The blockchain industry has witnessed significant developments in the past few years. More financial products have been released that have transformed how we view finance. In recent months many crypto users have turned to NFTs, with the sector experiencing massive growth during this period. The investment in the NFT has been massive, leading to congestion and slow time of transactions. Due to these issues occurring in the NFT domain, the average transaction fee has skyrocketed, which’s making it difficult for the average crypto users to create and purchase NFTs. Hence, in order to solve these problems, the NFT layer 2 protocol has been introduced.
WHAT IS NFT LAYER 2
Layer 2 is a collective term for solutions designed to help scale the application by handling transactions off the main Ethereum chain (layer 1). Transaction speed suffers when the network is busy which can make the user experience poor for certain types of
Dapps. As the network gets busier, gas prices increase as transaction senders aim to outbid each other. This can make using Ethereum very expensive.
NFTWars is one of the first NFT blockchain-based games that are built on Layer 2 technology. Its main purpose is to mitigate the Ethereum blockchain’s limitations and this game is also built on Polygon which is a side chain on Ethereum that ensures quick and low-cost transactions.
Benefits of NFT layer 2
- Zero gas fees for peer to peer trading
- No custodial risk; users keep their private keys.
- The user can set his/her own trading fees.
- Massive scalability up to 9000+TPS
- Supports ERC-20 and ERC-721 standards.
- Not a centralized side chain.
- Secured by Ethereum. Layer 2 is a true derivative of the security of Layer 1.
INTEGRATION OF NFT MARKETPLACE DEVELOPMENT PLATFORM AND NFT LAYER 2 PROTOCOL:
NFT marketplaces like OpenSea will have the ability to support the use of the layer 2 protocol. The main reason why NFT marketplace development platforms are striving towards the Non-fungible token layer 2 protocol is that it offers a gas-free trading experience to the user without sacrificing the security of the Ethereum network.
Non-Fungible token layer 2 solutions are meant to help scale NFT marketplace development platforms by handling transactions off the Ethereum blockchain, known in this context as a Layer 1 network. Within the scope of NFTs, the nature of these tokens can make them expensive to move or trade on-chain. Essentially, teams building non-fungible token layer 2 solutions are trying to make these minting and trading processes in the NFT marketplace development platforms more efficient, scalable, faster and trustless.
After the integration of the NFT marketplace development platform and Non-fungible token layer 2 protocol, the users can withdraw immediately and no one can attack the system, regardless of how many funds are going through the system. NFT layer 2 aims to significantly speed up and increase the number of transactions carried out in a given time period.
WHY BLOCKCHAIN APP FACTORY IS A PERFECT CHOICE FOR INTEGRATING NFT LAYER 1 PROTOCOL WITH NFT MARKETPLACE DEVELOPMENT PLATFORM?
Blockchain App Factory serves as a ladder for the development of multiple businesses in the blockchain platform. The experience and enthusiasm in blockchain technology unlock remarkable opportunities to offer a reliable solution for business development in the field of cryptocurrency. Our innovation and experienced development team will ensure the creation of stable and solid NFT layer 2 solutions for the customers. Our technical team will achieve the requirements of your business specifications. The product development team ensures that you are the frontrunner in the race of the NFT market and stay in competition with the rest of the marketplaces and emerge as a new trendsetter in the market.
