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NFTs: A $91.8 Million Joke to Some, a Revolution for Others? How Ethereum (ETH) and Seesaw Protocol (SSW) Can Help the NFT Market Expand

Place/Date: - February 4th, 2022 at 7:59 pm UTC · 3 min read
Source: Seesaw Protocol

NFTs (Non-Fungible Tokens) really are everywhere right now. From Jimmy Fallon’s Bored Ape, to Justin Bieber’s inBetweeners, to Lionel Messi’s Messiverse, celebrities and civilians alike have invested into the NFT market. The latest popular manifestation of digital art is making headlines both good and bad all around the world, as NFT proponents go up against the cynical snobbery that comes all too often with new technological advances.

OpenSea is by far the most popular and well-established NFT marketplace. There have been over 2 million smart contract transactions in the first month of 2022 on OpenSea, and there have been over half a billion dollars of sales each week in January. Most NFTs are bought and sold with Ethereum (ETH), giving it a huge dominance over the DeFi (Decentralised Finance) sector of cryptocurrency. Seesaw Protocol (SSW), which has this week begun its presale, aims to make the NFT market more equitable and much more accessible.

The NFT Revolution

The hype around NFTs began in earnest at the start of 2021 and exploded throughout the year. As early as March, ‘Everydays: The First 5000 Days’ by Mike Winkelman (professionally known as Beeple) sold for $69.3 at an online auction held by famed art auctioneers Christie’s. The most expensive NFT ever sold was in December 2021. ‘The Merge’, by digital artist Pak, was purchased by a collection of over 28,000 parties for $91.3 million.

Such vast sums of money have been being transferred for art for decades. However, when these eye-watering amounts are being paid for digital art, it set some cynics alarm bells ringing. The age-old argument that NFTs are merely a screenshot or a JPEG quite spectacularly misses the point. Art of all kinds can be, and is regularly reproduced and in many cases, resold.

Other criticisms don’t hold up to much scrutiny. Some have claimed the NFTs being sold hold no artistic merit and have no inherent value. Art, as an umbrella term, appeals to almost everyone with every possible taste and sensibility. As such, it is subjective and can mean different things to different people. Digital art is also arguably more accessible than a lot of other subsections of art.

The environmental impact of NFTs is rightly criticized and is not insubstantial. When compared with other hugely popular art forms, NFTs are nowhere near the worst offenders. In fact, the merchandising element of live music tours alone emits more carbon than NFTs.

Seesaw Protocol (SSW) Can Help Make NFTs Even Better

Ethereum’s (ETH) dominance of the NFT market is indisputable. Where ETH falls down is in its at times slow speeds and exorbitant gas fees. It has in essence become a victim of its own success; the huge spike in users congests the network and leads to these issues. Seesaw Protocol (SSW) has designs on helping this become less of an issue.

Seesaw Protocol (SSW) will allow its user to carry out swaps across the major chains such as Ethereum, Polygon, and Binance Smart Chain. Holders of its native token SSW can seek the best speeds and the lowest fees for their transactions, including NFTs. Seesaw Protocol (SSW) has the potential to revolutionise the DeFi sphere and it has been repeatedly shown that entering into exciting projects such as SSW at the ground level can result in massive rewards.

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