Sirwin
Sirwin

The pathetic state of NFT marketplaces and what to do about it

By Carded0421 | CryptoSphere | 15 Jun 2021


This article for educational purposes only.

The main problem that I see with all the main NFT marketplaces that exists is they all use the Ethereum token and the gas prices are really high for Ethereum. This limits the ability for mass publicly available tokens that trade at low prices to be traded. If I want to sell a token for five dollars but the gas prices are 15, then it really doesn't make a lot of sense to list the item.

NFT marketplaces need to integrate Crypto currencies that don't have high gas prices and D5 projects in general need to migrate towards quicker currencies that have low gas prices. The future crypto currencies exists in the crypto currencies succeeding which have the lowest gas prices in the highest transaction security.

Two coins in particular in which I think fit this bill are Cardano or Tezos. It will be nice to see NFT marketplaces integrate more coins and lower transaction fees into their platform. It's also kind of a hassle to have to import a crypto currency that I'm not used to using, so the more coins I can be accepted the better.

This gives rise to new platform where there really needs to be a crypto currency swapping mechanism and there's hundreds of them out there but there needs to be something that is peer-to-peer connected that can allow businesses to easily integrate the mechanism into their platform so that if I'm on an NFT marketplace for example, I can easily send some of one crypto currency in and swap it out for another. I really don't see anything like that right now things want you to buy stuff with credit cards and get cryptic currencies and take all kinds of fees I don't see any businesses utilizing a peer to peer crypto currency connected marketplace into their operations. Whether that's because they don't know how to connect such a thing or because a peer-to-peer marketplace crypto-currency connection platform hasn't made itself easily available to businesses, I'm not sure.

Low gas prices and low fees for transactions are signals of an efficient decentralized block chain. Care must be taken to ensure the proper security and proper build of the centralized network however. While I find value in appreciate a lot of things that Tron is doing, I think it is an exemplary example of a coin that could benefit from having a limit on supply cap and increased transparency. While this may go against Justin Sun's short term financial interests, I think in the long term it could benefit the ecosystem to have a limit on supply. Tezos does not need a limit, in my opinion, since the coin is decentralized in its form of governance. One could argue Tron is also decentralized in governance.

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Carded0421
Carded0421

Cool Guy, does stuff.


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