HALO Network
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HALO Network

HOSWAP To Launch NFT Trading Platform

Non-fungible tokens (NFT) have continued to gain traction in a world that’s going digital. Fueling this digital transformation is the versatility of NFTs they aren’t just jpegs!

At the center of the NFT hype are NFT trading platforms that provide an even ground for collectors, artists, and enthusiasts to transact. With the rising interest in NFTs, there’s the need to have more of these trading platforms to support transacting non fungible tokens.

HALO Network hopes to cater to this new industry through its decentralized exchange, HOSWAP. We intend to look at the prospects of the DEX navigating the NFT trading service in this piece.

What Are NFTs?

Before we dabble into how HOSWAP will offer the distinct NFT trading service, an understanding of what these non fungible tokens are is important.

NFTs, unlike regular crypto tokens, represent a specific asset that can be tangible or intangible. Yes, they are not merely the jpegs as many have been made to believe. NFTs cover everything from digital arts, gaming content to physical goods — there’s a lot this emerging sector covers.

Why Are NFTs Important?

Lots of critics have questioned the essence of NFTs especially in the wake of millions of dollars exchanged for these digital assets on NFT trading platforms on a consistent basis. Of course, these non fungible tokens bring a lot of benefits to the table, including:

Authenticity

NFTs are created using blockchain technology, which speak volumes of the authenticity of the assets. With the digital ledger being immutable and transparent, NFTs are authenticated. The rampant nature of forgeries and copycats can be curbed through NFTs. It explains the growing interest in this space by the creative industry that relies heavily on authenticity.

Viable Income Source

Creating NFTs has become a major source of income for lots of creatives. Since the enthusiasm for these digital assets increased significantly in the last few months, creatives have been the biggest gainers — besides the flippers of course.

Solves The Ownership Question

One of the biggest issues troubling the creative industry and beyond is that of ownership. Previously, establishing ownership was a tedious process that could take a long time to complete. NFTs put an end to that as the blockchain records make it easy to establish ownership of an asset.

Easy To transfer

Creatives can easily liquidate their NFTs thanks to NFT trading platforms like HOSWAP. These nonfungible tokens make it easy for digital assets used elsewhere to be transferred with ease. NFTs can change owners without any obstructions.

What Is NFT Trading?

In classic e-commerce fashion, you can trade NFTs on trading platforms dedicated to exchanging these non fungible tokens. With NFTs getting popularized, different blockchain networks support trading activities of these digital assets. On visiting an NFT trading platform, a collector rummages through an array of NFTs, makes a pick, and pays using the accepted payment method.

What To Expect On An NFT Trading Platform?

NFT marketplaces are growing to meet the demand of users on the different blockchains. Each NFT trading platform differs in design, user interface, blockchain covered, accepted payment methods, and fee structure.

Before using an NFT marketplace, you should consider the different attributes of the marketplace. For instance, OpenSea, an NFT marketplace services the Ethereum and Polygon networks; you should be certain the NFT you seek is on either of these chains before using this marketplace.

You also have to worry about the fee structure. If you can’t cope with exorbitant fees to mint these non fungible tokens, then you shouldn’t be using NFT marketplaces that caters to the Ethereum chain alone.

HOSWAP Launches NFT Marketplace

The HALO Network decentralized exchange is throwing its hat into the ring as far as the NFT marketplace is concerned. With this latest information, the question on the lips of many is how would this work?

Of course, the specifics of this trading platform are not out there yet, but we can expect an NFT marketplace that services multiple blockchains. The exceptional functionality of HALO bridge should make support of several blockchains like Ethereum, BSC, and others possible. Once this happens, we should see an NFT marketplace that challenges significantly in trading volume.

Fees are bound to be low on the HOSWAP NFT marketplace considering it’s a newcomer in a highly competitive space. This should work in favor of users of the trading platform since they don’t have to pay mammoth fees to leverage its services.

Conclusion

HOSWAP launching its NFT marketplace is pleasant news to the creative industry. That’s another competition stepping up to offer users more options in an emerging niche. If the decentralized exchange delivers a marketplace that meets the lofty standard of the NFT community, then we can expect a surge in volume as demand for digital assets continues to rise.

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HALO Network is an efficient blockchain network system. It provides one-stop integration of DeFi application level with decentralized, energy efficient and low-cost transaction structure with traditional financial instruments.

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Adaora Anders

Adaora Anders

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