In 2021, the selling volume of non-fungible tokens reached $25 billion, marking a watershed year for the industry. On August 20th, 2022, there were 13,564 transactions, totalling $4,888,676.77. Despite the decline, BAYC and Cryptopunks have remained the two most popular NFTs.
Investment from VC firms in NFT and gaming ventures remained robust during the first half of 2022. Because of this, the NFT and gaming industry expanded even as the market as a whole declined. From what we can see, the most exciting thing happening right now in the NFT industry is the growth of cross-chain NFT marketplaces.
Further to these hassles happening in the NFT market, we would like to divert our attention towards the new venture of Babylon. This one-of-a-kind effort is modelled after the ways in which Defi protocols attach themselves to the ecosystems they’re constructing or to well-known launchpads in order to get exposure to their work and further their goals. Before moving ahead to actually understanding the venture, first of all, let’s understand the importance of the multichain NFT platform.
What Makes the Multichain NFT Market So Crucial?
There is now a closed ecosystem for crypto valuables. The NFT industry requires interoperability and cheaper gas charge solutions to become generally recognised.
To the extent that a user mints an NFT on a certain blockchain, like Ethereum, that NFT can only be traded on that specific blockchain. To put it another way, the widespread adoption of NFTs cannot be achieved by using a single-chain NFT. As a result, multi-chain NFTs are being actively researched, and Cross Chain NFT Marketplace Development is needed to facilitate their trading. To facilitate transactions across different networks, a multi-chain NFT marketplace would need to move across each one.
Expensive Gas Prices
It has been observed that Bored Ape Yacht Club NFTs cause congestion on the Ethereum network. Because of this, traders had to pay high fees even though many of their trades had to be cancelled. A cross-chain NFT marketplace is needed to facilitate the trade of BAYC NFTs across different blockchains if the project is to successfully implement a multi-chain solution to the gas fees problem. Greater investors will flock to the NFT exchange once it integrates various blockchains to enable cross-chain NFT sales, giving them more flexibility in terms of gas costs and transaction speeds.
Characteristics of Multichain NFT Market
While the distributed nature of blockchains is appealing, the lack of standardisation is now the industry’s largest obstacle. Both NFTs and NFT markets are subject to the same limitation. It is not possible to use an NFT marketplace created in Polygon with an NFT created on Ethereum. This severely restricts the industry’s potential for expansion. In our capacity as seasoned blockchain developers, we are compelled to pursue multichain NFT Marketplace Development because:
Market with Multiple Features
Users should be able to generate, trade, sell, swap, and farm NFTs on the NFT exchange.
The user interface of the multichain NFT marketplace has to be intuitive, and consumers should have quick and easy access to all the information they need regarding NFTs. This implies that the learning curve for traders in a multichain NFT marketplace must be almost flat for the market to be effective. It is important that the NFT’s uniqueness be verifiable by the shop.
Too many NFTs will be minted and listed if a market adopts multichain. While this is desirable, it might lead to considerable confusion on the part of the purchasers; hence, NFT development services should give enough means of searching and narrowing down the results. Because of this, choosing NFTs for trades will be a breeze.
Compatibility with Digital Wallets
In order to be a viable option, the multichain NFT marketplace has to have a safe and fully functional multichain wallet. This wallet must be compatible with a wide variety of NFT protocols, including ERC721, ERC1155, and others.
Means of Exchange
The ability of buyers and sellers to use a variety of different payment methods is a crucial feature of any NFT marketplace. Payment options should range from dollars to a variety of cryptocurrencies.
Further to understanding the importance and features of the multi-chain NFT market, let’s understand this particular NFT and how it’s getting multichain is so meaningful.
What Are Babylons NFT Platform
With over 100+ gaming partners and a youthful, engaged community of GameFi aficionados, Babylons is the go-to hub for gamers, a pioneer Launchpad, blockchain technology supplier, and NFT platform. Babylons provides its gaming partners with a variety of services including INO hosting, IDO hosting, secondary sales services, and blockchain infrastructure development. While the platform’s novel methods are intended to democratise the process of launching new gaming ventures via private and public token offers and initial coin offerings (ICOs), Babylons already has a thriving gaming community eager to get involved.
At first, Babylons relied on the Binance Smart Chain to host its NFT marketplace and coin-minting platform. Customers’ gas bills dropped thanks to the change, and the community and widespread acceptance that followed. In the meanwhile, Babylons has developed into a blockchain-agnostic platform that actively supports several chains.
Babylons Are All Set to Become an NFT-powered Multi-chain Platform
The Babylons marketplace is the next generation of NFT exchanges; with low-cost minting, weekly prizes, linkages to real-world art galleries, and decentralised autonomous organisation (DAO) administration. Babylon carries out its business through TrustPad, which is a decentralised multi-chain fundraising platform that facilitates project funding and guarantees investor security.
The Babylons platform is a multi-chain hub where users can find everything they need for their GameFi and NFT endeavours in one place. This is a feature that the rapidly expanding GameFi and NFT market really needs, yet it is still rather rare. The revolutionary system makes it easier for users to create, develop, mint, launch, and profit on a variety of blockchains. Traders on the Babylons platform who use NFTs may participate in a “Trade-to-Earn” mechanism to earn $BABI on a weekly basis just by engaging in platform-wide trading. The awards for Babylons are calculated on the basis of the overall weekly NFT trading volume.
Since the advent of the Babylons, this capability has been accessible solely on BSC. Fortunately, it has recently been integrated into several of the most popular blockchain platforms, including Ethereum, Polygon, Avax, Fantom, Arbitrium, Optimism, Cronos, and Klaytn. In order to redeem their awards, customers must visit the Babylons platform. Being a multi-chain exchange also facilitates the listing and trade of premier NFT collections. Top cryptocurrency collections, such as BAYC on Ethereum, CronosChimp on Cronos, and more, are now available for listing, purchase, and/or sale on the Babylons NFT marketplace.
Get Smarter by Making Lists with Babylon
Making lists in order to earn is another ground-breaking addition to the Babylons platform. With this action, holders of certain NFT collections will be rewarded with $BABI, which will boost the available supply of NFTs on the market.
Each NFT in those collections that are sold on Babylon’s NFT marketplace will determine the number of rewards. System misuse will be addressed with frequent updates to the functionality. Therefore, no NFT awards will be awarded if the floor price is 1.5 times greater than the average of other legitimate NFT markets (and/or if users list the same NFTs twice).
When it comes to GameFi and NFT, Babylons is well on its way to making a significant impact with cutting-edge Web3 solutions. These revisions are just a sample of the enhancements that will be implemented in the future months. Join the Babylons community if you want to get rewarded for exploring the enormous world of GameFi and NFTs.