Millions of NFT artists find new homes as DeSo launches new monetization features for creators

by James · October 18, 2022

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Los Angeles, CA, October 17, 2022, Chainwire

Takeaway:

DeSoa new layer-1 blockchain that raised $200 million from Sequioa, a16z, Coinbase Ventures and others, announces the release of timed auctions through its social NFT platform, NFTz.
DeSo’s recent string of successes includes a significant increase in price, an influx of new users, and an all-time high in NFT activity on the chain
Timed auctions provide better monetization for creators and price discovery for NFT artists

Decentralized Social (DeSo), the new layer-1 blockchain purpose-built for decentralized social media, has announced the release of timed auctions through their social NFT 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 and user-owned Internet open to all. DeSo NFT activity recently hit a all-time high of 20,000 txns per day, placing it third in the industry above Solana, Ethereum, Flow, Polygon and BNB Chain.

The recording of NFTs on DeSo and the other creator tools, such as Diamond comes at a time when DeSo has recorded new benchmarks in terms of price, users and NFT activity in the chain. NFTz’ introduction of timed auctions provides better revenue generation for creators and 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 built into the blockchain. This has caused backlash among many creators.

According to DeSo founder Nader Al-Najithis problem could have been avoided if royalties could be enforced at the protocol layer: “If Solana had put NFT auctions on-chain, it could have programmatically enforced royalties, which would have prevented the race to the bottom that NFT marketplaces enjoy. Magic Eden is currently in.”

DeSo NFT platforms like NFTz allow for 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, meaning they are not designed to handle use cases that generate a lot of data. NFT auctions are an infinite state application where the data one needs to store and index grows in the infinity of every transaction.” – Said DeSo founder Nader Al-Naji.

About DeSo

DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They 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 on DeSo and username requirements, visit deso.com.