DeFi developer and Yearn.Finance creator Andre Cronje has launched a new NFT marketplace called Artion.
Cronje released a beta version on the Fantom (CRYPTO: FTM) blockchain.
In a blog post, Fantom announced the new NFT marketplace, it costs 1 FTM (about $1.3) to mint an NFT.
According to the report, Artion will support ERC-721 tokens such as those available on OpenSea. However, it can cost several hundred dollars to mint NFTs on Ethereum (CRYPTO: ETH).
The blog post states that the marketplace boasts a low minting fee, which on Saturday was reduced from 10 FTM to just one FTM.
Artion has been a huge success so far!
We’re getting a lot of precious feedback and we’ll push out constant updates to the platform.
Today, we lowered the minting fee from 10 FTM to 1 FTM.https://t.co/9W8tTmOs9A
— Fantom Foundation (@FantomFDN) September 25, 2021
There are also 0% commissions on sales. This comes as high fees on other networks are receiving scrutiny from regulators.
On the NFT launch, Cronje has said that he’s not trying to sink OpenSea but loves “starting fires.”
Cronje tweeted a GIF that said, “It’s not about the money; it’s about sending a message.”
On the front end Artion appears similar to OpenSea, the NFT market leader which reportedly commands over 95% of all NFT sales. Although, unlike OpenSea, Artion’s code is entirely open source.
Artion’s NFTs are stored on decentralized web hosting network IPFS. It has a built-in Ethereum-Fantom NFT bridge for interoperability with collectibles from other NFT marketplaces.
There are close to 50,000 NFTs on Artion, which are all Fantom NFTs.
Related Link: Time Magazine NFT Collection Sees Sky-High Demand And Ethereum Network Faces The Gas Pain
Photo: Courtesy of phantom.foundation