The Launch of Element And How It Affects 2022 NFT Marketplace
New York City, NY – In 2021, as a new form of crypto currency that can interface with the real art world, NFT is rapidly breaking through the whole decertralized trading market while capitalising on the crypto bull. With new and old platforms such as OpenSea, Christie’s, Foundation, Binance NFT, and Element for attention, the NFT marketplace has become the most important venue for the circulation and trading.
It is worth mentioning that Element is also the only NFT marketplace in Asia to be ranked in the top 3# of DappRadar so far, moreover, Element ranked first in the new NFT marketplace Dapp list in the whole chain within 17 days of its beta launched.
Let’s explore why Element is a new rising star in the whole NFT marketplace.
What is Element?
Element is a public NFT marketplace that can assist you with the creation, exploration, auctioning, acquisition, and exchange of digital commodities with zero fees. In addition, it is a social network that enables NFT value circulation in the whole crypto digital world, for example, Ethereum, BSC, Polygon, and Solana chain. Until May, Element has closed an $11.5 million angle round funding led by Sequoia, SIG and Dragonfly Capital.
Element is now built on Ethereum and enables the free circulation of value, by providing creators with free NFT creation, while providing fans with a safe and equal way to obtain information through the creation and auction mechanism on the strength of the NFT smart contract.
Element is synchronously aggregating NFTs from the Ethereum network which offers a wide range of categories such as art, collectibles, games, music, films, and more. It offers a one-stop shop for NFTs with features such as free minting, price sales, English auctions, and Dutch auctions, blind box system, as well as wallet management. Later on, Element will come up with new methods to play, and more interesting features the team is currently working on and ideating.
- Unique big 8 features
Element is a pretty inventory product, hopefully even disruptive. They have great features, and even greater plans.
- Free Minting. The project values users and creators a lot, that’s why they offer free minting services. Only pay for collection creation, the mint is free. Also, creators can publish files up to 120MB, plus 4k (Ultra HD) video formats are supported.
- Decentralized Storage. Element stores NFTs on 4 different decentralized platforms: Arweave, IFPS, Filecoin, Swarm. In this way, they can guarantee the safety of the NFTs in the long-run.
- Multilingual. The platform is available in English, Korean, and Chinese. It takes advantage of the 3 biggest global markets where NFTs are booming. In this way, they can create a global marketplace and network of people passionate about NFTs.
- Bidding bots prevention. To prevent bots from making harmful bids at prices that are highly unlikely to result in a transaction, Element sets a minimum order amount and a daily restriction on the number of orders per account per day.
- English Auction Gas Fee Subsidy. To reduce the barrier of entry for investors, Element has established a subsidised Gas charge plan. It will pay a Gas fee to purchasers who win a piece in the English auction, as well as a 0.3 ETH minimum bidding floor. This implies that in the English auction, consumers can bid on NFT items of interest without paying any Gas Fees.
- Cross-chain operability (minting and others) Currently Element is built on Ethereum, but in the future it will access many different chains such as Polygon, BSC, and Solana, enabling multi-chain minting, searching, and trading, ultimately supporting users to access the NFT market place with lower Gas Fee and faster speed.
- 37 million NFTs. It’s right there on their website: Discover, Collect, and exchange 37,101,722 NFTs. And the number is continuously rising.
(8)Copyright protection through AI algorithms and manual review. Simply said, applying a picture filter or text to an image may break the “Rational Use” principle, and NFT assets with a high level of repetition will be discovered by Element AI algorithms and manual review, with all of those elements eventually being eliminated at any moment.
- Element Big Move in 2022
In the current NFT market environment, Element will focus more on the structural changes in the market and reveal its development roadmap to the public for the first time.
Element team had officially launched the Element NFT Creator Certification Plan (ENCC Plan) for creators, and another big Element NFT Promotion Participation Plan(ENPP Plan) will coming soon. Element always attaches importance to the construction of creators, which is of great significance to the protection of the original spirit in the NFT field and the sound development of whole industry.
Element’s development team is accelerating access to BSC and Polygon chains due to the high gas fee on Ethereum, and expects to open BSC transactions in late November and Polygon transactions in December. Element will also have a competitive technological edge and improved market fit for NFT development.
For 2022, Element seems to have more expectations and big moves, including NFT Jam, Metaverse, and innovative new ways to play NFTfi.
Although NFT is developing rapidly, it is still in its early stages and there are still variables in the future market. Also with the continuous changes in the investment model, NFT player size and underlying technology in the NFT sector, Element continues to feel its way forward on its own innovation path. It also offers very attractive features and innovations that are to come or that are implemented monthly.