Fiberblock is a Vietnam-based Web 3 development and investment company. As the first step of the partnership with Fuse, Fiberblock has launched the Artrific general purpose NFT marketplace on Fuse Network.
Non-fungible tokens (NFTs) are crypto assets that represent unique digital or physical objects on the blockchain. Each token has a unique serial number and a link to its metadata that are usually stored off-chain.
This year, NFTs have been perhaps the hottest asset class in the crypto space. A key reason for the popularity of NFTs is that they can stand for almost any individualized thing, be it a digital artwork, a rare in-game item, a creative social media avatar, a song or even an immovable property.
NFTs have potentially created a revolution in the art world as they have enabled wholly new ways of funding, displaying, distributing, accessing and interacting with artworks. The technology has been embraced by creators from musicians to photographers, to even sculptors.
Another major area of impact for NFTs is online gaming. In popular games, NFTs promise to connect players’ actions closer to the real economy, as in-game items can now more readily be sold for currencies that can be used outside games. This has already led to the emergence of the play-to-earn phenomenon, where some gamers started earning significant revenue from the NFTs they obtained through playing games like Axie Infinity.
NFTs can also be used for purposes as diverse as certifying the authenticity of valuable physical objects (e.g. luxury watches) to representing titles to real estate or liens on those, including fractions.
However, despite the meteoric rise of the NFT industry, it has faced some bottlenecks. The minting and transfers of NFTs are computationally costly operations and this has often resulted in significant blockchain fees for those issuing and transacting with NFTs, especially on Ethereum. Interacting with various NFT platforms may also be far from straightforward for non-specialist users.
Why Fuse is a Good Fit for NFTs
Fuse is a highly fitting platform for minting and transacting with NFTs because it has some of the lowest fees among EVM-compatible blockchains. This makes minting and transferring NFTs accessible to a broad range of people.
Fuse also features mobile-centric tools that can give NFTs an added dimension. Artrific can be integrated with mobile wallets built using the Fuse wallet technology via WalletConnect. Coupled with easy-to-use in-app fiat on-ramps this can make it easier than ever for non-specialists to enter the NFT space.
Several NFT projects have recognized Fuse’s potential for NFTs and launched their offerings. They include Fuse Bar, Cozy Cosmonauts, Fuse Faces and two versions of Fuse Punks. Fuse also recently announced the collaboration with Moon Ape Labs to launch a special Moon Ape collection for the Fuse ecosystem.
Real world use-focused projects on Fuse including GoodDollar, Kolektivo, Peepl and Flambu could also drive interest in and demand for NFTs from the audiences that have not traditionally been involved with this asset category.
One major element missing for jumpstarting NFT activity on Fuse is a native NFT marketplace, which is why we are excited to announce the partnership with Fireblock.
The Partnership with Fiberblock and the Upcoming Artrific NFT Marketplace
Fiberblock is a Vietnam-based Web 3 development and investment company. Previously, it developed a play-to-earn game Tank Wars Zone on the Fantom blockchain. It also runs a validator node on Fuse Network.
Fiberblock considers Fuse a highly promising platform for developing NFT-focused and other blockchain applications. For the initial stage of the partnership, Fiberblock has built and launched the first general purpose NFT-minting and marketplace platform on Fuse called Artrific. The Artrific project also received a Fuse ecosystem development grant from FuseDAO.
Similarly to major established marketplaces like OpenSea, Artrific supports a wide range of ERC-721-compatible NFTs, including digital art, in-game items and more. Users can mint, bid, auction and sell items, track popular and best-selling NFTs, and so on.
A number of NFTs and NFT collections have already been posted on Artrific and the trading activity can be followed in real time here.
The Fuse team is thrilled by the important NFT collaboration and we are confident that the launch of Artrific will help Fuse attract significant NFT activity and nurture a vibrant ecosystem.
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