Why Concordium Is the Best Solution for the SpaceSeven NFT Marketplace
Despite rapid growth in the sector, NFTs still lack the accessibility required for mass-market adoption, hampered by the high gas fees and bottlenecks caused by the scalability challenges of dominant blockchains like Ethereum, alongside regulatory uncertainty, environmental concerns, exploit risk, privacy issues, limited payment options, and siloed marketplaces.
Enter SpaceSeven
SpaceSeven offers a solution to these problems by providing a multi-blockchain NFT marketplace with Concordium as its primary chain, delivering the world’s first e-commerce scale, regulatory compliant, sustainable, secure, trustable, and user friendly platform.
Built by the blockchain and tech powerhouse Tacans, SpaceSeven uses the Concordium smart contract enterprise blockchain platform to deliver 10x faster transactions with gas fees a fraction of the cost of Ethereum, while incorporating credit card functionality to reduce purchase friction. The multi-chain compatibility of SpaceSeven enables NFTs to be easily added from various networks via bridging technology and includes both open marketplaces and exclusive customized galleries to bring unique experiences for creators and collectors.
Why We Chose Concordium
Although SpaceSeven provides cross-chain NFT interoperability, Concordium was selected as the primary chain on which to build the platform as it provides the unique features necessary to host user-friendly NFTs. It also delivers essential guarantees in terms of compliance, privacy, trust, scalability, sustainability, affordability, security, provenance, and ease of use, with a future-proof design that ensures the marketplace can function correctly on a global scale.
Compliance, Privacy, and Trust
Concordium differs from other blockchains as it is designed with an identity layer built-in at the protocol level, enabling it to integrate with existing financial systems with user ID requirements. This identity layer ensures that users are identifiable and every transaction trackable, enabling developers, traders, businesses, and end-users to build and use products that are compliant with jurisdictional regulations and operate in an environment of trust, while still leveraging the benefits of a public and permissionless blockchain.
Concordium’s transactions are pseudonymous like other blockchains but it has the unique ability for this to be revoked according to compliance requirements. Concordium cannot identify users directly and has created a network of identity providers and anonymity revokers to handle such requests.
Concordium is, therefore, designed to protect the privacy of good actors while punishing bad actors through revocation where necessary, creating a privacy-focussed, trustable, and regulatory compliant platform from which to build the SpaceSeven NFT marketplace.
Scalability and Sustainability
Concordium’s eco-friendly layer 1 blockchain uses a sharded proof-of-stake model that Ethereum is still working towards and is far more sustainable than the power-hungry proof-of-work model it currently relies upon.
Concordium is capable of processing hundreds of transactions per second, compared to a capacity of around 15 transactions per second on Ethereum, with theoretically infinite global scalability that is ready today and not years away from being fully deployed.
Low and Fiat fixed Fees
Transaction fees on Concordium are also fixed in fiat and baked into the protocol, rather than being linked to the value of an asset and computational resources. This removes the high fee usability barrier to entry for participants, enabling SpaceSeven to offer some of the lowest and most predictable fees on the market, helping users to mint, buy, and sell NFTs almost for free, bringing it closer to mass adoption.
Security, Provenance, and Ease-Of-Use
Concordium’s immutable, cryptographically secured blockchain protocol also delivers the security required for the SpaceSeven platform, boosted by the encrypted ID attached to each transaction, formally verified easy-to-deploy smart contracts, fiat-expressed transaction fees, and a controlled and responsible path toward governance decentralization.
These features completely alter the equation for creators, buyers, and sellers of NFTs, enabling a secure, easy-to-use, and accessible NFT platform where all transactions can be traced and provenance and ownership can be proved, protecting against fraud.
Conclusion — Concordium Offers a Future-Proof Solution
The world is increasingly experimenting with NFTs and blockchain technology in general, which is rapidly gaining acceptance on the road to mass adoption. At the same time, regulatory pressures from the US SEC, the European Commission, FATF, and others have also been growing, resulting in investigations into centralized and decentralized platforms alike as jurisdictions try to balance a duty of consumer protection against embracing innovation.
With persistent scalability issues continuing to hamper usability and stricter regulation of the space incoming globally, many blockchain solutions remain behind the curve, creating risks for users and projects that utilize them. In contrast, Concordium offers the readiest blockchain solution on the market. It is not taking a wait-and-see approach, with a platform that aims to solve the long-standing blockchain trilemma of scalability, security, and decentralization, while offering built-in regulatory compliance ideal for developing future-proof applications today.
