- Newly created IOTA’s 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.
IOTA is riding a wave of popularity. Proof that where there’s a will there’s a way, IOTA’s tangled technology is making a smooth entry into the crypto world.
Lately, IOTA’s ecosystem for digital collectibles launched its operations with testnet tokens – 3,700 bids, 508 tokens. What’s more important is that on average, more than 500 bids are registered on the platform daily.
According to the official announcement shared on Twitter by the NFT Marketplace, their product’s adoption was slick.
On the very first week of its testnet operations, IOTA welcomed 966 users. All the users registered and verified their accounts on the NFT Marketplace, which demonstrates a clear marketplace success. Of that total, 273 digital artists minted and resettled their artwork to the marketplace’s mechanism. Furthermore, IOTA created 508 non-fungible tokens for IOTA-oriented NFT enthusiasts which are now available for purchase.
Why is IOTA’s Tangled Technology Beneficial for NFTs?
Munch Lund-Nielsen the head of global trade and supply chains at IOTA has previously mentioned that IOTA’s marketplace has been a “backbone” for trusted data sharing in complex supply chains, which will ultimately reinvigorate them. This makes IOTA’s marketplace a more efficient, transparent, equitable version of the blockchain and therefore will lure in more users.
Notably, this is the 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.
In other words, this open-source solution with real-time data and no-cost transactions ameliorates 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.
IOTA’s co-founder Dominik Schiener has said:
"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.
Schiener also elaborated that:
"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, IOTA’s achievements are visible from the get-go.
On The Flipside
- Even though IOTA’s technology is promising, there are still a few obstacles that IOTA needs to overcome and gain long-term, strong standing in the NFT space.
- The current way the NFT market is constructed requires a lot of education of artists. Perhaps IOTA needs to invest more time into educating users into how best utilize the technology available.