Algorand is known for lightning-fast transactions and being carbon neutral at every level, but it’s quickly becoming a major player in the NFT scene as well. The Algorand blockchain is being used for traditional art NFTs and more unique use-cases such as copyright. With new marketplaces and projects emerging, and the price of Algorand increasing, now is a great time to explore what Algorand NFTs have to offer.
Algorand NFT Marketplaces
There are numerous NFT marketplaces to choose from on the Algorand blockchain, some of which allow you to purchase NFTs, and others that enable you to buy and sell shares in real estate and high-end contemporary artwork.
Artsquare.io, for example, allows users to co-own art by well-known artists like Keith Haring, Damien Hirst, and Andy Warhol. Artsquare provides a unique opportunity for those interested in using cryptocurrency to purchase physical art.
Republic.co is another unique NFT marketplace that gives users the freedom to invest in real estate, startups, video games, music, and more. On Republic.co, users buy and sell S-NFTs (security NFTs) that represent partial ownership in the project’s royalty rights. For example, over $2,000,000 was invested in SpaceX through Republic, and over $10,000,000 was invested in Robinhood.
As Algorand continues to grow, new NFT marketplaces are establishing themselves. Crescendo, for example, is an Algorand Standard Asset with 15% of its total supply dedicated to making donations to the music-and-art space. Interestingly, Crescendo’s upcoming NFT marketplace will allow users to sell, not only NFTs, but physical merchandise, services, and MP3s.
Algogems functions more like a traditional NFT marketplace, with users buying and selling digital artwork using Algorand. Algogems also has its own Algorand Standard Asset called GEMS that’s used for governance, artist rewards, and more. Dartroom is another popular Algorand NFT marketplace that sells art-based NFTs. NFTs on Dartroom tend to be more expensive than those on Algogems, and users have to apply to be an artist on their platform.
Benefits of Using Algorand for NFTs
One of the primary benefits of using Algorand for NFTs is the eco-friendly nature of its blockchain technology. Individuals concerned about the impact that proof-of-work cryptocurrencies have on the environment can buy and sell Algorand NFTs without negatively impacting the planet.
Another significant benefit of using Algorand for NFTs is that the functionality for NFTs was built directly into Algorand’s layer-1 protocol. Other blockchains, such as Ethereum, had to create a layer-2 solution to improve transaction speed and lower costs for NFT transactions. Adding layer-2 protocols is inherently risky and often complicated, but Algorand’s layer-1 functionality allows it to avoid the potential pitfalls of adding a layer-2 protocol.
Algorand NFTs are highly secure, as they use trustless systems to record ownership. Other blockchains, primarily those with layer-2 protocols, often have to sacrifice some security and decentralization in favor of scalability. On the other hand, Algorand uses an efficient PPoS algorithm that provides users with high throughput, enhanced security, and low fees.
Give Algorand NFTs a Chance
Ethereum is undoubtedly one of the most popular blockchains for NFTs, but that doesn’t necessarily mean it’s the best. Tezos also uses a proof-of-stake protocol, meaning it’s nearly carbon-neutral, but it arguably lacks the enhanced security offered by the Algorand blockchain. If you’re interested in buying and selling NFTs in a secure environment, without harming the planet, Algorand NFTs may be precisely what you need.
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*All investment/financial opinions expressed by NFTeducation.org are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
NFT Artist. Musician. Founder of Crescendo.