
- Newly created IOTAโs marketplace shares its success on Twitter.
- About 1000 users registered and verified their accounts on the NFT marketplace during the first week of its testnet operations.
- A total of 273 digital artists minted and resettled their artwork to the IOTA marketplace.ย
IOTA is ridingย a wave of popularity. ย Proofย thatย where thereโs a will thereโs a way,ย IOTAโs tangled technology is making a smoothย entry intoย theย crypto world.ย
Lately, IOTAโs ecosystem for digital collectibles launched its operations withย testnetย tokens – 3,700 bids, 508 tokens. Whatโs more important is that on average, more than 500 bids are registered on the platform daily.ย
Sponsored
According to the officialย announcementย shared onย Twitterย by the NFT Marketplace, their product’s adoption was slick.ย
On the very first week of itsย testnetย operations, IOTAย welcomed 966 users. All the users registered and verified their accounts onย theย NFT Marketplace, which demonstrates aย clearย marketplace success.ย Ofย that total, 273 digital artists minted and resettled their artwork to the marketplace’s mechanism.ย Furthermore, IOTA created 508 non-fungible tokens for IOTA-oriented NFT enthusiastsย whichย areย now available for purchase.ย
Whyย isย IOTAโsย Tangledย Technologyย Beneficialย for NFTs?ย
Munch Lund-Nielsen the head of global trade and supply chains at IOTAย has previouslyย mentionedย that IOTAโs marketplace has been aย โbackboneโย for trusted data sharing in complex supply chains, which will ultimately reinvigorate them. This makes IOTAโs marketplaceย aย more efficient, transparent, equitable version of the blockchain and therefore will lure in more users.ย
Notably,ย this isย theย only distributed ledger technology worldwide. The technology is able to provide nearly real-time feedback on billions of transactions without charging transaction fees. Hence, it is a win-win situation for everyone.ย
In other words, this open-source solution with real-time data and no-cost transactionsย amelioratesย supply chains, which will provide better logistics planning, increased accessibility for all, faster export/import processes, improved inventory planning, sharp use of resources, energy savings and other economic benefits.ย
ย IOTAโs co-founder Dominikย Schienerย hasย said:ย
"IOTA was born out of this hypothesis that the Tangle is a much better distributed ledger, than a Blockchain. This is really why the project was born. We couldn't have done what we are doing today with the blockchain architecture, right? It has fees. It has minors. It has stakers. It has really complex algorithms that make it impossible to run it in an IoT environment.
Instead of analyzing past data alone for stock management and inventory distribution, IOTA users will obtain real-time data on direct sales to end consumers and trigger augmentation in activities of the supply chain.ย
Schienerย also elaborated that:ย
"We are sort of anti-blockchain, anti-miners and anti what the crypto space was doing at the time - paying exchange leasing, doing insider trading, speculation. We stayed focused on really delivering value, and it worked out very well because you can see all these announcements."
After all what else would you need to deploy your NFT artwork if not stability, security, and sufficiency without being charged for transaction fees. Therefore, IOTAโs achievements are visible from the get-go.ย
On The Flipside
- Even though IOTAโs technology is promising, there are stillย aย few obstacles that IOTA needs to overcome and gain long-term, strong standing in the NFT space.ย
- The current wayย theย NFT market is constructedย requires a lot of education of artists. Perhapsย IOTAย needsย to invest more time into educating users into how best utilize the technology available.ย