NFTglee Platform On Bitcoin Sidechain

Non-fungible token (NFT) platform NFTglee has announced the May 24 launch of an NFT auction platform that leverages Blockstream’s federated Bitcoin sidechain, Liquid.

NFTs can be used to certify the individuality of a digital asset, like a piece of digital art, using blockchain technology. To date, NFTs have almost exclusively been recorded on the Ethereum blockchain, though Blockstream just launched its own NFT marketplace on Liquid. However, the Bitcoin blockchain offers many advantages over Ethereum’s, particularly in its security and fee structures, which has motivated this launch from NFTglee.

“Working with developers to find solutions to the ever-growing limitations associated with Ethereum-based platforms, NFTglee founders turned to the most efficient and environmentally friendly solution available to them and the crypto community — Bitcoin,” according to a press release from NFTglee shared with Bitcoin Magazine.

The release explained that the platform would employ atomic swaps, a method for exchanging coins on different blockchains, to convert any cryptocurrencies used into bitcoin as a way to avoid the fees that power Ethereum, known as “gas fees.”

Source link Bitcoin Magazine

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