The Need for Major Improvements in the NFT Ecosystem
NFTs have enjoyed mass traction and use cases and have significantly boosted the profitability of decentralized applications (DApps).
The idea behind NFT was inspired by an Ethereum token standard that sought to identify each token by a distinctive symbol. These tokens’ distinctive identifiers can be connected to virtual or digital assets. All designated properties may be freely exchanged with bespoke values based on their duration, uniqueness, availability and other factors with NFTs.
Because NFTs are distinct and non-fungible, it is appropriate for differentiating things. To be more precise, a creator may easily demonstrate the validity and possession of digital assets such as films, photographs, artworks, and lots more by leveraging NFTs.
Even though they have a big potential impact on the current decentralized marketplaces and future economic possibilities, NFT technologies are still in their very early phases, and several potential difficulties must be adequately handled. Some of these problems include:
High Gas Prices
For NFT markets, high gas costs have become a significant issue, especially when minting NFTs on a wide scale and uploading the information to the blockchain network are required. Because smart contracts need computing resources and storage to be executed, every NFT-related transaction costs more than a straightforward transfer transaction.
The privacy and anonymity of NFTs are still being poorly surveyed. Users can partially conceal their identities if the public is unaware of the connections between their true identities and related addresses. If not, all user activity under the exposed address is visible.
The primary barriers to widespread NFT adoption are always interoperability and cross-chain communication.
The current NFT ecosystems are separate from one another. Users may only sell, purchase, or exchange a particular sort of goods inside the same ecosystem or network after they have made their choice. This is because of the blockchain infrastructure that underpins it.
AssetMantle resolves these difficulties that plague the NFT sector by enabling auditability and application compatibility through decentralized techniques.
ASSETMANTLE: WHAT IS IT?
A framework for NFT markets called AssetMantle provides each element required to create a distinctive market. It makes it simpler to develop interchangeable NFTs that can be transferred between different blockchains. NFTs like tokenized tickets, collectibles, and digital art are also made possible by AssetMantle.
Asset Mantle’s goal is to develop a framework that makes a variety of NFTs use cases possible, including those that go beyond the world of art and collectibles and have the potential to change the way that ownership rights to physical assets like real estate and other commodities are symbolized.
Therefore, AssetMantle delivers a community-driven, open-source framework that supports interNFT metadata rules as well as Mantle modules supporting interoperable, modular, composable, and decomposable NFT integration in metaverses, games, and the arts.
Thanks to the interoperability made possible by the IBC protocol and interNFT standards, AssetMantle enables users to use their NFTs across metaverses and on other chains.
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