The nonfungible token (NFT) ecosystem is growing dramatically, but there are several significant problems that must be overcome before the NFT market becomes accessible to mainstream investors, art enthusiasts and artists. Artrade is a new app-based social NFT marketplace that focuses on solving these problems, simplifying and streamlining the NFT ecosystem, and opening the doors to the revolution to anyone with a smartphone.
Fragmented contemporary NFT ecosystem inhibits artistic freedom
High, complicated fee structures, inefficient blockchain networks, and environmental impact are some of the most pressing issues facing contemporary NFT platforms. Many new NFT investors and artists are unaware of the high fees associated with minting and trading NFTs, primarily expressed as gas on the Ethereum blockchain.
Most NFTs are issued on the Ethereum token standard, which means the steps involved in creating or trading Ethereum-based NFTs incur gas fees that can significantly cut into the profit margins of artists and traders alike. In some cases, simply purchasing an NFT can result in a loss if first-time buyers are unaware of the impact of transaction fees on NFT trades
High gas fees are not the only problem that must be solved before the NFT marketplace goes mainstream — fragmented user experiences and a steep learning curve inhibit the adoption of NFTs by less technically adept users. In order to start buying or selling NFTs on most platforms, for example, it’s necessary to understand the basics of cryptocurrency wallets and browser extension wallets, a daunting task for crypto neophytes.
The discovery process through which NFT investors find and invest in the art of NFT creators typically begins on social media platforms, such as Twitter, but inevitably directs buyers through multiple cryptocurrency trading platforms and disparate NFT marketplaces. This convoluted process requires multiple Know Your Customer verification steps if a buyer has never purchased cryptocurrency before, but is a prerequisite to trading NFTs.
The contemporary NFT market lacks any kind of onboarding tutorial, simplified purchase process, contextual assistance, or the ability to purchase NFTs with fiat currency, which leaves many new NFT enthusiasts in the dark. The shift from social media to an NFT marketplace alone, which generally involves the installation of MetaMask or another cryptocurrency browser extension, contributes to an extremely high drop-off rate of potential users that exceeds 70%.
NFTs promise artists a truly decentralized channel through which they can interact and sell their artwork directly to their supporters and investors without the need for centralized third parties — but the reality of the NFT ecosystem is far from a direct relationship between artists and art lovers. Most NFT trading platforms charge high commission fees that range as high as 15% while moderating and censoring the art that can be shared via a centralized third-party platform.
How Artrade makes minting and sharing NFTs easy
Artrade removes the barriers to entry that prevent new NFT artists from sharing their work and welcomes NFT investors of all levels of technical understanding by creating the world’s first intuitive, easy-to-use, gas-free NFT marketplace.
Unlike Ethereum-based NFT platforms, which can cost artists hundreds of dollars to create an NFT, Artrade uses Solana technology that allows creators to mint NFTs for a fraction of a cent. NFT investors and traders are able to buy or sell NFTs on the Artrade platform with similarly low transaction fees, eliminating the financial barriers that prevent new participants from joining the NFT revolution.
The app-based, intuitive nature of the Artrade platform flattens the learning curve associated with participating in the NFT ecosystem and creates a smooth, uninterrupted flow from social media-based discovery to NFT purchase.
Artrade allows artists to create new NFTs at the push of a button directly from their smartphone through innovative features such as NFT Live, while other features of the Artrade platform, such as NFT Real, allow artists to mint and sell their work directly to their audience.
Social media features and integrations baked into the Artrade app make it possible for NFT investors to discover, interact with, and purchase NFTs with the artists they support, eliminating the gap between the social and transactional elements of the NFT marketplace. Notably, the Artrade app also makes it possible for users to buy NFTs instantly with fiat currency, reducing new user drop-off and simplifying the NFT investment process.
Artrade token sale captures attention of NFT community
The Artrade token sale has gained significant traction within the NFT community, raising over $2 million in a series of private and public sale rounds. The second round of the Artrade token sale is currently underway and will run from Dec. 20, 2021, to Jan. 20, 2022, allowing anybody to participate in the creation of the next generation of the world’s first user-friendly NFT marketplace app.
More information on the Artrade app and token sale can be found via:
The new Artrade website: https://artrade.app/
On Twitter: https://twitter.com/artradeapp
On LinkedIn: https://www.linkedin.com/company/artrade-app
On Telegram: https://t.me/ArtradeEnglish
On Instagram: https://www.instagram.com/artrade.app/