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OpenSea Is About To Add Tezos-Based NFT’s

OpenSea, a platform with the highest monthly volume in the NFT industry are going to be adding Tezos-based NFTs to their ecosystem. Tezos becomes the 2nd blockchain to join the OpenSea ecosystem.

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OpenSea

OpenSea is an NFT marketplace with the highest monthly volume in the industry. So far, it only supported Ethereum-based NFT’s, but that’s about to change. OpenSea has just announced it will enable Tezos-based FA2 NFTs on their platform.

This means that NFT’s minted on Tezos, will be able to be stored, viewed and traded on OpenSea.

Currently, you can mint NFT’s on the Tezos-based minting platform OpenMinter. Another option to mint NFT’s on Tezos is through Hicetnunc (Video tutorial here). A third option called Kalamint, will go live the 18th of this month.

Kalamint is a full NFT platform for minting and trading NFT’s. A bridge that enables you to move your Ethereum NFT’s to Tezos will also be launched soon by BenderLabs.

Why mint on Tezos?

Tezos’ transaction fees are on average over 3,000 times cheaper than on Ethereum. So minting on Tezos is a great step forward for anyone who wants to mint quality NFT’s in an affordable way.

Minting an NFT on Ethereum can cost as much as $20-$50, however with Hicetnunc on Tezos for example the cost is closer to $0.019, a 2361X reduction on the $50 price.

Then you have transfer fees for the NFTs, currently on Tezos the transfer price for an NFT is around $0.01 on Hicetnunc.

This makes the cross transfers well worth the effort, especially on high fee days that are more and more common lately. Last week the difference was even more astounding: transactions on Tezos were a staggering 20,000 times cheaper.

Fully functional PoS (Proof of Stake) also means that Tezos’ carbon footprint is a lot lower than Ethereum’s, with a fraction of the energy requirement of PoW (Proof of Work).

In recent analysis on the energy an average NFT on Ethereum uses, it was found that a single Ethereum NFT’s total footprint was:

…equivalent to a EU resident’s total electric power consumption for more than a month, with emissions equivalent to driving for 1000Km, or flying for 2 hours.

Now there is an option to mint and transfer NFTs in a much more energy-efficient way, with no miners involved.

Now that Tezos is also connected to the largest NFT ecosystem by transactions it makes even more sense.

OpenSea has a bright outlook for Tezos

Tezos has important qualities that can be similarly valued by Ethereum’s standards. High decentralization and thus safe, secure and trustless. Tezos combines that quality with fast transactions and a high TPS (~121).

OpenSea commented:

“We also find Tezos attractive because of its under-the-radar growth in developer activity. Tezos development teams are rapidly advancing Tezos with network upgrades every three months.

This upgrade cadence is possible because Tezos significantly lowers the coordination costs of executing network upgrades in a decentralized manner at scale”.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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