As a report has it, Litemint’s non-fungible token (NFT) marketplace has now gone live on the Stellar blockchain.
The new development was announced on the official Twitter handle of Litemint a couple of hours ago. According to the report, users can now express their creativity, make sales, and trade with relatively zero fees on the newly launched NFT marketplace.
Litemint tweeted, “Our NFT marketplace is now live on Stellar at litemint.com. Come and express your creativity, explore, sell and trade with near-zero fees.”
Our #NFT marketplace is now live on #Stellar at https://t.co/L9BRBUTcxF. Come and express your creativity, explore, sell and trade with near-zero fees #nftartists #nftart #blockchain #Stellarfamily #Stellarglobal @StellarOrg #gaming #indiedev pic.twitter.com/os9PZCMRJ9
— Litemint (@LitemintHQ) May 1, 2021
Advantages of Issuing Non-Fungible Tokens (NFTs) On Stellar Blockchain
Non-fungible tokens (NFTs) has been trending within and without the crypto community for the past couple of months. And it has become a platform for celebrities to express themselves and make sales in the course of trading their valuable creativities.
The most notable sale of artwork since the boom of NFTs late last year came from a digital artist Mike Winkelmann, popularly known as Beeple. He sold an artwork for a whopping $69 million, the third-highest auction price for an artist, after Jeff Koons and David Hockney.
NFTs are unique digital items, which can represent ownership of artwork, audio, writing, among others.
Based on the information found on the official website of Stellar Development Foundation, there are advantages to issuing NFTs on Stellar blockchain. The first notable advantage is the fact that the network is designed to make asset issuance easy, affordable, and fast.
While the second is the protocol that powers Stellar. The consensus algorithm of Stellar blockchain doesn’t rely on mining to validate transactions compared to other blockchains that use energy-consuming protocols.
So, this makes the cost of auctioning NFTs on the Stellar blockchain relatively low, unlike blockchains such as Ethereum.