Etho Protocol provides mission critical IPFS storage and 100% EVM compatibility and is therefore a perfect place to build a NFT market platform. On the 2nd of January a first deployment started.
Why Etho Protocol?
When looking at market places for NFTs there are different solutions, Opensea, Rarible are just a couple of examples. All of them are battling with large minting costs, centralisation issues and solution fragmentation.
Etho Protocol is addressing this with a neat solution: merging IPFS and blockchain into one. The IPFS network is provided by a work wide cluster of master nodes, where the owners are contributing and get paid for the storage capacity they are providing. As the network has a replication factor of 10x the storage is highly redundant and perfect for Your NFTs.
Last year a development team formed to deploy a market place. Aim has been to facilitate Etho Protocol NFT functionality which has been introduced last year by the Atlas upgrade.
The focus when minting an NFT should be full decentralisation, which means:
- The NFT should live on a decentralised blockchain and should be minted before the NFT is offered
- The content should live on a decentralised IPFS
- The content description should also live on a decentralised IPFS
These have been the main design principles for setting up a new market place, also as we see that a lot of market places are not fulfilling those requirements.
Let’s make a NFT
The marketplace will evolve over time. We use the current 0.0.3 version, which is still marked clearly as a beta version. In order to use Etho Protocol as a network You need to add it to Metamask. A good explainer video from Alan can be found here: https://www.youtube.com/watch?v=chLpKKTdYfA
Assuming that this is in place creating a NFT is really simple:
Minting an NFT on Etho Protocol is really reasonably priced at 1 ETHO which is currently at 7 US cents and includes the minting fee and storage up to 10MB for 12 month. From here You pay the minting fee via Metamask. After one confirmation, the NFT gets minted:
Done. But there has been a lot of tech ongoing in the background:
- First the 1 ETHO fee is transferred to the minting account
- The NFT media file is stored on the Etho Protocol IPFS as a contract with a duration of 12 month
- A NFT JSON description file with the URL is stored on the Etho Protocol IPFS as a contract with a duration of 12 month
- Lastly the NFT is minted and added to the collection contract. The latter is used to be displayed as a NFT on the market place
Now it is just up to You to enter the NFT frenzy and offer Your NFT at an adequate price. Wonder if someone would buy this nice NFT for 100 ETHO?
I will give it a try…
At the moment the market place is still in beta, but the team is working in 2 distinct new feature:
- Batch upload for collections: Allowing creators to upload batches of collections to our marketplace.
- Sponsoring for minting: Allowing companies to sponsor minting to simplify the onboarding onto the market place.
If You like what we are doing, visit us at https://ethonft.com
And of course checkout what Etho Protocol is doing in general: https://ethoprotocol.com