Artion: a Fantom Marketplace for NFTs
Fantom is a decentralized high-performance blockchain providing a smart contract ecosystem.
Utilizing ‘Lachesis’ — a custom asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism, ensures blockchain validity. Transaction speeds with Lachesis are confirmed within 1 to 2 seconds, considerably faster than most blockchain consensus algorithms.
Fantom and NFTs
The exorbitant gas fees for transaction processing on Ethereum have propelled creators to seek out other blockchains to showcase their work. Fantom is a recent arrival to the space, launching an NFT marketplace in September 2021. The ‘Artion’ marketplace beta (https://artion.io/) is built on Fantom, and promises significantly lower transaction fees than other platforms. Another plus is ‘zero platform fees’ with no cut going to Artion for the use of the marketplace.
Artion is compatible with ubiquitous wallets like MetaMask and Coinbase. To hookup MetaMask for example simply requires the following steps:
Login to MetaMask.
Select Custom RPC.
Enter and save the following Custom RPC information: Network Name: Fantom Opera; New RPC Url: https://rpcapi.fantom.network; ChainID: 250.
Creating an NFT is straightforward. Drag and drop an image file and enter identifiers like collection, name, symbol, description, royalty percentage, link to an intellectual property rights document, and whether there is unlockable content upon purchase.
Exploring the various NFTs on the platform allows searching by: Status, Collections, and Categories.
At the moment, Ethereum is the leader in the NFT space in terms of marketplaces and network effect. But network congestion and punishing transaction fees make alternative blockchains with the ability to run smart contracts more attractive.
Near-zero transaction fees, alongside security and speed should help increase adoption of the Fantom ecosystem. As the platform matures, artists may start gravitating towards it and utilizing dApps like Artion.