IOTA NFT marketplace launched on devnet

Showcasing IOTA's feeless technology.

The IOTA NFT marketplace, developed by the IOTA community and launched today on the IOTA 2.0 DevNet, illustrates beyond doubt that the future of digital assets, including NFTs, is feeless, decentralized, green, and accessible to all.

The IOTA Foundation has always had an aversion to fees, as it is our belief that they severely hamper potential business adoption and application of the IOTA technology. The fees paid for NFTs highlight the absurd heights these fees reach when the underlying technology becomes popular and the technical architecture cannot keep up with demand: in fee-based architectures, this usually leads to skyrocketing fees. Smaller, independent artists in particular cannot afford such steep prices and are thus excluded from participation in these new markets and ultimately from selling their digital artworks. Selling an NFT using Ethereum on one of the most popular NFT platforms, like Foundation, can quickly amount to more than 200 US dollars in fees. Not to mention the amount of energy Ethereum's underlying blockchain technology wastes with each transaction.

Although currently available in test mode only, the new, community-built IOTA NFT marketplace promises a more accessible future for NFTs. Transactions are always feeless on the IOTA network, so this barrier is already gone. Minting fees are also negligible due to the IOTA Digital Assets framework. Only the commission of the IOTA NFT marketplace remains, as the infrastructure has to be powered in some way. All in all, the NFT solution based on the IOTA network will be significantly cheaper than any other existing solution and thus more attractive to all market participants.

https://nftiota.org/