NFT Marketplaces on Tezos XTZ

By 2sats | 2sats | 18 Oct 2021


*obligatory not financial advice*

 

About NFTs

Tokens are digital assets that can be traded on a blockchain. You can tokenize pretty much everything; voting rights, gold, fiat money, shares, coins from other blockchains, etc. Usually such tokens are fungible, which means that they can be replaced by any other token of the same kind. For example 1 PAXG, a gold token, can be replaced by any other 1 PAXG.

Non-Fungible-Tokens are tokens that are all unique and not replaceable. They can be used for things like digital IDs, signature, tickets, collectables, art (and its copyright), in-game-items and many more things. Currently NFTs are mostly used for collectables and art. Some art works are sold for a few thousand dollars as NFTs. The market for such art is actually even more volatile than the cryptocurrency market.

To be honest I don't really see the point of paying a lot of money for digital art that I could also just screenshot for free, but many people do that. However, I do think that NFTs will eventually become a really big thing with things like copyright NFTs that collect royalties or collectables that are like Panini Stickers or Pokemon cards. So, maybe it could be a good idea to invest in some infrastructure for NFTs. Investing in a NFT marketplace could also work as some sort of ETF for NFTs, which could be a lot safer than investing into individual art works. That’s why I want to show you some marketplaces on Tezos, a blockchain that with a booming NFT economy.

Needless to say, but the value of the token of a platform will grow with the number of users and valuable NFTs.

 

 

About Tezos

Tezos is a smart contract platform with a brilliant on-chain governance model that allows the blockchain to be easily updated into pretty much everything that the XTZ holders want. It is a proof of stake blockchain, that doesn't require its users to lock their coins. One thing the network is famous for are its NFTs. Even Marvel and Redbull Racing are planning to launch some collectable NFTs for their fans on Tezos. Countless smaller artists have also chosen Tezos to sell their art because of its low fees and high speed, which makes it much more comfortable to use than for example Ethereum.

 

1. Kalamint

Kalamint is propably the most popular marketplace for NFTs on Tezos. It has a great interface and is easy to use. Anyone with a Tezos wallet can buy and sell art that was minted on Kalamint, but you need to get approved as artist if you want to mint your own NFTs. This is kind of a two edged sword: On one hand most of its art has very high quality and there is barely any copyright infringements like on some other marketplaces because of that, but on the other hand this makes the platform very centralized because the founders of the platform decide who can create NFTs there and who not.

By using the platform, either by selling, buying or minting, you can earn KALAM tokens as reward. The token will be used for governance and for fees, like for advertisements for your NFT on the platform. There is a max supply of 10,000,000 KALAM and roughly 50% of its supply is used for such user rewards. So if you really want to gamble with individual NFTs, then you could do that on Kalamint and earn some KALAM for doing that.

 

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2. hic et nunc

This was one of the first NFT platforms on Tezos and many new artists started their NFT business there. It is much more decentralized than Kalamint, and it requires no approval from anyone to mint a NFT there. This makes it much easier to join the ranks of NFT artists. However, the marketplace itself has a terrible interface and honestly the site just looks a bit ugly and cheap. It is also not as easy to sort thru the different types of NFT art there. The site really needs an update.

But the platform is completely decentralized and is governed by the holders of the hDAO token, which is very well distributed because the largest holder still has less than 3% of the supply. The token has a total supply of 651k and it was given as community incentive to buyers and sellers from March to mid-April, this distribution is now over and you can only buy hDAO tokens. If the marketplace would get an update then it could really attract many more artists due to its low entry barrier.

 

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3. Bazaar Market

Bazaar Market is all about being eco-friendly, the developer’s chose Tezos because it uses a lot energy than Ethereum. Minting a NFT on Tezos still produces 0.00018 kgs of CO2 on average, Bazaar Market is fighting even that carbon footprint by collecting a part of its fees in a treasury that is distributed to fight carbon emissions based on what the Bazaar community is voting for. This makes it the very first carbon negative NFT marketplace.

The platform looks great and doesn't require verification to mint a new NFT. It’s easy to use and is decentralized. bDAO is its governance token and it has a max supply of 500,000. 25% of the bDAO supply was airdropped to followers of the project on Twitter, 25% are set aside for future distribution, 25% were sold in a token sale and 25% can currently be farmed on Crunchy by staking bDAO/XTZ liquidity pool tokens.

 

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2sats
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I am just some bored guy that likes crypto


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I am just some bored guy that likes cryptocurrency

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