NFT browsing is easier
Apes attack Ethereum: It chokes.
Last week the NFT world went Ape. Literally. Yuga Labs launched their Bored Ape Yacht Club virtual land sale and the alternate Web3 universe swallowed it within minutes. News sites reported that ‘there was a sudden spike in gas fees due to high demand.’ Rubbish. The charge for the transaction was about three times greater than the cost of the goods. Let’s call it what it was — a systemic breakdown.
The Ethereum blockchain is a magnificent beast. The strategic intent behind its’ elegant design has enabled the development of thousands of dApps and birthed the DeFi and NFT economies.
However, the gas fee fiasco with the Bored Ape land launch was a tipping point, but not in a good way, for the Ethereum blockchain. Ethereum has a serious problem. It is just too popular. Basically, it broke.
The Ethereum magicians have been working to revamp processes and there has been lots of talk about the network’s transition to proof-of-stake, but the date is a moving target. It is too awful to contemplate what would happen if the merge went live with bugs, so Ethereum-centric operators, creators, and traders have been understanding. The fact remains — a new digital era cannot rest on a technological foundation that only works most of the time.
The NFT economy might still be a baby, but it is growing faster than a rampant teenager. An NFT is a bit of code on a blockchain that is irrevocably linked to an asset. It is a simple concept that is already changing the way we look at ownership, authenticity, and commerce. The NFT is Web3’s vehicle, crypto is the fuel that powers it, but the facilitator is the marketplace. The marketplace ties all the disparate parts together.
I love Ethereum except when I hate it. Several months ago, I decided to open a store on Mintable and get into the NFT economy. Gas fee quote was $100 to open the store. Well, no. I waited 24 hours but then the gas fee was $200. Again, no. Two days later at a different hour, the gas fee was $300. Opening the store was no longer the main game. Tracking the gas fee was hypnotic. When it hit $500 just to open the store — no mention of actually minting an NFT yet — it was time for a change of strategy.
Anything but Ethereum (ABE)
I went NFT marketplace shopping. Marketplaces are everywhere. Blockchains, crypto exchanges, artist collectives, fashion designers, musicians, and entrepreneurs are opening NFT marketplaces, not to mention the gaming companies and venture capitalists. I had no time to focus on creating and minting NFTs as I was too busy tracking marketplaces. Ethereum has some serious competition.
I made a list. The list became too long, so I made a spreadsheet. The spreadsheet became too long. Something had to be done. So was born the NFT Marketplace Directory.
Marketplace shopping solution
The philosophy behind the NFT Directory is simple. It is a gateway, or clearinghouse so that ordinary mortals can access the marketplace landscape quickly and easily. This will do three things. It will bring surface transparency to the space. It will encourage consumer confidence. It will help drive traffic to marketplaces across the board.
There is no charge for a marketplace listing and there are no advertising banners so browsing is a meaningful experience.
Currently, the Directory lists 33 marketplaces across 19 blockchains. We add to it every week. Know Web3? Name 19 blockchains before you explore the NFT Directory.
Enter email for monthly NFT Directory updates. Just the good stuff.