How Fractal Marketplace Is Using the Solana Blockchain
Gamers have always enjoyed buying items like weapons and clothing when they play, but NFTs are changing the way this is done—for the better. The launch of Fractal marketplace could provide the infrastructure for complete and more secure ownership of items and cross-compatibility between gaming platforms. Let’s look at what Fractal has achieved so far and the role of the Solana blockchain.
Just as we’ve all collectively got our heads around NFTs, the world has moved onto the next big thing: a new investment trend – NFT gaming marketplaces. Fractal is leading the pack with its recent launch. Built on the Solana blockchain and headed by none other than Twitch co-founder Justin Kan, Fractal aims to usher in a new world where players can exchange in-game items on a secure, efficient platform.
To understand how it plans to do that, you first need to understand how the Solana blockchain works—so we’ll start there before moving on to the finer details of the Fractal NFT gaming marketplace and whether it can live up to its promises. It’s all to play for.
The Solana Blockchain
Although the focus of this article is the new Fractal marketplace, it’s impossible to truly understand its mechanisms without understanding how the Solana blockchain itself works since Fractal relies on Solana to function.
Solana vs. Ethereum
Solana is best-known as an Ethereum competitor since it can run smart contracts, making it a great place for developers to build applications and NFTs. But it processes transactions even faster—Solana can allow more than 65,000 transactions per second, compared to Ethereum’s 30 per second (although Ethereum hopes to change this with the upcoming Ethereum 2.0).
Ethereum is a proof-of-work protocol, which means that miners solve puzzles of increasing complexity to verify transactions (but again, this will change with Ethereum 2.0). In contrast, Solana uses a proof-of-stake protocol.
This means that a few users are chosen at random to verify a transaction (not totally random—you can only be chosen if you’ve already put some of your crypto aside for this privilege). The stakers get a reward if they verify a transaction correctly, but they lose some of their staked Solana if they give false information. As a result, Solana remains secure while being more efficient than a proof-of-work blockchain like Ethereum, which requires more time and energy consumption due to the computer power needed.
Solana and NFTs
These features come together to make Solana an excellent place for developers to launch apps and create NFTs since it’s faster and more efficient than Ethereum (the current top choice for NFTs). Many developers have cottoned on to this, which is one of the reasons Solana’s price has increased so rapidly.
For instance, KIN blockchain (which aims to provide a blockchain for the Kik messenger) began migrating its protocol from Ethereum to Solana in December 2021, which was the largest move of its kind.
- Orca—a DeFi project that makes it easier for traders to find the best prices.
- Maps.me—a mobile app for offline apps that has integrated DeFi elements.
- Raydium—an automated market maker that provides traders with more liquidity.
But today, we’re focusing on one particular app that uses the Solana blockchain: the Fractal marketplace.
Introducing Fractal marketplace
Straight out of the metaphorical oven, Fractal was founded on Christmas Eve 2021 (probably more of a tech-bros-don’t-stop-working thing than a festive thing).
As an NFT gaming marketplace, Fractal will be a one-stop shop to buy and sell gaming NFTs—with assets made by both gaming partners and individual users available. 2021 was the year of the NFT, and although they were initially associated with digital art, one of the latest applications has been to represent in-game items.
For example, a player might buy a cape they wear in a game in the form of an NFT. Why? Because they’re non-fungible, there’s a guarantee the item is unique. And because ownership is stated on a public ledger on Solana, gamers have the security of knowing they’ll continue to own their NFT even if the gaming platform goes down (e.g., if they get suspended).
Marketplaces like Fractal also give way to the possibility that we could have NFTs that, in the future, gamers could use the same in-game items across different gaming applications within the metaverse.
Fractal is the latest project of Justin Kan, who is the co-founder of none other than streaming giant Twitch. Perhaps thanks to his connections, it already has a range of partnerships with major gaming studios.
Why is Fractal different?
Although there are already a few NFT marketplaces already—Rarible and Opensea are two great examples—Fractal is the first to focus on gaming. This first-mover advantage gives Fractal a dominant position if there proves to be demand.
Kan certainly thinks so. He’s predicted that NFT marketplaces will eventually shift from all-purpose platforms into vertical marketplaces like Fractal, which can provide more interconnection within a specific area (like gaming).
Fractal has also differentiated itself from other marketplaces by aiming to attract more “traditional” developers (aka those from non-blockchain tech or gaming companies who want to move into the crypto investment space). If Fractal succeeds in attracting fresh talent, fast growth could be on the horizon.
Fractal and Solana
Another standout factor is that Fractal is mindful of its environmental impact, which has been a high-profile issue for cryptocurrencies in recent times. Attention has been drawn to the wastefulness of the massive energy consumption protocols like Bitcoin demand, but greener alternatives are possible.
Kan says he is aiming for a “low impact platform,” which is why he chose the Solana blockchain to build on. As we’ve touched on already, the protocol is more energy-efficient due to its proof-of-stake system and capacity for fast, efficient transactions.
Overall, it’s still early days for the Fractal marketplace. But as the world realizes NFTs aren’t just a fad but have genuinely useful applications for gaming (and beyond), Fractal will have an enviable position and be set to have a bright future.
Earn NFTs with MyConstant
Even if you’re not quite ready to buy or sell NFTs on a marketplace like Fractal, anyone curious would surely relish the opportunity to get their hands on some for free.
At MyConstant, we believe in the potential power of this technology enough to give you the opportunity, which is why we launched an NFT offering. We’re also giving out NFTs and guiding how you can score NFTs as rewards when you reach certain milestones.
Plus, we have a range of cryptocurrency and USD products that help you take your crypto further and earn interest on crypto up to 7% APR, or you can deposit your crypto in our multi-cryptocurrency wallet (and even earn interest on stablecoins).
Other benefits of our platform include:
- 24/7 customer service.
- Rates as low as 6%.
- Early repayments for lower rates.
- Instant matching.
- Store and borrow against over 70+ different cryptocurrencies (such as qtum coin, BNB, solona, fet coin, etc).
Sound interesting? Sign up for a free account today.
Share this article