To pave the way for greater adoption of non-fungible tokens and remove the barriers that hinder wider participation, Polygon is leveraging the proof-of-stake approach of its parallel network to lower the gas costs of the Ethernity Chain.
Layer 2 solution to improve access to Ethereum-based NFTs
Non-fungible tokens (NFTs) are still the talk of the town, captivating crypto enthusiasts and collectors alike with their creator value proposition and unique ownership. Despite the intrigues, the hype has also highlighted the many disadvantages of these novel tokens, most notably their high environmental and transaction costs.
For many interested parties, NFTs simply remain inaccessible due to their cost. Cost, in this context, relates not only to the price of the works being auctioned, but also to the associated gas costs, which can add hundreds of dollars to any transaction. Gas fees have been a hot topic this year, and while Ethereum is committed to addressing this matter, the timing for these improvements is difficult to pinpoint.
Fortunately, instead of waiting for Ethereum to publish the answer, a Layer 2 solution has found a way to use the “Internet of Blockchains” approach to solve these problems in a highly efficient way. Enter Polygon, a protocol that any Ethereum-compatible blockchain can use to connect to the network to take advantage of its valuable properties without sacrificing speed or security.
This scalable framework is based on a Proof-of-Stake (PoS) consensus mechanism that uses smart contracts to seamlessly interface with Ethereum while reducing gas costs to next to nothing. Although Polygon has traditionally focused on other blockchain-based activities that require greater scalability, greater efficiency, and lower costs, NFTs are the perfect area for implementing this Layer 2 protocol.
A more economical modus operandi for ethereality
To invite more mass participation in the NFT arena, Ethernity Chain, a well-known NFT marketplace, is using this very model to make its platform more competitive. The integration of Polygon into the Ethernity platform ensures that NFTs, which were traditionally reserved for wealthy individuals, can achieve greater attractiveness through a more market-based approach.
ERN, the native token of the Ethernity Chain, will benefit from expanded liquidity options for token holders. The inclusion of Polygon ensures that the cost of minting NFTs drops dramatically, while at the same time virtually eliminating the gas fees for staking, swapping and harvesting agricultural activities with ERN tokens.
This Layer 2 strategy not only helps Ethernity Chain maintain its socially minded not-for-profit model, it will also encourage greater community participation by removing existing barriers to accessibility for prospective NFT owners.
What do you think of Polygon’s approach to the NFT ecosystem? Let us know what you think on this matter in the comments section below.
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