Application NFTs to be introduced soon as new use case
Zetrix, the newly-introduced Layer 1 blockchain that connects across chains and across borders, including to China, is now powering the minting of non-fungible tokens (“NFTs”) on global marketplace NFT Pangolin.
Having launched its mainnet recently on April 15, Zetrix provides the backbone infrastructure that integrates seamlessly with the International Supernodes of China’s Xinghuo Blockchain Infrastructure (“Xinghuo BIF”), its largest national-level blockchain network, led by the China Academy of Information and Communications Technology (“CAICT”), under the Ministry of Industry and Information Technology (“MIIT”) of China. Xinghuo BIF is supported by all levels of the Chinese government and runs both governmental and commercial applications. It has been successfully deployed in various major cities in China, including Beijing, Shanghai, Nanjing and Guangzhou, with investments surpassing billions of Renminbi-Yuan.
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The commencement of the minting of Zetrix-based NFTs on NFT Pangolin brings a host of significant and distinct advantages for all market participants. For one, minting NFTs with Zetrix entails a lower carbon footprint due to the blockchain’s Proof of Stake (POS) PBFT+DPOS consensus mechanism, which minimizes the computing power required to validate blocks onto the chain. This is in stark contrast to the minting of NFTs with Ethereum, which is highly energy-intensive. It is estimated that minting an NFT on Zetrix would consume 100,000 times less energy than minting the same on Ethereum. Furthermore, not only will the payment of gas fees be comparatively much lower when minting NFTs with Zetrix, market participants will also enjoy the benefit of compatibility with Xinghuo BIF.
The topic of NFTs has surged in popularity in recent years, following various celebrities’ involvement in the NFT community. The NFT community originally evolved around Ethereum, utilizing its smart contracts to make any digital artifact a unique copy, while allowing content creators to benefit from their art as every transaction will be able to generate a portion of income for the original content creator. While Zetrix fully supports digital creators’ NFTs and is committed to fostering the continued growth of this market segment, moving forward, it will also be focusing on enabling the introduction of Application NFTs as a new use case for NFTs. Digital creators’ NFTs are valued based on the unique content owned whereas Application NFTs will be valued based on their utility in a specific process. Zetrix’s inherent advantages, namely its low energy consumption, low gas fees and high processing speeds, will make Application NFTs viable. NFT Pangolin will be introducing these in the near future as it aims to make NFTs a part of everyday life.