By
Chimamanda U. Martha
April 18th, 2024
Non-fungible tokens are gaining momentum like never before.
Over time, it has not only increased significantly in volume, but it has also managed to sustain its growth and accelerate its pace. While during the first half of 2020, the sales volume registered by the NFT market was $13.7 million only, it grew to $2.5 billion in the first half of 2021.
Individual NFT items are also fetching mammoth prices at auctions. Mainstream auction platforms are getting more and more interested in getting involved in the sales of these NFTs. For instance, the world-renowned auction platform Christie’s sold a digital image as an NFT at a record price of $69.3 million, while the CryptoPunk NFT sale fetched $11.8 million at Sotheby’s.
NFTs realizing their true potential is inspiring more and more NFT marketplaces to come up, and so is growing the demand for platforms that offer scalable NFT marketplaces.
In this article, we will be looking at three top emerging platforms that offer scalable NFT marketplaces.
Immutable X
Immutable X has created its distinct position in the world of NFTs by becoming the first Layer 2 for NFTs on Ethereum. With zero gas fees and instant trades, it offers uncompromised scalability for games, applications, marketplaces.
As a truly limitless exchange protocol, Immutable X offers the scope for massive scalability up to 9,000+ TPS. You can set your trading fees while peer-to-peer trading incurs zero gas fees. It is not a centralized sidechain and involves no custodial risk at all. As a Layer 2, it inherits the security of Layer 1 and supports ERC-20 and ERC-721.
With Immutable X’s high-performance minting qualities, you can hack growth for your product to create and distribute your assets on a massive scale. You can mint, buy, sell and transfer assets on Immutable X at a super-fast pace. It is also possible for you to place buy orders trustlessly, possibly to be filled by any NFT with certain properties, such as any Diamond GU card.
ZK-rollup structure is the foundational technique in bringing scalability to public blockchains. It can allow thousands of transactions at once using cryptographic proof. Immutable X stands as the first player ever to introduce ZK-rollup to scale NFT transactions.
The applications that use Immutable X as a scaling foundation can Whitelabel the functionality and use it subsequently to create their platform. It does not interfere with the application’s front-end experience, such as its marketplace, sales, airdrops, user experience, and the liquidity of the NFTs.
Leveraging Immutable X is a win-win proposition for applications as they can decide on the fees and royalties they collect, they also receive perpetual royalties on the secondary market for their assets.
Enjin
Enjin positions the enabler of next-generation NFTs for everyone. Its vision is to empower product development that makes it convenient for individuals as well as for businesses and brands to leverage NFTs of the future. To date, the number of users who have leveraged Enjin’s products to manage, create and trade fungible and non-fungible tokens runs into millions with more than 2.3 million wallet installs, 44.6 million ENI in marketplace volume, and more than a billion in created assets.
Some of the pioneering blockchain projects powered by Enjin include Go! By Health Hero, Azure Heroes, Age of Rust, Lost Relics, Utility, Game TalkTalk, MyMetaverse, and more.
Effinity is the product by Enjin that brings a scalable, decentralized, cross-chain network that is designed to bring non-fungible tokens to everyone.
Ethereum, as a blockchain, has become an expensive proposition to leverage. Moving a single token may make the user incur a price of more than US$7. Effinity aims at solving this hurdle by being an NFT highway and not a generic computing blockchain.
As a network, Effinity prioritizes token creation, transfers, and purchases. Effinity keeps the transaction fees in the background while allowing users to experience their favorite collectibles. There is no need for the user to worry about the operating mechanism of the network.
The Effinity incentives go far beyond Ethereum and Bitcoin when it comes to rewarding network participants. Ethereum and Bitcoin reward miners with coins for only securing the chain. Effinity, on the other hand, compensates a wider lot of stakeholders with its EFI token. It includes the collator nodes, who run the network, users who govern the direction of the network, buyers and sellers who facilitate price discovery, developers who propose projects built on Effinity for grants from the community pool, and early adopters and creators.
Effinity accepts tokens from any other chain, including the popular ERC-721, ERC-1155, and ERC-20 standards.
NFTically
Created by a group of blockchain developers and business executives, the vision behind NFTically is to explore how NFTs are bringing changes in the world through proof-of-existence, proof-of-ownership, and proof-of-copyright. Using NFTically, you can launch your NFT store, mint social tokens, and drop them to a larger audience.
The platform enjoys support from the industry leaders, including the Blockchain Council, Recordskeeper, and Global Tech Council.
NFTically supports the creation of a host of diverse types of marketplaces, including those related to art, virtual worlds, training cards, collectibles, and utility. Among the NFT varieties, it supports 2D, 3D, and GIF images, audio, and videos, PDFs, texts, tweets, posts, blogs, and YouTube videos. Overall, it has a solution for each category’s potential audience base, including the artists, influencers, celebrities, enterprises, gamers, events, and communities.
Apart from minting, buying, and selling, you can launch your NFT store and social tokens with NFTically. You can airdrop NFTs and for enterprise use, the platform equips you with KYC support, USD support, and CRM integration.