What’s happening in the Algorand NFT ecosystem?

What’s happening in the Algorand NFT ecosystem?

What’s happening in the Algorand NFT ecosystem?

If you’re bored with Bored Apes, you don’t give a h00t about y00ts and you’re looking for exciting new NFT projects, check out Algorand NFTs.

This fast, secure, inexpensive, and carbon-negative blockchain may not be the first place you look when shopping for NFTs or minting your own, but a growing selection of quality NFT marketplaces, plus FIFA’s announcement of an Algorand-based NFT market, might change your mind.

    Algorand as a major NFT platform

    In case you’re not up to speed, Algorand is a smart contract platform that uses Pure Proof-of-Stake (PPoS) for fair consensus and claims to have solved the blockchain trilemma. It also has pledged to be the greenest of blockchains, buying credits for more carbon than it consumes and partnering with organizations like Global Carbon Holding.

    Algorand is already an active DeFi player, but until recently has taken a back seat on the NFT bus, behind Ethereum, Polygon and Solana. However, a compelling case can be made for the Algorand NFT platform.

    A huge advantage is speed. Algorand’s 2022 State Proof protocol update is pushing network performance to 6,000 transactions per second, finalized in just 2.5 seconds. Large-scale minting events are possible without risk of crashing the network or driving gas fees into the stratosphere.

    Another big plus for Algorand NFTs is the low minting and transfer cost, which usually works out at less than 1 cent. It’s far less than Ethereum, and even Solana. Extremely low fees makes high-volume NFT minting feasible.

    Most importantly, Algorand has been putting its money where its mouth is, with projects like aNFT.Fund, a $10M NFT infrastructure development fund by blockchain VC firm Borderless Capital.

    Who’s minting Algorand NFTs?

    Algorand Standard Assets (ASA’s) are defined and used differently than similar assets on Ethereum or other blockchains. Specifically, minting a basic NFT doesn’t invoke a smart contract, saving time and money, However, customized behavior such as creator royalties requires a contract.

    Already, many organizations have quietly adopted Algorand as their blockchain of choice for various NFT-related initiatives:

    Opulous is aiming to reshape the music industry with its Algorand Music Fungible Tokens (MFTs). Fans can invest in their favorite artists by owning a real piece of the music.

    Algorand NFT projects - Opulous - IMG SRC

    ArtSquare uses Algorand NFTs to fractionalize ownership of renowned artworks by issuing Digital Art Shares (DAS). Founders Fabrizio D’Aloia and Francesco Boni Guinicelli have praised Algorand’s “immunity with respect to forking risk, sustainability, low transaction costs, and specific functionality like atomic swaps.”

    And Dedit uses Algorand NFTs to securely notarize, sign and share documents, providing timestamps, digital signatures and proof of ownership.

    The best Alogrand NFT marketplaces

    According to NFT Explorer, the Algorand NFT market is far more distributed than Ethereum, where OpenSea dominates. In mid-2022, the leading marketplaces were Rand Gallery, ALGOxNFT and Algogems.

    ALGOxNFT has a sizable collection of NFTs and a 3.5% sales fee. For creators, the site charges a listing fee of 0.25 ALGO. Creator royalties are possible.

    Algorand NFT marketplaces - IMG SRC

    In September 2022, international soccer governing body FIFA announced the launch of an Algorand NFT market, FIFA+ Collect. The new platform will feature a range of soccer-themed digital collectibles for its fans.

    Fifa NFTs on Algorand - IMG SRC

    Although it doesn’t yet boast any superstar marketplace on the scale of OpenSea or Magic Eden, Algorand has the potential to become one of the most popular NFT blockchains. It’s certainly a very friendly place for creators, always a promising sign, and serious NFT hunters should keep Algorand NFTs on their radar.

    How to buy and receive NFTs

    Take the stress out of NFTs with the Exodus NFT Gallery:

    • Receive, store, and view your NFTs from different chains (currently supporting Ethereum and Solana NFTs, with Algorand on the way) all in one application
    • Easily connect to the OpenSea and MagicEden NFT marketplaces to purchase the hottest NFT collections from the safety and comfort of ExodusManage your NFTs on mobile, desktop, or your web browser!

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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