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.
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.
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.
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.
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”.
Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.
I am glad I eventually read one of the Manchester United emails last December 2022. I have learnt so much about the power of Tezos, how artists, companies and brands use the power of the technology. More and more big brands, small brands, football clubs will all soon join the ‘revolution’ of the digital collectible and offer utilities to people.
On September 9, 2023, an avant-garde event held at Lume Studios, NYC, brought together the legacy of Allen Ginsberg, the prominent Beat poet, and the contemporary realm of AI and blockchain. The evening was organized by the collective theVERSEverse, in partnership with Subjective.art, the Allen Ginsberg Estate, and centered on the experimental project “A Picture of My Mind.”
Cordell Broadus and the Tezos Foundation have unveiled the inaugural batch of grantees for its Champ Medici Arts Fund joint venture. Cordell Broadus, popularly known as Champ Medici is the second son of music icon Snoop Dogg. The foundation’s vision is to drive artistic innovation in the realm of web3.