How do gasless transactions make NFT purchasing more convenient?
NFT space is still booming and this is hardly any news. With increased awareness of decentralized applications, there was increased traction in the NFT space. From gaming to collectibles and real estate, NFTs are going beyond the ordinary or so called traditional understanding of ownership. They are also challenging traditional art dealership’s problems by connecting artists with buyers. New artists are encouraged to participate in this exciting space and as a result, new NFT art pieces are being minted every day.
On the buyers’ standpoint, NFTs have ups and downs. While issues remaining within the NFT space affect all parties, buyers are often more disadvantaged as purchasing NFTs can be challenging. Aside from authenticity, security concerns and high barriers to entry, buyers also have to pay high gas fees out of pocket.
Okay, but what are gas fees exactly? Gas refers to the cost necessary to perform a transaction on the network. They are payments made by users to compensate for the computing energy required to process and validate transactions. The amount depends on the complexity of the transaction, the congestion level of the network, and the number of users interacting with the network at the same time, meaning sometimes users are required to pay higher amounts as gas fees than their entire transaction.
High gas fees are actually in part an indicator of success, as it indicates more people are using the network’s limited capacity, hence pushing a transaction through costs more. But this bitter sweet fact is not compensating for the unpleasantness of paying high gas fees. OpenSea, the largest NFT marketplace, charges 2.5% per transaction while others marketplaces like SuperRare, charge more.
A platform founded based on the goal of making NFT space thrive, TribeOne is taking important steps towards achieving its goal. TribeOne’s partners’ ecosystem is constantly growing. By joining hands with trusted DeFi protocols, we aim to make NFT purchasing more convenient. Through our partnership with Biconomy- a Next-Gen Multichain Relayer Protocol allowing DeFi platforms to relieve their users from the burden of paying high gas fees via a unique relayer infrastructure, we are now completely gasless!
Through this partnership, TribeOne users can now enjoy our NFT financing solutions and the various other features our dApp will offer in the future without paying any gas fees!
Unpredictable and expensive gas fees have become part of the NFT experience for many users. For some, such additional costs are enough reason to abonden the NFT space. For others, gas fees are limiting their movements by cripling their funds. Allowing our users to get tailored loans for NFTs, our dApp is changing the NFT investments as a whole and removing gas fees will make it even more convenient to own desired NFTs.
TribeOne is the world’s first-ever NFT lending platform that offers a seamless experience; to the users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. Providing the community with a platform to lend, borrow and invest in NFTs. Therefore, offering an unconventional experience for all.