NFTs Rocking on ICON Blockchain
NFTs may not be the new kid on the block, but that doesn’t stop them from rocking harder than ever. Non-Fungible Tokens (NFTs) grew 4x over their 2019 volume in 2020, reaching a crowd-surf worthy $250M. 2021 is already set to drop the mic on its predecessor.
If you’re still unsure what a non-fungible token is then you should start by checking out our What are NFTs article and learning the difference between Fungible and Non-Fungible.
Ethereum‘s opening act.
Thank the stars for Ether. When you think of anything NFT, you probably think in terms of $ value or Ξ (ETH). It’s far from a secret that the once young token market was cradled under the arms of the Ethereum blockchain.
But as time passed, a new genre of NFT requirements either outplayed existing tech or found new technology that could handle its amped up awesomeness.
Artists, musicians, game developers…everyone started to be slapped with exorbitant gas fees. The price of NFTs that hoped to be sold at market had to adjust cost to cover the price of just being minted, not even incorporating the creators’ time, value and desirability — that is, if the creator could justify or afford the minting gas fee. As far as speed? Ethereum still beats out Bitcoin with a 3 minute average transaction time, but it’s not quite instant.
“Ladies and Gentleman, please welcome your main act! ICX!”
ICON (ICX) has performed a few times now — growing over 3x its initial 2021 value. With staking rewards having an even truer purpose than simply block verification and garnering their stakers upwards of 12% gains a year, ICON’s blockchain is the perfect handshake between rewarding devs and rewarding users.
But what makes it the Rolling Stones of the future NFT market?
The average cost of a transaction done with ICX is around $0.0001 and the speed at which those transactions are handled is near instantaneous. The tech developed and used already is designed for easy upgradeability, scalability and sustainability.
Those using a Proof-of-Stake coin like ICX can take a deep breath of fresh air by knowing the carbon impact vs Proof-of-Work models is greatly reduced. ETH 2.0 is also making that switch happen and we look forward to seeing it.
What’s happening backstage.
Project Nebula is the first NFT marketed on the ICON Blockchain and encompasses a love for strategy gaming, space exploration, art, stories and music.
The community surrounding our project continues to grow daily as more and more features, NFTs and collectible pieces continue to be introduced. Recently the Project Nebula Twitter announced the introduction of Spaceships via an Airdrop — the second type of NFT available in-game.
Craft (a product of ICON P-Rep Staky and P-Rep ICX_Station) aims to be the first, open NFT marketplace for minting, selling and trading NFTs on ICON — and they’re on track to do that by the summer of 2021. To quote the Staky team:
Craft will be the NFT marketplace of the $ICX ecosystem; the goal of Craft is to allow anyone to mint, store and trade [an] NFT on the ICON blockchain. Builders…can concentrate on creating awesome use-cases for their NFTs. [The Staky team] is working hard to release a demo in the coming weeks. Stay tuned!
You can join Staky on Telegram to receive their most recent updates and get in on the conversation.
Ethereum or ICON? Why not both? With either blockchain constantly working to bring more value to the NFT market, it’s always worth playing your hand and seeing where the chips fall.
