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Aptos NFTs Are Coming and May Test Network Scalability Claims

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Briefly

  • Aptos, a new layer-1 blockchain, has a growing NFT scene just days after mainnet launch.
  • Popular NFT launches could put the new network to the test amid concerns over its scalability.

Newest crypto on the block Aptos launched mainnet this week Significant buzz about the coin airdrop to first users, but at the same time the network has raised $350M in VC funding –can live up to the hype about technology.

However, the first real test of the blockchain could come soon. NFT projects are getting ready to start on the network. NFT trading in the past Ethereum and to the left networks are under significant stress, so how will Aptos hold up if demand for their NFTs matches the buzz?

The Aptos launch came with high expectations, in part because of its ample VC funding, but also because of its origins. Facebook’s abandoned Diem initiative. But some rumors have also come from claims that Aptos could scale to handle many more transactions than any existing layer-1 blockchain.more than 160,000 transactions per second (TPS).

But if Aptos can truly handle such huge technical demands, we’ve yet to see proof of that. mainnet. At launch on Monday, Aptos was only rendering few transactions per second. Number as of today Hovering around 10 TPS.

Among the main smart contract platforms that run autonomous code to power decentralized applications, Ethereum handles about 30 TPS on its mainnet. to the left Around 3,000 TPS. But test net claims do not always match real-world conditions in the final public mainnet; for example Solana, demanded hundreds of thousands of TPS years ago on the testnet.

Mo Shaikh, co-founder of Aptos tweeted on Tuesday “The current TPS does not represent network capacity – it was the idle network ahead of the projects going online. This number is expected to increase with more activity.” In other words: not much is happening in Aptos yet, but it will be ready for action.

As Aptos users prepare to print their first NFT, this increased activity may be just around the corner, with dedicated Aptos marketplaces already living with a handful of collectibles. A number of additional collections are expected to be released after collecting significant social media shots this week and in the coming weeks.

Already, the NFT scene on Aptos is growing. Topazalready one of the marketplaces that facilitates trading for a handful of collectibles – CryptoPunks knockout Aptos Punk—He tweeted on Thursday morning He said it has processed about 12,000 APT (over $87,000) worth of transactions, with about 3,700 NFTs listed on its platform.

NFT is a blockchain token This can serve as proof of ownership of an item and can be used for a wide variety of use cases, including digital artwork, physical clothing and other items, and much more. However, applications like this Profile photos (PFPs) and interactive video game elements that typically drive demand that can challenge the stability of networks.

Ethereum has faced notable scaling challenges with NFTs dating back to the 2017s. CryptoKittieswhich celebrity blocked the net and made other transactions difficult to process. More recently, between NFT market boom In late 2021 and early 2022, on-demand mints gave rise to Ethereum gas fees (transaction fees paid to the network) will increase sometimes hundreds or even thousands of dollars.

Solana, the second largest layer-1 platform for NFTs, can handle many more transactions per second than Ethereum – but has also faced issues with NFT drops. Solana in April network down (somebody three such examples in 2022) due to automated bot programs network flooding To try and overwhelm NFT launches and play games.

So far, Aptos has a small NFT scene compared to its older rivals, but it’s only been a few days so far. NFT markets can develop rapidly and finding significant demand, especially as the speculative frenzy unfolds. Broader NFT market it’s gotten cold latelyhowever, new opportunities can potentially bring in a lot of hungry traders.

Topaz marketplace co-founder, pseudonymous 0xclick trap, said decrypt Initial interest in Aptos NFTs surprised them.

“In my four years in the crypto space, I have never seen such a sudden demand for NFTs on a new chain,” they explained. “There is something about Aptos; technology, team, [and] mission – to attract people and breathe new life into this crypto winter.”

They expect increased attention as the Aptos ecosystem expands, additional projects are launched, and centralized crypto exchanges begin offering the APT cryptocurrency. As for technical capabilities, they said the Aptos testnet was trading between 2,000 and 4,000+ TPS “without a break” prior to mainnet launch.

A latest research report crypto exchange FTX supports this by listing 4,200 TPS for testnet performance. This is still a long way from the alleged potential peak of the technology used. Aptos’ parallel execution techniquebut at least this TPS level would be on the same playing field as Solana if it could be matched on the mainnet.

“Anyone who has followed Aptos for more than a month is pretty confident,” said 0xclickbait about the network’s ability to meet more demand.

Topaz and its rival marketplace souffle3 Now they are preparing the next series of NFT drops from their profile picture (PFP) collection that has garnered significant social media followings over the past few weeks and months.

bearsa project with a pixelated appearance Solana Monkey BusinessIt will debut on Topaz on an undisclosed date. Aptos Monkeys-which Shaikh has already brought forward through himself Twitter avatar. another project, aptomingoswill release a free mint on Friday. Souffl3’s upcoming launches include: Retro Men’s Club and ok bears-esque Dogs.

“I’m most excited for organic, real, grassroots, serious community builders like Aptomingos and Bruh Bears,” 0xclickbait said. decrypt. “They are here to build brands and communities that will grow and last for the long term.”

When Topaz launched its testnet launchpad for printing new NFT projects, 0xclickbait said the market received more than 1,000 submissions from creators. They believe that Aptos’ much-launched Move blockchain programming language will also attract developers and NFT-based games will become an important use case on the network.

Given so far little evidence of the Aptos mainnet’s ability to scale to meet huge demand, can the technology meet the potential demands of thousands of merchants competing to simultaneously purchase a limited number of NFTs? Based on early signs, there could be a market of eager collectors ready to test it out.

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