The future of the blockchain ecosystem will be multi-chain, and to support the multi-chain architecture, one of the popular names that come to mind is — Moonbeam. A Polkadot smart contract parachain that is Ethereum-compatible as well.
The Layer 1 chain mirrors Ethereum’s Web3 RPC and much more. The multi-chain approach allows the projects to expand their reach to a new base of users and markets. The platform has garnered 3M+ transactions and continues to do more in 2023.
1/ 🚀 Today marks two months since Moonbeam’s official launch to @Polkadot on January 11! Moonbeam Network reaches new heights and continues to grow with more activity, users, and new integrations!🔥
Read this thread for a recap of everything that’s happened so far! 👇 pic.twitter.com/8P4p6WdwrR
— Moonbeam Network (@MoonbeamNetwork) March 11, 2022
Though the network has myriad use cases, nowadays, NFT projects are becoming a big part of the Moonbeam smart contract platform. As it is a simple way to reach more users in the Polkadot ecosystem. The network is one of the top destinations for NFT. In this article, we will know about the marketplaces on Moonbeam and the advantages of using Moonbeam for NFT projects.
What is Moonbeam?
Moonbeam came into the blockchain space to solve the problem related to cross-chain communication. It is the first EVM-compatible L-1 blockchain and is a parachain on Polkadot. The native token of the network is Glimmer (GLMR). In addition to providing network security, the token allows for the payment of transaction fees.
The growing ecosystem network brings cross-chain integrations, Web3 API, EVM compatibility, and much more. The network also has a companion network Moonriver.
Moonbeam and Moonriver
The Moonriver, which goes beyond EVM compatibility, is the companion network of Moonbeam. With its robust marketplace and integration, the network allows users to purchase, trade, and display NFTs. The Moonriver reduces the delay in launch and makes the network secure.
All of this is possible as the network acts as a testnet. It acts as an environment to test and verify codes. Recently, there have been many utility-driven activities on the Moonriver.
Top NFT Marketplaces & Platforms on Moonbeam
It is an NFT aggregation protocol that aims at mint, auction, and issuance of NFTs. The platform has a multi-chain vision that aligns with the Moonbeam chain’s core idea. The smart contract deployment got finalised in June 2022. Since then, the Moonbeam and Treasureland developers have been working together for the trading of NFTs on the network.
Moonbeans is an NFT marketplace that supports minimal fees for project developers, artists, and traders. The platform has become a fully functional NFT marketplace, along with providing uniquely tailored NFT collections.
Recently, NFTrade integrated Moonbeam as the 6th Live Mainnet. The integration will allow the peer-to-peer swap, trade, and earn NFTs. NFTrade has community governance at its core, and while looking to expand for multi-chain, the Moonbeam seemed to be a good option for the platform.
Mintverse, a compressive NFT marketplace, has integrated with the Moonbeam network to provide NFT to its users and to build a vast community. The platform has a 0% platform fee for its sellers and provides tech resources to its users. Newer projects will be able to set up their collection and host Initial NFT Offerings with ease, thanks to the soon-to-be-updated Drops.
NFTScan is a professional NFT data infrastructure, and Moonbeam is one of blockchain supported by NFTScan. Further, the NFTScan does signature authentication of the NFT projects deployed on the networIntegrating of NFTScan, and Moonbeam will bring closer to friendly NFT data search and optimise their work to serve more NFT holders.
Benefits of Using Moonbeam for Future NFT Projects
The Moonbeam has a diverse community, and it is one of the largest ecosystems within the Polkadot network. Some of the advantages of deploying Moonbeam for the upcoming NFT projects are:
Highly Compatible with Ethereum
Only minimal configuration changes are required to convert the Ethereum blockchain into Moonbeam. Through Moonbeam’s Web3 RPCs, the tools of developers can connect and interact at ease, just like the Ethereum blockchain. Additionally, chain link price feeds and API developer tools are available.
Accommodates NFT Standards
The Moonbeam supports popular NFT standards such as ERC-721 nad ERC-1155. This makes the network one of the top destinations for the Ethereum-compatible NFTs. The platform allows the ERC-721 bridge with Ethereum, allowing users to move NFTs efficiently.
Interoperability is quite crucial in NFTs, as the projects are shared across many platforms. Moonbeam is one of the most active ecosystem projects designed on Polkadot, which allows developers to successfully launch DeFi applications and Launchpads. With Polkadot, users gain immediate access to the resources on other networks. Moonbeam improves interoperability by leveraging XCM.
Decentralized applications run on computers connected through a network. And, since the Moonbeam platform supports multi-chain crypto networks, the building of dApps here becomes reliable. Also, the assets can be linked together smoothly, making the application run without creating any errors. They can compose functionality from Polkadot para chains which cluster the network before presenting them in front of the user. With the support of Moonbeam, NFT dApps will be more pivotal in 2023.
In the coming years, Moonbeam will focus more on “connected contracts” so as to become a recognised layer-1 network. Currently, there are several fragmentation-related issues in Web3 that will be solved when smart contracts communicate across the chains.
In 2023 we will see growth in NFT projects, and it will act as a unique way for community building and earning. As such more projects will become part of the Moonbeam network as well.