The Fantom Foundation has launched its much-anticipated NFT platform and marketplace Artion.io.
New York, NY, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Built on the high throughput Fantom blockchain, Artion offers 1-second transaction finality and low transaction fees. But there is much more to the platform than this. Let’s take a look at the key features.
Commissions and Fees
Artion charges a low rate to mint NFTs. There are no commissions on sales, and royalties recognizing the creators’ work are adjustable at the time of minting and automatically deducted. Transaction fees on Artion are near-zero, similar to any other transaction on the network.
Such low fees lift what has been a significant barrier to entry for creators and collectors wishing to access NFT markets. When buying an NFT on the most popular platforms, one commonly pays transaction fees in the tens or even hundreds of dollars – an amount that can sometimes be greater than the cost of the digital asset itself. Artion leverages the efficiencies of the Fantom blockchain to eliminate these excessive transaction costs.
User Interface and Wallets
Artion features a sleek user interface that allows for sophisticated functionality without requiring any coding knowledge whatsoever. The Fantom team has prioritized user experience with a highly accessible and responsible platform.
Artion interfaces with the extremely popular Metamask and the Coinbase Mobile wallets. The NFT platform supports all Fantom-based ERC20 tokens, including USDT, USDC, DAI, and wFTM. A built-in swap station allows users to wrap/unwrap FTM/wFTM without needing to leave the platform.
Virtually Instantaneous Transactions
In general, NFT transactions on Fantom take about as long as a regular transaction, i.e., about one second. This means that there is no waiting for transactions to confirm, even during periods of high traffic.
Enhanced Profiles and Email Alerts
Artion allows users to create rich user profiles. This feature will be especially useful for creators seeking to establish themselves and build their communities. Users additionally have the option to configure email notifications for sales and purchases.
Token Standards and Storage
Artion supports the ERC721 (and ERC1155 in the next release) NFT token standard. All uploaded assets are stored on the IPFS, meaning creators don’t need to manage digital asset storage.
NFT Bridge (future release)
The Foundation recently announced that a near-future release of Artion will include an Ethereum-Fantom bridge that allows users to transfer their NFTs seamlessly between networks.
The impact of this feature cannot be overstated as it radically expands the NFT marketplace on both Ethereum and Fantom. Since it costs exponentially less to mint NFTs on Fantom, one can easily imagine creators minting on Artion and multiplying their audience reach by porting part of their collection to Ethereum and selling works across both platforms.
Similarly, sellers with in-demand NFTS who wish to save on Ethereum gas costs for listing a sale might choose to bridge and sell on Fantom, where transaction rates are reliably extremely low. Many more possible scenarios than this are imaginable, but key here are the ways the NFT Bridge reduces costs and opens creative opportunities for sellers to reach audiences.
Artion Marketplace Forecast
The overall NFT market is, of course, booming. OpenSea, the largest Ethereum-based NFT marketplace, recorded $3.4 billion transaction volume in August, more than ten times the number posted for July. Across the Ethereum network, growth continues unabated, despite the wildly fluctuating gas prices – on September 9, 2021a first-time seller would have had to pay between $100-200 in Eth transaction fees just to list an NFT for sale on a major Ethereum-based platform. The market has grown despite these costs, but users badly need easy-to-use Layer 1 alternatives like Artion.
On Fantom, the success and the sheer number of NFT projects multiplying in the ecosystem indicate significant pent-up demand for Fantom-based NFTs and marketplaces. Collectible NFT projects like Ancestral Umans, FantomRock, Degen Apes, and StrangeBrew sold out very quickly after being released (StrangeBrew sold a collection of 1,000 in 20 minutes). 3000 NFTs of Ancestral Umans on Fantom has sold out in hours after launch, collecting over a million dollars in revenue. The innovative DeFi project PaintSwap recently added an NFT Showroom to their site and, in the first seven days post-launch, recorded 2400 marketplace listings.
As a low-cost, no-code, sophisticated alternative to slow, expensive, or user-unfriendly NFT platforms, Artion is poised to significantly impact NFT markets and raise the standard for projects seeking to enable the creator economy.