Multi-chain integration for NFT platforms has become a trend lately, especially for NFT marketplaces, as creators and collectors are looking for cheaper alternatives to mint, buy and sell NFTs due to Ethereum’s prohibitively costly gas fees and slow transaction speeds.
However, what users can do on NFT marketplaces is rather limited. Most major marketplaces don’t offer features such as peer-to-peer swapping or NFT farming. Besides, most NFT marketplaces only offer on-chain listing and transactions, making the digital assets of users vulnerable to hacks as the NFTs have to be deployed to the centralized smart contract of the marketplace at the point of sale.
Seeing a niche that needed to be filled in the NFT space when it comes to giving users complete custody of their NFTs with off-chain listings and the ability to swap assets peer-to-peer across different blockchains alongside multi-chain capabilities, NFTrade was born.
Not only does NFTrade enable users to create, buy, sell, swap and farm NFTs on a single platform, but it also has an NFT aggregator that collects sales information of NFTs across different platforms, making it easier for users to track the NFT launches they’re keeping an eye on.
Following the integration of the Moonbeam network with NFTrade, we get co-founder and CEO Ori Levi to share what NFTrade has in store for its users.
Please tell us about yourself and the story behind NFTrade
NFTrade grew out of the need for peer-to-peer swapping in the NFT space, especially the gaming space, as there was too much counter-party risk from OTC trades. We wanted to create a trustless option, and this developed into an all-inclusive platform for creating, buying, selling, and trading, NFTs across all of our integrated chains. NFTrade is built to provide access to all NFT interactions, regardless of the chain or user, offering a seamless experience for any step in your NFT journey.
When, how and why did you get into NFTs? Where did you first hear about it?
I’ve been following NFTs since the launch of CryptoKitties, but the reemergence of NFTs followed with the success of Axie Infinity and artists like Beeple. The NFT ecosystem was growing, and with so many unique use cases, a better infrastructure needed to be built.
What were the challenges of building NFTrade and how did you overcome them?
Establishing our community was definitely a challenge. By offering additional chains, we were able to integrate more projects and showcase our capabilities to new members. This created a snowball effect, which coincided with more growth and usability. It’s still a work in progress.
What pain points did you want to solve for creators and NFT collectors when you created NFTrade?
The main point was to eliminate counterparty risk and provide a seamless experience for all NFT users regardless of chain. In the world of DEXs, we have multi-chain users that need to hop between, UniSwap, PancakeSwap, TraderJoe, QuickSwap, and more, we did not see this as viable, so we combined everything into one place. As an indexer, we also make EVERY NFT available for trading once it’s deployed.
How will NFTrade onboard more creators to the platform?
We have a B2B2C strategy, and by onboarding more projects and collectors, creators are naturally inclined to want to launch to larger audiences.
How many users and creators are there on NFTrade now and what’s the target number of monthly active users you hope to achieve?
We have about 25,000 monthly active traders and around 300,000 monthly website users. Our goal is 500k monthly active traders, as we want to be the largest NFT market by user base.
What kind of impact could NFTrade have on the NFT market?
We think our features and ethos of decentralization can have a massive impact on the greater NFT market, similar to when Binance entered the marketplace sector.
Besides the swap, farm and multi-chain features, what sets NFTrade apart from other established marketplaces?
Our decentralized and non-custodial accessibility, our incoming cross-chain functionality, our INO launchpad, and our growing and active multi-chain community.
Does NFTrade have plans to integrate more blockchains on the platform?
Yes, of course! We integrated Moonbeam one week ago, which will be our 6th mainnet integration. Beyond that, we are working on Solana and Immutable X integration, as well as other growing EVMs. Eventually, we will integrate every chain with a relevant NFT ecosystem.
What should the average user expect to see from you?
The main aspects of our roadmap are to drive value back to our token holders and further our decentralization. We are also working on community growth through new integrations and collaborations.
What are the most important things about NFTrade that someone who’s new to it should know?
Off-chain listings are extremely important in terms of custody, and we are one of the only exchanges to offer this. We focus on interoperability, which we see as a tenant of the future blockchain and GameFi ecosystems
Where do you think we could see NFTs in the near future?
We see NFTs moving to the gaming and utility sector. The next wave will most likely be ownable items, characters, and land (we are already seeing this develop), followed by more utility NFTs, such as ticketing or music rights.
Any other NFT-related industry issue you would like to talk about?
Just the lack of decentralization and true ownership in the space, especially for first-time creators and artists. Education is key, and it is still lacking.
Stay up to date:
