Singapore-based Emogi Network is launching Revival—an NFT marketplace based on the enterprise-grade, high performance, and low-fee IOST blockchain, in June 2021.
In an update shared on June 4, Revival will resolve pertinent problems NFT creators face in other networks, especially Ethereum.
Revival will differentiate itself by offering a multi-chain aggregating NTF portal unique with a margin reward mechanism and speedy transactions in a cheap transacting environment.
Out of this, NFT creators would easily mint, buy, and sell assets at a higher return.
Troubles with High Gas and Minting Fees in Ethereum
Alternative networks, like Ethereum, for instance, are mired by various challenges.
Within Ethereum, the primary challenge is the platform’s inability to scale and evolve to meet the surging demand for NFTs and other products.
Because of the failure to scale, Ethereum is encumbered by performance issues that directly affect transacting costs.
At the height of the DeFi and NFT boom of 2021, Gas fees rose to as high as $69, accelerated by the congestion caused by the proliferation of Dog meme coins.
Surprisingly, the exorbitantly high Gas fee was a few days after the increment of the Gas block limit to 15 million.
Chiefly because of the unreasonably high Gas fees, the cost of minting NFTs is expensive. For example, between February and March, the cost of minting a single NFT asset rose to a ballpark of $150.
Subsequently, creators were forced to push costs to purchases.
This directly affected the user experience of the creators. They had to contend with high Gas and minting fees besides having to engage with a slow network.
Why Revival is Unique and Lucrative for NFT Creators
The Revival marketplace will use IOST’s distinguishing properties like their high throughput and ability to process 8,000 TPS to enhance user experience.
Since the network satisfactorily handles high throughput, Revival transactions are executed fast with negligibly low transaction fees.
At the same time, Revival’s innovative margin reward mechanism where creators earn LOL and IOST tokens by simply listing their NFTs for sale.
This system that mimics staking incentivizes more creators to list their NFTs, helping build a vibrant ecosystem. In the future, Revival will build bridges to other NFT portals in Ethereum, the Binance Smart Chain (BSC), and more.