Place/Date: Zug, Switzerland - November 15th, 2021 at 9:54 am UTC · 5 min read
Contact: Velas Press Office, Source: Velas
Various blockchains compete for traction in the NFT industry today, yet they fail to provide the necessary infrastructure required for the true scaling envisioned by project owners and the community alike.
A notable example is Ethereum: it has a vibrant and expansive community, but often leaves users with high fees and congestion on transactions. The Velas blockchain, on the other hand, has shown it can be efficient and has a growing ecosystem spanning various successful projects today.
The recently announced partnership between Velas and GPNFTS is a working demonstration of the power of a collaboration between an NFT project which has tapped a niche and dedicated market, and a blockchain which can provide the scalability required for complete success. GPNFTS founder Ali Rafi, who worked for many years in Formula 1, said:
“Our mission is to give motorsport fans a dedicated marketplace and a new way to engage with their favourite drivers and riders, sharing the excitement of race wins. This is a ground-breaking partnership, as it opens up a whole new market by introducing motorsport fans to a revolutionary new way of collecting incredible digital art.”
To start with, Velas’ industry-leading TPS gives GPNFTS the bedrock upon which to build. With thousands of individual collectible memorabilia, and the anticipation of a very active secondary market, being able to comfortably handle transaction volumes is paramount to smooth operation.
Moreover, as a DPoS (Delegated Proof of Stake) blockchain, Velas provides this functionality at a fractional cost of competing ecosystems, removing a crucial barrier to entry for new users, and encouraging a more liquid secondary market. Shirly Valge, COO of Velas, said:
“The deployment of GPNFTS on the Velas Blockchain is extremely exciting for us. Now, not only do motorsport fans have a carbon-conscious blockchain to collect and trade their memorabilia, Velas also has another project to add to its diverse belt.”
This, alongside the eco-conscious element of a PoS blockchain as opposed to a PoW (Proof of Work) blockchain means that the choice was easy to make for GPNFTS. As the final icing on the cake, the Velas ecosystem’s cross-chain capabilities will allow GPNFTS users to bring off-chain assets onto the chain, and onto the GPNFTS platform for storage and trade, truly opening the doors to ecosystem-wide trade.
As a fork of the Solana blockchain, Velas addresses pressing problems in the broader blockchain industry. It has one of the highest throughputs – up to 75k TPS – of all public blockchains today and achieves that with excellent cost-efficiency. These facets are a crucial first step toward becoming a blockchain that can significantly benefit the NFT ecosystem. In addition, it provides cross-chain capabilities.
Moreover, the Velas ecosystem is home to various development efforts. First, several projects have launched or are launching on this efficient blockchain. Those projects include VelasPad – the native launchpad for all Velas, 133x ROI after IDO – and BitOrbit – social media on the blockchain, 155x ROI after selling out in minutes – and WagyuSwap – the most efficient swapping and trading solution on the market today, over 100x ROI within the first few days after its IDO.
Second is the $100 million grant program to bring more developers and innovative ideas to Velas. It represents a significant financial commitment. The grant program’s primary focus is Web 3.0 development, which is possible thanks to Velas supporting Solidity, providing better scaling, and offering a composable solution.
The partnership between GPNFTS and Velas will change the way NFT projects are operated forever. In addition, GPNFTS brings some exciting features to the table, including digital collectible packs, Metaverse Race tr – across F1, IndyCar, MotoGP and Le Mans- and a built-in marketplace the first of its kind where users can buy, sell, and trade their NFTs from the entire motorsport spectrum enabling a true marketplace no matter what blockchain its minted on.
The current motorsports market is absolutely astronomical, and to capture that market share, GPNFTS established a solution for every fan to own a piece of one’s favorite sports digitally. The accessibility of such features will enhance the interaction between the sport, fans, and drivers in a way that was not possible with non-fungible tokens before.
As shown by this successful partnership, the time looks right for NFT projects to spring into a new era of blockchain. When collections start exploring efficient and robust solutions like Velas, the industry has a chance to continue growing by leaps and bounds. And with the recent successes of projects on Velas, it looks clear that GPNFTS are going to be a success, with Velas in hand as the go-to blockchain for NFT projects.
Head to the following links to find out more about GPNFTS and how Velas is revolutionizing NFTs on the blockchain.