The OpenSea NFT marketplace will soon start minting on Tezos while being the platform with the highest monthly volume in the NFT space. Tezos is the second blockchain to join the OpenSea ecosystem so let’s read more about it in the latest Tezos news today.
OpenSea is an NFT marketplace that has the biggest monthly volume in the industry and it only supported Etheruem-based NFTs so far but this is about to change. OpenSea announced it will start minting on the Tezos blockchain. This means that the NFTs that are minted on Tezos will be able to be stored, viewed, and traded on OpenSea.
Today, with average transaction costs of $17.43 on #Ethereum, it’s time to do the math again: #Tezos is $17.43 : $0.00088 = 19,806 times cheaper then #ETH
And on this day, we expect wrapped ETH to go live on https://t.co/gVs0KZt2bA. Built on @tezos. #DeFi
— Allen Walters (@IgnoranceIt) January 5, 2021
Right now you can mint NFTs on the Tezos-based minting platform OpenMinter while another option to mint it is through Hicetnunc as well as Kalemint that will go live on the 18th of this month. Kalamint is a full NFT platform that mints and trades NFTs so it represents a bridge that enables you to move the ETH NFTs to tezos and will also be launched by BenderLabs soon.
Tezos’s transaction fees are over 3000 times cheaper than on ET so minting on Tezos is a huge step ahead for everyone that wants to mint quality NFTs in a cheaper way. Minting NFTs on Ethereum can cost up to $50 but with Hicetnunc on Tezos, the cost is about $0.019. This will make cross transfers simpler especially on the high fee days which are more common as of late. Last week the difference was even more astounding as the transactions on Tezos were 20,000 times cheaper. Fully functional PoS means that the Tezos carbon footprint is lower than Ethereum’s with a fraction of the energy requirement of PoW. In a new analysis on the energy that the average NFT on Ethereum uses, it was found that one single ETH NFT footprint was:
“…equivalent to a EU resident’s total electric power consumption for more than a month, with emissions equivalent to driving for 1000Km, or flying for 2 hours.”
— GORFL14 (@GORFL14) February 8, 2021
There’s an option to mint and transfer NFTs in a more energy-efficient way with no miners involved. Tezos is connected to the larger NFT ecosystem by transactions which makes it even more logical. Tezos also has plenty of qualities like high decentralization, security, and trustlessness. Speaking on the OpenSea NFT marketplace, the platform explained:
“We also find Tezos attractive because of its under-the-radar growth in developer activity. Tezos development teams are rapidly advancing Tezos with network upgrades every three months.
This upgrade cadence is possible because Tezos significantly lowers the coordination costs of executing network upgrades in a decentralized manner at scale”.
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