Apr 30, 2021
Sole-X beta launch — Crossing World of NFTs
Crossing World of NFTs
Under the ambition of making all chain-based NFTs in the world tradeable through Sole-X, TriumphX’s first cross-chain project Sole-X was launched. Sole-X was developed based on Klayton, Kakao’s blockchain network, but through a technology called Orbit Chain, you can trade within the market with NFTs and coins based on other chains. Let’s take a closer look at how cross-chain technology has changed the NFT marketplace.
Sole-X beta — 2 chains, 3 wallets, 4 coins available for trading
Unlike general NFT marketplaces where only single chain transactions are possible, Sole-X aims for free transactions between all chains. In this beta version, you can upload NFTs based on Klayton / Ethereum chain, and you can link three wallets with Metamask / Kaikas / Clip. There are a total of 4 coins that can be used as a means of trading: Ethereum (ETH) / Clay (KLAY) / Triumph X (TRIX) / Tether (USDT).
If you want to trade in Sole-X, you need to deposit assets in Sole-X through the process of connecting your wallet-deposit to Sole-X. In the process of depositing to Sole-X, other chain-based coins or NFTs are converted into Klayton-based assets through the bridge function. The preparation process can be checked through the detailed screen below.
Why do you trade after depositing to Sole-X?
There are two reasons. One is that in order to freely cross-trade other chain-based assets in a Klayton-based marketplace, all assets traded in the marketplace must be converted to Klayton-based. This eliminates the cumbersome process of purchasing multiple chains of wallets and various coins to trade NFTs based on various chains.
Another reason is that you can save on commissions. Klayton-based Sole-X now offers the current payment fee free of charge. Since large NFT marketplaces such as OpenSea are mostly developed based on the Ethereum chain, payment fees other than platform fees are incurred whenever users trade. With Ethereum’s recent payment fees surpassing $20, the fees are insignificant for holders who frequently trade NFTs. In fact, it is said that 40% of the $830 million revenue the cryptocurrency industry earned during the month of January 2020 came from commissions, so you can see that the size of the settlement fee is enormous.
In this way, Sole-X was developed to support multi-chain transactions as a one-stop service and to make transactions after depositing to Sole-X in order to provide payment fees free of charge. In addition, since payment fees are free, it is possible to have a safe auction system in which the desired auction price is escrowed when participating in an auction and deposited directly to the seller when a successful bid is made!
Now, can you fully understand the preparation process necessary to use Sole-X and why it is necessary~?
If we delivered the story of Why Sole-X today with the launching news, we will return with news on how to buy, sell, and auction at Sole-X. Like Sole-X’s mission to cross-connect everything that exists under the sun!! Let’s create an NFT portal environment that makes trading your digital assets easier and more convenient.
