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Los Angeles, CA, October 17, 2022, Chainwire
Take away food :
- DeSoa new layer 1 blockchain that has raised $200 million from Sequioa, a16z, Coinbase Ventures and others, announces the release of timed auctions through their NFT social platform, NFTz.
- DeSo’s recent streak of success includes a significant price increase, an influx of new users and a record level of on-chain NFT activity
- Timed auctions enable better creator monetization and price discovery for NFT artists
Decentralized Social (DeSo), the new Layer 1 blockchain tailor-made for decentralized social media, has announced the release of timed auctions through its NFT social platform, NFTz.me.
DeSo is riding a wave of success as it executes its roadmap to become the unified social layer of Web3, a creator-led, user-owned Internet open to everyone. DeSo NFT’s business recently reached a all-time high of 20,000 txns per day, which ranks third in the industry ahead of Solana, Ethereum, Flow, Polygon and BNB Chain.
The adoption of NFTs on DeSo and other authoring tools, such as diamond come at a time when DeSo has set new benchmarks in price, users, and on-chain NFT activity. NFTz’ the introduction of timed auctions allows for better monetization of creators and better price discovery for NFT artists. Additionally, this feature is built into the blockchain and cannot be removed or made optional.
Creator royalties have become a hot topic in the NFT industry, given the decision of some platforms, such as Solana’s Magic Eden, to make them optional rather than integrated into the blockchain. This caused a backlash among many creators.
According to the founder of DeSo Nader Al Najithis problem could have been avoided if the royalties were enforceable at the protocol level: “If Solana had put the NFT auctions on-chain, it could have had royalties applied per program, which would then have prevented the race to the bottom that the markets NFT like. Magic Eden are currently in place.
DeSo NFT platforms such as NFTz enable true innovation, a wide range of social features, and community growth opportunities, all of which are implemented on-chain.
“Other blockchains are what we call a finite state blockchain, which means they are not designed to handle use cases that generate a lot of data. NFT auctions are an infinite state application where data that one has to store and index increases indefinitely with each transaction.- Said DeSo founder Nader Al-Naji.
DeSo is a new layer 1 blockchain designed from the ground up to decentralize social media and scale storage-intensive applications to billions of users. They have raised $200 million and are backed by Sequoia, Andreessen Horowitz and several others.
$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
For more information about DeSo and the username claim, visit deso.com.
Growth Marketing Manager