NFT | Proton | XPR

Written by Marlon

On April 27, 2021

Proton Market Open Beta is now live to the public!

Starting today, the way that the world uses NFTs has changed forever. With the launch of Proton Market Open Beta, uploading an NFT is now as easy as uploading an ordinary file to an online cloud, and all fees associated with NFTs have been slashed lower than anywhere else.

Note: At the moment, Android users are unable to mint NFTs on Proton Market. We expect to have this feature turned on for Android users in the near future; be sure to check our social media for updates.

Powered by the Proton blockchain, Proton Market allows NFTs to be bought and sold for fees as low as just a few cents – a radical change from the gas fees ranging from $50 to $200 paid on competing NFT marketplaces. Additionally, because the Proton blockchain is one of the fastest in the world, the NFTs you purchase arrive in your account instantaneously.

As a brief refresher, NFTs – or non-fungible tokens – are a type of blockchain technology that allows authenticity and ownership to be proven for digital assets. NFTs can be used for things like digital art, collectible merchandise, event tickets, and even identifying documents. While the idea for NFTs has existed for a few years, they have only exploded into the mainstream consciousness in recent months.

Unfortunately, as is often the case with new technology, the first time you use it can be underwhelming and overly expensive. That was the world’s first reaction to NFTs: hard to use, way too costly to be useful, and bogged down by sluggish transaction times. All of that changes with Proton Market.

Proton Market exists to make other NFT marketplaces obsolete. Now, anyone can issue their very own NFTs with no expensive fees to pay just for listing their creations. Additionally, because all NFTs in the Proton Market are priced in XUSDC, using the funds you receive from selling an NFT is easier than ever. Now, artists and influencers can sell their own merchandise directly to their fans without having to worry about their fans paying ridiculous gas fees on top of the price of the item – that means more accessibility, more opportunities for revenue, and fewer boundaries. 

Although XUSDC is used for all transactions on Proton Market, that XUSDC is being automatically converted into XPR in the background for use in our ecosystem. This XPR is used to mint all NFTs on Proton Market. For every NFT minted, 10% of the XPR used is burned, with the other 90% becoming locked into the Atomic Assets smart contract. If the original NFT is erased (burned), that remaining 90% of the XPR will be returned to the creator. This places deflationary pressure on the Proton blockchain and represents a way for XPR to permanently leave the ecosystem.

Currently, our NFT marketplace can support the following file types: PNG, GIF, JPG, WEBP, and MP4.

Ready to enter the world of NFTs? Head on over to the Proton Market website and start looking around. Be sure to add your own creations once you get a feel for the site, and don’t forget to buy an NFT or two that catches your eye.

The Proton ecosystem has expanded even further today with the launch of the Proton Market. Believe it or not, we’re just getting started. To learn more about what Proton does and our vision for decentralized finance, head over to the Proton blockchain website today. There, you will find more about our roadmap, our dApps, and so much more.

Welcome to Proton, we’re glad you’re here.

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