What Is Foster Marketplace And How Does It Innovate The NFTs Market?

0
59
foster marketplace

The NFT space has been growing rapidly over the years and many people are intrigued by the opportunities that come with it. The initiative of Non-fungible tokens (NFT) is to curb duplication and insecurity of intellectual properties or arts, thus many protocols and products have been developed to facilitate the concepts.

However, looking into the futures of Non-Fungible and the tractions it has been gaining, these protocols seem to possess some backlogs, thus Foster marketplace was created. 

Foster Marketplace aims to reinvent these backlogs by coming up with amazing technological features.

Introduction To Foster Marketplace

foster marketplace

Foster marketplace is an NFT marketplace that aims to create an avenue to easily onboard new users into the NFT space and also provide more intriguing features for well-versed crypto or NFT users.

It is an NFT marketplace built on the Solana blockchain that enables the streaming of NFTs through the power of blockchain infrastructure and other decentralized technologies.

Foster marketplace is built on three pillars using blockchain technology — as it enables digital art information and history to be stored digitally in a distributed ledger, thus making any digital art to be immutable, having ownership, and also not being counterfeited.

It also makes these stored digital arts to be publicly trackable, thus, ensuring transparency in the digital art world and for any tokenized properties.

What Makes Foster Marketplace Unique?  

LIFT Transparent Image

As there were many different NFT marketplaces or platforms in the space, a new marketplace would be considered a replication of the existing platforms if unique features are not introduced in the new platform ecosystem.

However, the Foster marketplace isn’t just unique but was created to combat notable challenges in the existing NFT marketplaces.

The attributes that make Foster marketplace a go-to platform for NFT creators, collectors, investors, etc are listed below:

  • Foster marketplace is highly scalable as it’s built on solana blockchain — due to high scalability attributed to Solana’s consensus mechanism, thereby avoiding high gas fees and network congestion issues that exist in some of the existing NFT marketplaces.
  • The marketplace offers a unique, yet familiar experience by creating new opportunities for verse users and new users to showcase and monetize their NFTs by offering smart home integration through the mobile application where subscribers can create a curated playlist of their favorite artists for a monthly subscription fee.
  • Foster Marketplace introduces an NFT streaming model that would leave room for partakers to discover more arts while at the same time supporting a wider range of artists.
  • It also has great user interfaces that enable new NFT or crypto users to effectively and efficiently use the platform by combating a complicated user interface that requires technical know-how — which exists in the other NFT marketplaces.
  • This new yet intriguing NFT Marketplace (Forster Marketplace) stores data on-chain using Arweave instead of utilizing “Metadata” that stores data off-chain – which could lead to loss of data if the node goes offline.

Foster marketplace utilizes Arweave because it provides a network to store data permanently, immutably, and reliably, ensuring data can always be retrieved.

  • Foster marketplace also brings new solutions to the NFT market by combating the barrier to entry issue that exist in other NFT marketplace — whereby NFT arts are only valued based on an artist or creator’s name recognition or influence. NFT arts are valued based on their rarity and uniqueness in the Foster marketplace.
  • It enables users to cast their digital art to a hardware display and also offers a fiat on-ramp.

Foster Marketplace Native Token (LIFT)

The Foster marketplace ecosystem is powered by its native token, LIFT. LIFT is a solana-based token created to serve as a utility token in the Foster marketplace.

Below are some of the use cases of the LIFT token in the Foster marketplace ecosystem:

  • LIFT token is used as a payment method for services in the Foster marketplace platform, it can be used to buy NFTs on the platform.
  • Users that hold LIFT tokens are entitled to low transaction fees in the ecosystem — as LIFT tokens serve as collateral to receive discounted fees.
  • LIFT token is also an asset used to reward user who is contributing greatly to the ecosystem.
  • It also serves as a key that’s used to unlock advanced features in the marketplace, this means a user that’s not holding the LIFT token has limited access to advanced features in the ecosystem.
  • The native token, LIFT also serves as a governance token in the Foster marketplace ecosystem — whereas it can be used to vote for an upgrade, changes, and new products or features in the ecosystem.
  • It also offers users rewards for staking their token — LIFT holders earn additional rewards when they lock up their token in the ecosystem.

Conclusion 

The NFT industry is a fast-growing industry that’s gaining popularity around the world every day — due to the solutions it brings, to eliminate duplication by giving ownership rights and also ensuring the security of an asset through blockchain.

As with every revolutionary technology, there must be some trilemma, and the challenges in the NFT market are the factors that are hindering mass adoption of NFTs, however, the Foster marketplace has come to resolve them.