NFTs quickly became one of the most widely-discussed cultural phenomena in 2021. They revolutionized the digital art space by allowing creators to generate and monetize their work in a digital way which also acts as a stamp of verification and authenticity.
Non-fungible tokens have come a long way over the years. As hard as it may be to believe, the concept behind them has been around since 2012 when the Colored Coins project was first introduced. It was followed by Counterparty in 2014 – an open-source protocol that extended Bitcoin’s functionality and included several projects with its own assets, including card and meme trading.
By October 2016, memes turned into collectibles were issued with the recognizable green frog Rare Pepes on Counterparty. Now, in 2021, ChilliSwap managed to sell the AP-T which was the world’s first time-stamped marriage between a physical and digital artwork on the blockchain, thus further bridging the gap between the digital and traditional worlds.
The ChilliSwap NFT Marketplace
As the space continues to evolve, platforms like ChilliSwap aim to further improve the user experience of both artists and buyers. Apart from being a fine art NFT marketplace, ChilliSwap is a DEX platform and ecosystem for users to swap tokens, yield, farm, or stake. Being part of a bigger ecosystem, both sellers and buyers on the NFT marketplace have exclusive benefits.
ChilliSwap NFT marketplace has creators at the heart of all its decisions. Keeping content providers at the center, they are aiming to create a marketplace free of third-party interference.
In the interconnected world of ChilliSwap and hinging on already existing DEX capabilities, NFT owners have the capabilities of collecting CHLI rewards, harvesting NFTs, and CHLI E-Games as part of its focus on building a thriving digital creator economy.
This utility enables artists to produce their own NFTs, provides collectors and trade aficionados with access to unique and uncommon NFT collections, and functions as a platform that rewards all registered users.
The NFT sellers also benefit from the ChilliSwap ecosystem. Broader DEX users who are not particularly NFT holders are incentivized to hold them on the platform. They get the added advantage of visibility on the platform too.
Fraud Detection Program
Apart from a DEX ecosystem and NFT marketplace, ChilliSwap has a fraud detection program. Users can benefit from this tool by ensuring the validity of every token available on the platform.
Coupled with an AI Analytical tool, the information is clear and succinct, making the information accessible to traders of all levels. ChilliSwap guards its users against fraud and provides a secure way to invest by processing real-time fraud detection and analysis.
There is no doubt the space is still very young and we can expect more rapid growth and development in the future. Marketplaces like ChilliSwap are changing the paradigm by incorporating NFTs into a DEX ecosystem, improving the utility for both sellers and buyers.