BitMart, a premier global digital asset trading platform, will list Verlux（VLX）on May 03, 2022. For all BitMart users, the VLX/USDT trading pair will be officially available for trading at 06:00 AM EDT.
What is Verlux?
Verlux is a community driven decentralized Cross-Chain NFT Marketplace where users will be able to seamlessly mint, buy, sell and swap their NFTs utilizing the low gas fees and security of the Cardano Blockchain. They aim to be the global marketplace where users can trade NFTs on various blockchains fully decentralised and with the strongest security. Verlux has a long standing vision to become a leading force in the NFT ecosystem, serving as a bridge to seamless interaction between different blockchain NFTs through the development of a single neutral network. All while utilizing the low transaction fees of the Cardano blockchain.
Value Proposition of Verlux
This will be made possible by the groundbreaking technology of the Cross-chain atomic swap of NFTs. With this users will be given the ability to migrate NFTs of other blockchains to Cardano in a few clicks. With this innovation, Verlux will become a leading force in the NFT ecosystem, serving as a bridge to seamless interaction. Typical example will be, An NFT minted on Solana can be sent to Cardano Network and sold. Something that has not been possible until now. VLX will have multiple utilities on the Verlux ecosystem ranging from Transaction Fees, Featured listing payments, holders will also be able to participate in NFT Farming as well.
Verlux is building a Decentralized ecosystem and VLX will serve as a means of Governance. As such only holders of our token will be given the ability to vote on necessary decision-making process that will affect our ecosystem.
We are on the verge of ensuring the possibilty of interoperability of blockchains and VLX will be essential in its development and sustainability.
Consensus Surrounding the NFT Marketplace
The NFT market requires much cost for usage, using Opensea which is an ETH based marketplace as example, there is a high purchase burden put on user’s dues to the high gas fee of the ETH network, it also a requires high commission on sales of arts of digital creators.
The limitation of NFTs to a single blockchain network makes it hard for users and traders on different blockchain networks to interact and trade NFTs. The interoperability of NFT is a major concern to its community as it limits them to use only the platform they are deployed on and can’t communicate with another blockchain. Interoperability of NFT as much as quite technically possible to do will take some tedious work and innovative technology to accomplish as it will be an extremely difficult work to maintain the uniqueness of an NFT created on another blockchain to be used in cross chain transactions.
A hindrance to growth of the NFT ecosystem is the singularization of Non-Fungible Token only on one blockchain. The high transaction cost is also an issue especially in the ETH blockchain where up to 10% is paid for on chain transaction of a Non fungible Token. Due to the lack of trust between buyers and sellers, marketplaces serve as bridge to the gap of distribution of NFT between buyers and sellers thus takes advantage of the situation and charge high service fees of up to 10% per transaction.
There is rarely a monetization strategy for holders of NFTs, thereby limiting profits they can make on an NFT to only sales of it. Unlike like other crypto tokens, holding them for a period of time provides yield and utility for holders. That is not the case in NFTs, you only profit when a sale is made.
As much as NFT are becoming more common, it is important to know that it is difficult to sell NFTs. Due to a swam of other NFTs on a single network thereby limiting viewing to particular community, it is quite hard to sell an NFT.
Cross-Chain NFT Marketplace
The core technology of Verlux is the technology that will enable cross transactions of NFTs built on different blockchains. their innovation will enable Minting, Trading and Distribution of NFTs on the Cardano blockchain as well as on multiple chains which will include but not limited to Solana and BSC. This will help in the elimination of the high transaction fees users face in other blockchains.
Low Platform Fees
Compared to their competitors, they will be utilizing the Cardano blockchain to handle transactions at lower cost and also Users will also get a discount when transactions are done with their $VLX token.
Ease Of Entry
Verlux is a platform where newbies in crypto can be able to use their platform with ease. Users who use their platform will be able to connect their wallet, mint their NFTs, list it for sale at their own price all in a few clicks on their screen
About BitMart
BitMart Exchange is a premier global digital assets trading platform with over 9 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 1000+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their Website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.
About Verlux
Verlux is on a mission to change the norm of the conventional Non-Fungible Token Protocols as they are creating a revolutionary technology where anyone can be able to create and trade NFTs on their platform utilizing the low fees of the Cardano Blockchain. Another novel feature is the ability to cross transfer Non-Fungible tokens across different blockchains on a single platform efficiently and seamlessly. To learn more about Verlux, please visit their Website, follow their Twitter and join their Telegram
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