The Non-Fungible Token _NFT_ industry has been on fire lately. Despite the initial excitement surrounding this movement, there are still some shortcomings. A project like NFT Alley may help address some of these issues to create a more appealing ecosystem,
Multi-Chain NFT Support
In their current form, NFTs only exist on one blockchain. That is a positive aspect, but it also creates a limiting factor of sorts. As numerous blockchains have native support for Non-Fungible Tokens, it is essential to focus on cross-chain support. More specifically, building a multi-chain marketplace can benefit many investors and collectors of NFTs.
Especially with so many of the NFT efforts focused on Ethereum – and its high fees- building cross-chain support will prove crucial in the months and years to come. If this industry wants to be taken seriously, it shouldn’t matter which blockchain one’s NFT resides on, as long as they can manage everything in one place. Whether NFT Alley will succeed in that mission remains unclear.
Gasless Transactions With NFT Alley
One intriguing aspect of NFT Alley is how the team expects to build a gasless system for transactions. An ambitious goal, particularly when creating a multi-chain ecosystem. The team hopes to let users execute multi-chain transactions with low transaction costs. A commendable approach, but making such a vision come true will be challenging for multiple reasons.
Better Price Discovery
One thing the NFT industry needs is a better system for price discovery. The current landscape is incredibly clunky and messy, resulting in various price results that may or may not be correct. Addressing this aspect is essential to derive the proper value of one’s NFTs, especially if they serve as a future investment. NFT Alley claims to use “innovative models”, which will prove rather interesting to keep tabs on.
Using blockchain technology for new purposes is always exciting but also comes at a cost. Most public blockchains aren’t built to handle a high influx of transactions, whether it be financial or otherwise. NFT Alley, using scalable attributes of Binance Smart Chain, aims to offer a future-proof solution. Delivering on that promise will be essential, as it can make or break the entire project.
A Good Roadmap
Judging by the NFT Alley roadmap on the website today, most of the functionality will be implemented during the first three quarters of 2021. An early version of the NFT marketplace will give users an idea of what they can expect in the future. There’s also a plan for NFT loans and staking, which both sound interesting.
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