ZestBloom, Inc. has announced the official opening of its NFT marketplace on the Algorand blockchain, after recent funding from the Algorand Foundation.
Their marketplace will address the environmental, economical, and security issues associated with Ethereum-based markets. Algorand was chosen as the blockchain provides the finest solution for NFT trading, with transaction costs as low as $0.001 USD, a low carbon footprint, and a comprehensive smart contract language.
In the meantime, ZestBloom also has collaborated with Project Ark to use their NFT revenues in supporting worldwide animal and ecological conservation initiatives.
ZestBloom says that it will provide a range of products aimed at giving artists more autonomy and reducing their responsibilities:
For authentication, each NFT that ZestBloom manages will have a content-based digital signature that prohibits anyone from stealing any portion of the work. Their nodes continuously scan the Algorand blockchain in search of abuse and copycats, which are identified even if only a tiny portion of the art is taken.
For its search system, ZestBloom has extended the Web2 search functionality to the Web3 metaverse. The majority of NFT markets operate independently and have little motivation to offer works on other sites. But now, ZestBloom users will be able to browse comparable pictures based on their content.
Meanwhile, for royalties, collaborations, and resales, ZestBloom stressed that any royalty or resale system must have an enforcement mechanism in place to prevent efforts to circumvent payments or syphon benefits away from original artists. Thus, ZestBloom has provided enforced creator protection and secure collaboration via content-based authentication and search.
Improving NFT Market Environment
Before this, the majority of artists and collectors have remained suspicious of NFTs due to expensive gas costs, a lack of security, a lack of inherent value, and the Ethereum blockchain’s limited search capabilities.
The NFT market is also rapidly being clogged with repetitive material due to a lack of tools for categorising and searching for NFTs based on their content. “Featured” and “New” lists are mostly irrelevant to the majority of collectors and cater to an elite set of established artists.
Zestbloom believes these structural limitations place the burden of marketing squarely on the shoulders of artists, who are easily drowned out by automated accounts and sponsored advertising, for example.
ZestBloom’s mission is to represent artists and their works directly, with as little effort as possible on the part of creators and collectors. Rather than attempting to replicate Ethereum’s costly and restricted markets, ZestBloom is advancing NFT technology by providing intrinsic value to Algorand’s NFT ecosystem.
ZestBloom’s marketplace debuted as an open beta in mid-September and includes collaborative smart contracts for participating artists. Their next top goal is to implement their decentralised content authentication and fractionalization in early 2022.
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