The IOTA non-tradable (NFT) token experienced significant growth last week. IOTA released a report from its official Twitter account. The report states that thousands of bids have already been received.
IOTA, specifically, tweeted on July 19 that testnet transactions had a total of 966 registered and verified user account logins from the first week. IOTA also released artworks by 273 digital artists, a total of 508 NFTs. IOTA is available for purchase by customers and has received a total of 3,700 successful bids.
The IOTA team said:
We are working hard to develop the NFT market and add new features.
Dominik Schiener, co-founder of the nonprofit IOTA Foundation, said the community’s work has been very successful. IOTA NFT Marketplace policy has made it one of the best platforms for NFT mining. IOTA’s policy can provide a competitive advantage against Ethereum-based NFTs that cost more. It is well known that fees on the Ethereum network tend to rise, especially when the network is experiencing high demand.
However, the platform is still running on the development testnet. There are high expectations for the mainnet update to come to attract more NFT investors.
Launched on July 15, the platform does not charge transaction fees. The only fee the platform charges is the low mintage fee and the commission fee charged by the marketplace owner. The platform owns the copyright, which pays artists a certain amount when their works are resold.
Most of those in the NFT market are asking for a fee to my list to create NFT, print money and distribute it. Most NFTs additionally charge a commission on the token sale as well as transaction fees.
In the future, IOTA expresses at every opportunity that it will be the home of the rapidly growing NFT industry. IOTA’s team says it will offer NFT enthusiasts and up-and-coming artists a fast and promising market.
IOTA key update
The IOTA Foundation and Trademark East Africa (TMEA) have recently partnered to provide a permanent solution to paperwork issues. The collaboration is expected to digitize bureaucratic processes and benefit supply chains. With this partnership, all export documents will be sent to IOTA’s ledger structure, thus ensuring transparency and continuous access to reliable data. The project is planned to be tested first on trade lines such as UK tea exports and Belgian fish exports.