The cost and benefit of being early to what blockchain is really about
NFTKEY, a decentralised NFT marketplace was officially launched when our own marketplace smart contract was first deployed on 26 March 2021.
Our marketplace allows Ethereum and Binance Smart Chain NFTs to be listed, bid on, bought and sold without any centralised servers. All of these events and actions are written on-chain for full transparency and accessibility.
The NFTKEY interface directly interacts with the NFTKEY Marketplace Smart Contract on the blockchain. All listing and bidding actions are P2P transactions without involvement of any centralised services.
The smart contracts are free for anyone to interface with, not just through the NFTKEY website. Also, all the listing and bidding actions emit transparent event logs for everyone to listen to or query. One example being, some NFT collections listed on our marketplace have created their own community Telegram bots for collectors to see events emitted from the smart contracts.
The current widely used marketplaces like OpenSea and Rarible are taking a semi-centralised approach to offer free gas fees on listing and bidding by helping users sign some of these transactions through their own servers.
A 100% decentralised approach means the gas fee is unavoidable on each step. However, we at NFTKEY see this as the future of the internet, and as the gas fee issue is resolved in the near future, a fully decentralised approach is the right one to take. We have already seen users on Binance Smart Chain have almost no concern for gas fees, therefore, as Ethereum’s upgrades and innovations are delivered, we believe gas fee concerns will be eased for Ethereum too.
Meanwhile, NFTKEY charges a much lower service fee than the current industry standard. Major NFT marketplaces are charging a 2.5% service fee. The NFTKEY Marketplace Smart Contract only charges a 1% service fee. Currently we have no plan to increase this fee. It’s coded in the smart contract that we can never increase our fee to more than 2.5%.
We also provide a Solidity interface for easy integration to our smart contracts from a smart contract level for both Ethereum and Binance Smart Chain NFT collections.
Our philosophy at NFTKEY is to provide a great user experience and embrace the blockchain decentralisation ethos.