The NFT market is currently experiencing an inflow of projects, with many athletes, artists, celebrities and businesses wanting to explore the various use cases. With a new market, challenges are expected. Although there are several platforms where NFT projects can be created, many have not prioritized the user experience. With the difficulties associated with minting and trading NFTs, teams need to be more concerned about the value of their projects by choosing the right platform..
Algorand is one of the best platforms for NFTs that has specifically developed tools for this innovation. One of the benefits associated with Algorand is that the required functionality for NFTs is already built into its layer-1 protocol, hence there is no need for an added layer that can result in extra costs, delays and risks.
Algorand’s shift towards NFT and its Layer-1 Capabilities
Algorand is a secure, scalable, final, fast, low cost and sustainable layer-1 blockchain. It is the best choice for an array of assets such as NFTs. The required functionality for NFTs is built directly into Algorand’s layer-1, eliminating the need for projects to build additional applications with complex features and risks associated with layer-2 protocols.
From its origins, Algorand was developed with the aim of eliminating the blockchain trilemma which states that it is hard for a blockchain to achieve scalability, security and decentralization, without compromising one of the three. This has been the issue with blockchains like Ethereum, which is still struggling with scalability.
Algorand manages to confirm thousands of transactions per second and finalize blocks within seconds, a feat the likes of Bitcoin have been unable to achieve. This makes Algorand one of the fastest blockchain infrastructures in the market.
The platform uses a consensus method known as pure proof of stake (PPoS) algorithm which randomly selects block validators from its token holders. Therefore, there is a high degree of decentralization as well as a guarantee of no forks ever on the blockchain. Without the possibility of a fork, the unique NFT assets on Algorand are offered long term protection.
The layer-1 functionalities on Algorand makes the shift to NFTs easier and valuable to the assets and their holders. Users can create, launch and manage highly secure, unique, efficient and user-friendly NFTs on Algorand.
Algorand Standard Asset (ASA) is a simple token creation framework on layer-1 that’s made it possible for developers to create NFTs on the protocol. Since ASA is built right into Algorand’s mainchain, the NFTs benefit from its main features such as security, true decentralization, transaction finality and scalability. When NFT creators leverage the ASA capability on Algorand, they gain from a network with high throughput, low fees and streamlined developer tooling.
NFTs will highly benefit from the layer-1 capabilities presented by the Algorand blockchain because the assets require trustless systems to record ownership of digital assets. This is enabled by the unique PPoS algorithm that makes Algorand a trustless system that offers inclusivity and full participation of its community. This is not the case for other blockchains using different consensus mechanisms that reduce their decentralization potential to achieve scalability. Algorand therefore offers the best platform for a robust, scalable and efficient NFT ecosystem.
There are a lot of NFT systems that can be built on Algorand’s layer-1 chain including in-game items, real estate, collectibles, and certifications. Other asset types including fungible tokens, restricted fungible tokens and restricted NFTs can also be built on Algorand.
Subsequently, the platform has become home to many NFT projects recently with Planetwatch being the most popular one.
Planetwatch is focused on improving air quality for users in and outside their homes
Planetwatch is a platform focused on overcoming the limitations of the current air quality monitoring networks and delivering high-resolution real-time data. It is the first immutable air quality data ledger in the world.
Planetwatch’s mission will be achieved through its initiative to engage local residents and provide incentives in the form of native tokens called Planets to users that can then deploy and manage sensors in a fast and cost-effective way.
Planetwatch plans to partner with local governments and community leaders to raise awareness on air quality by deploying sensors to deliver hyperlocal data, necessary to timely detect, analyse and mitigate local pollution hotspots. Deploying more sensors will help the team to better understand the pollution dynamics and allow Planetwatch to suggest more effective mitigation measures.
Users will earn rewards for connecting their quality sensors to Planetwatch, which validates the quality data and issues Planet tokens on the Algorand blockchain. The tokens can then be exchanged for valuable goods and services.
Connecting the sensors will also help users avoid the polluted hotspots and ensure they get quality air inside their homes. Planetwatch has selected easy-to-use, reliable and accurate air monitoring devices that can be easily installed and monitored.
The sensors can be used indoors and outdoors with each type of device having different reward mechanisms. The available sensors at the moment cover outdoor and indoor air quality. Personal outdoor sensors can follow a user anywhere to check the air quality and stream the data to Planetwatch through the user’s smartphone. There are also small, easy to install and remotely monitored outdoor commercial sensors that blend consumer grade devices together with more expensive systems managed by Planetwatch.
The features provided by Algorand’s layer-1 blockchain favour the creation of unique NFT platforms such as Planetwatch. With its security, scalability and decentralization, these assets are assured that their collectibles are secure and that users are a part of the ecosystem.
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