Diving deep in the Telos ecosystem, I have discovered a diverse amount of substantial and purposeful dApps. Today, I decided to write the things I learned so far about one of them
– AreaX NFT Marketplace.
AreaX NFT is currently one of the most popular dApps on Telos – emerging as the top of its kind in the global market as it champions its no transaction or gas fee feature; while offering awesome user interface and user experience designs, advanced profile and filtering system, fast content loading, integrated with a wide variety of coins into their payment options.
It is a user-friendly marketplace and creative studio for non-fungible tokens. It is based on Marble Standard which is an open-source digital item standard for EOSIO software. Through videos, digital art, music, photography, gifs, and more, creators can express their artisanship while seeing profit as they can auction off, sell or trade NFTs to passionate collectors; consequentially building and fostering a symbiotic and progressive digital community.
Stepping up their game, the platform added these main features to the current version 4x:
-Added royalty
-Added flip side
-Supporting side markets
-Ability to change set prices
-Ability to add new tags to the items
Still, with incredible and reliable speed!
Through a decentralized platform like AreaX NFT Market, you cannot lose your NFT nor can it be taken down out of the blue, unlike centralized ones.
Telos also fused T-Bond NFTs in the platform, a DeFi tool that allows a crypto project to sell tokens that are locked until maturity conditions are met, essentially helping raise and sustain funds for the project’s long-term growth. (Learn more about the important tool here)
On October 20, the AreaX team also introduced a new concept called LNFT or Lottery NFT, allowing users to buy NFT items from a lottery set.
“Each NFT will have a unique work of art attached to it, and each NFT will be a lottery ticket. There are no losers in the LNFT system; owners can burn their NFTs for DRIC tokens or collect special ticket numbers! Artists will get 10% of host shares.” @AreaXNft on Twitter
The excitement doesn’t end there – the community is looking forward to something big coming as another major update awaits us with AreaX NFT and Telos EVM. Indeed, it only keeps getting better!
In case you’ve been living under a rock…
NFT (Non-Fungible Token) is basically a unique and irreplaceable digital asset that ties ownership to unique physical or digital items such as works of art, music, or videos. It has boomed as one of the most sought-after modern-day collectibles.
“In economics, a fungible asset is something with units that can be readily interchanged - like money.
With money, you can swap a £10 note for two £5 notes and it will have the same value.
However, if something is non-fungible, this is impossible - it means it has unique properties so it can't be interchanged with something else. It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print but there will only ever be one original painting. NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets.” – NFT as defined by BBC
Quick Trivia: The most expensive NFT sold to date is Beeple’s Everydays: The First 5000 Days, which is a collage of 5000 pieces of his work, for a whopping $69.3 million!
With the advent of NFTs, creators no longer have to depend solely on traditional galleries or auction houses to sell their art while also having the ability to program their NFT to receive royalties whenever their art is sold to a new owner. That’s just amazing!
NFTs opened the doors to the masses, allowing the commonality to participate and roll the dice – which old-fashionedly is ever so accessible only to the opulent.