Thursday, May 23, 2024

To stand out of the NFT pack, MetaDrop enlists the help of investor ‘Loomdart.’

Crypto platform MetaDrop is gearing up to stand out amidst the growing number of players in the Non-fungible token (NFT) industry. It recently announced a collaboration with the top crypto influencer Loomdart.

Exploring Novel Distribution Paths

Non-fungible Token projects are gaining popularity. This implies tough competition between various NFT Platforms. The need to shine among the rivals is more than ever. Right now, the biggest NFT platform in the world is OpenSea, with $3.4 billion worth of tokens processed last month. This data comes from DappRadar.

One of the founders of MetaDrop, “psyopcop” commented that the platform would develop a novel customized sale mechanism for every individual drop hosted. The intention is to integrate this new method of approach with both the NFTs released on the platform and the manner of their release.

Existing Models Can Lead to Gas Wars

The models which the industry currently follows are very profitable for the platform and the artists it supports. But this can result in Gas Wars as buyers try to claim an NFT by paying more transaction fees on the Ethereum (ETH) platform. In fact, before the Ethereum Improvement Proposal (EIP) 1559 upgrade, Ethereum experienced a deflationary period. The platform experienced more network burns than block reward issuance.

Metadrop’s psyopcop said that the actual transaction fee depends on the drop’s quality and the project’s complexity. The aim of the collaborative project is to support the users of their platform and not to charge huge cuts of the funds they manage to raise.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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