Artrade says the infrastructure provided by the Solana blockchain will facilitate its bid to become a social media platform for NFTs.
French startup Artrade recently adopted proof-of-stake (PoS) public blockchain platform Solana to power its non-fungible token (NFT) app. With this development, Artrade now becomes the first Solana-enabled application that allows users to interact extensively with NFTs in a democratized environment. Such interactions include viewing, referencing, keeping, buying, and creating the digital assets.
Artrade stated that choosing to utilize Solana as an infrastructure system facilitates its objective of becoming a cross-chain platform. This is because Solana provides comparative advantages in high scalability, extremely low fees, and shortened transfer delay. These perks make the blockchain preferred over the Ethereum network.
Artrade is also the first ethical, carbon-neutral ecosystem. Because Solana requires low energy consumption, the impact of carbon emissions reduces quite significantly.
According to Artrade, “While it is true that the electricity consumption attributed to NFTs is open to criticism on the Ethereum blockchain, our IT strategy led us to choose Solana in order to reduce this consumption and the associated costs.”
In addition, it might also be why Solana continues to gain ground and eat into Ethereum’s market share.
On a broader scale, Artrade is working with Climate Partners to make possible climate change mitigation projects. This is an attempt to further offset the carbon emissions associated with creating NFTs.
Besides the Solana Collaboration, Artrade’s Other Recent Endeavors Includes the Launch of Its ICO
Last month, Artrade launched its initial coin offering (ICO) to become the first social network dedicated to NFTs. Artrade stated that it was looking to revolutionize the NFT space and create a community where user experience is paramount. As founder Paul Weibel explained in a media session:
“This is the first social network dedicated to NFTs! Our platform is inspired by the user experiences of the most well-known mobile applications. Its features are close to those of Instagram, Twitter or Pinterest. We encourage everyone to participate in the emergence of NFTs.”
Artrade also touted its native token ATR as a multifaceted tool. For instance, people get reduced fees when using it to purchase NFTs on the app. In addition, ownership of ATR will allow participation in voting sessions pertaining to app development strategy. According to reports, the ICO will conclude no later than February 20 next year.
Artrade believes that the provision of this easily-accessible NFT technology also provides a launchpad for charity donations. The #Greenart application is a planned initiative which supports not just sustainability, but also Non-Profit Organisations & Charities.
Artrade tapped the services of Stripe to facilitate the seamless purchase of NFTs. Furthermore, Artrade enlisting the payment provider also ensures that the conversion between fiat and digital currencies takes place in a transparent way.
NFTs are the rave now and are fast becoming popular in mainstream affairs.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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