt is now ready to enter its most monumental phase to date with the official Inferno Mainnet release.
We have optimized every single parameter of the protocol in order to create the most robust platform for Web3 assets. Now on-chain collections are supported alongside a wide array of popular wallet providers. All transactions are executed in mere seconds while everyone is able to interact with a state-of-the-art user interface.
Since the inception of Burnt, the product has undergone a number of changes that all worked together to deliver the best experience possible for all users. Now Burnt has grown to become a decentralized platform capable of supporting all Web3 assets.
In the coming months, Burnt is planning on carrying out a number of major releases that will take the project to newfound heights. We have received tremendous interest from artists worldwide who will launch collaborations with Burnt. Moving forward, the goal is to create new products that continue to propel Burnt into becoming the premier destination for all Web3 assets while maintaining decentralization.
So stay tuned and get ready to make history on the Inferno Mainnet.
About Burnt Finance
Burnt Finance is the first fully decentralized NFT auction protocol on Solana. Burnt allows users to take auctions into their own hands, enabling the minting and trading of any NFT in an entirely permissionless ecosystem. The platform can support auctions for NFTs, digital assets, and much more. Given its unique Solana-based architecture, Burnt is able to achieve the fastest transaction speeds with negligible fees.