What are NFTs? Even if you don’t know what they are, you have probably heard of them.
Non-fungible Tokens (NFTs) are a type of digital contract that uses blockchain to confirm the owner of a virtual asset like pictures or artwork. They are not interchangeable, that is every NFT is unique, each one is different from the other and cannot be swapped for another of the same thing. They can be bought and sold.
NFTs have grown massively over the years and are now a large part of the crypto world.
Solana (SOL) is one of the leading blockchains for the NFT marketplace and now CashFi (CFI) has plans to revolutionize the NFT space.
Ethereum’s Killer, Solana (SOL)
Solana (SOL) is an open-source blockchain network that leverages various innovative technologies to power next-gen DApps. Founded in 2017, it is the fastest blockchain in the world and has the fastest-growing community in the crypto world with projects in DeFi, Web3, NFTs, and more. Its best selling feature would be its transaction speed.
Currently running over 50,000 transactions, it puts Bitcoin’s (BTC) 7 transactions per second and Ethereum’s (ETH) 15 transactions per second to shame. The network can very easily handle decentralized apps (DApps) and is doing well hosting initiatives like DeFi and NFTs.
One of the biggest issues of the NFT marketplace is the high gas fees, especially the fees charged on Ethereum (ETH). Solana (SOL) solves this issue for users because not only is it faster, but it also manages to run its transactions at low costs. On the network, NFTs can be made in bulk at low costs, and traders can buy and sell without being too worried about gas fees.
Cross-Chain NFT Marketplaces With CashFi (CFI)
CashFi (CFI) is a new next-gen protocol with plans to build collaboration and connection by introducing its users to a variety of asset classes like liquid staking and NFTs. It is a next-gen decentralized platform with its native ERC20 token, CFI that promises to unite the blockchain ecosystem and provide faster, scalable, and low-cost services.
According to its white paper, CashFi (CFI) has plans to use a qualitative methodology for off-chain cooperation while also enabling on-chain interoperability using an ecosystem of multi-chain web 3 products developed to facilitate global liquidity and allow for seamless value exchange. It will be developed to provide the perfect ecosystem for top-tier liquid staking, Synthetic Asset Services, and NFTs.
CFI NFTs will be incorporated into the CashFi network’s infrastructure for building cross-chain NFT marketplaces. The platform recognizes the impact of NFTs in the crypto world and the benefits of NFTs in promoting peer-to-peer (P2P) interaction on a global scale.
The network will initiate CFI NFTs and provide a next-gen interoperable marketplace for NFTs to further strengthen and expand the growing industry. This cross-chain CFI NFT marketplace will allow users and digital artists to mint NFTs at low costs and improve their NFT auctions by creating their own NFT marketplace through CashFi.
The ecosystem has plans to solve the current problems with the NFT marketplace by providing a safe and user-friendly framework that allows users to create their own NFT marketplaces. CashFi (CFI) will provide all the tools needed for users to create their own marketplace and also offer cross-chain and cross-platform interoperability.
Users will be able to use the platform’s adaptable CFI NFT marketplace infrastructure to design individual marketplaces for specific NFT artists or clustered artists who want to display their items together. CashFi (CFI) has plans to overtake NFT marketplaces like OpenSea with this unique feature which they believe is “even easier than setting up a shop in the real world”.