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Official Look! Meet Sqwid — The First NFT Marketplace on Reef

Dear Reefians, we’re very excited to share the first official look at Sqwid — the first NFT marketplace on Reef’s layer 1 blockchain.

Sqwid NFT Marketplace

Sqwid is an advanced NFT marketplace with an attractive UI, and some radically distinctive features like loans against NFTs, support for files up to 100 MB, using IPFS for file storage, the lowest commissions, custom royalty splits, and more! With such features, Sqwid is highly competitive against many popular NFT marketplaces.

Sqwid is currently available on testnet, and we’re working on a contract audit right now to deploy on Mainnet. Want to be a beta tester? Sign up here!

Sqwid’s top-notch NFT marketplace features

We’re working to make the best NFT marketplace in the Web 3 community. We’ve done our research, and Reef and Sqwid team are constantly looking at ways to make NFTs easier to create, buy, and share. Here’s some of the top-notch features Sqwid has (and more to come):

  • Extremely affordable gas fees — $0.17. Today’s gas fees are making NFTs less accessible (and affordable!) for creators, buyers, and new-to-NFT people. This is why we’ve made our average gas fees only around $0.17!
  • Use NFTs as collateral. You can use your NFTs as collateral and apply for loans directly on Sqwid. To learn more about the loan feature, check Sqwid’s documentation.
  • Awesome and reliable IPFS storage. Sqwid relies on the widely used and supported IPFS (InterPlanetary File System) protocol for storing NFT files and metadata, ensuring reliable, predictable storage and sharing of data between peers, and the ability to store large files, doubling Sqwid’s filesize support compared to most marketplaces and allowing for more complex and higher quality NFTs.
  • Custom royalty fees. Creators can set up a custom royalty fee as well as multi-split royalty fee to recognize multiple creators or license holders. This is great for collaborators or licensed content!

Sqwid’s journey to Reef Chain

Sqwid’s team first started off building this NFT marketplace on Reef in 2021 during the Gitcoin Hackathon event. The hackathon was sponsored by Reef with a giveaway of three bounties of total worth $20,000 in REEF coins. Sqwid took away the first prize with its fluid animations and transitions, whereas Coral had won second place (full hackathon results here).

To support these platforms further, Reef held a private hackathon in the winter during which the Coral and Sqwid teams won first and second prizes respectively. Over the past few months, the Coral and Sqwid teams merged and continued to build, conducting extensive testing of its beta version with various artists, developers, buyers and sellers. Merging the development from both the hackathons, overcoming all the possible bugs, and making several improvements, Sqwid is now supercharged, packed with advanced features and ready to be launched on Reef’s mainnet.

Want to get your NFT on Sqwid? Connect with us!

There are already many artists selling their fantastic NFTs on Sqwid and many users are embracing them now. Reef’s Head of NFT, Phillip Galaviz, has been making connections with artists, getting ready to onboard them to Sqwid — we’re focused on building a top-class NFT marketplace. If you are a creator and interested to learn more about NFTs marketplace on Reef Chain, you can contact him on Twitter @phillipg00.

About Reef
Reef is the future blockchain for DeFi, NFTs, and gaming. Our layer 1 blockchain is fast, scalable, has low transaction costs and does no wasteful mining. Reef features next-gen blockchain technology, utilizing Nominated Proof of Stake, extensible EVM, on-chain upgradability, libp2p networking and state of the art cryptography.

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