In 2021 NFTs performed at their best with some of the highest revenue eared from minted collections such as Bored Apes, Punks and various other collections. some of which are still quite expensive today. Unfortunately as the popularity of NFTs grew so to did GAS fees on the Ethereum network.
High GAS fees presented a barrier for many wanting to not just purchase NFTs but for collectors wanting to add to their decentralised portfolios. Many Layer 2 solutions continued to be developed with Polygon (Matic) which enabled services like Opensea to reduce costs associated with minting and trading NFTs.
Throughout this period Cosmos Network began to grow and become rather popular amongst investors. Unlike other traditional Blockchains Cosmos wasn't a layer 1 although the main chain that started it all. The protocol doesn't allow people to build single projects but rather entire stand alone chains all connecting into one through the Cosmos SDK and tentermint functions.
From this Stargaze was born the blockchain communities very first layer 1 solution for NFTs which means instead of having to rely on other chains GAS fees such as Ethereum. Stargaze artists could always count on the chains stability.
The benefits of being its own chain also continue to shine through as it is able to take on more than a regular NFTMarketplace.
Stargaze has over 100 validators on its network dedicated to approving transactions on its marketplace and charge a 0 GAS fee. Instead Stargaze charges minters and purchasers a fee which is paid for in its own native currency STARS.
Furthermore, being built on Cosmos SDK means that artwork minted is transferable across the IBC network and even to Ethereum utilising the Gravity Bridge.
Stargaze has been a success for the Cosmos ecosystem as it is home to one of the Largest NFT collections second to Secret Network and considering that Stargaze only went live in May 2022 that is a good indication that the Layer 1 solution is operating as intended.
Furthermore, the Layer 1 is currently putting together a proposal to support Terra NFT projects migrate to their network and given it is written in the same code, CosmWasm the transition is relatively straight forward.
Stargaze is the first stand alone solo blockchain dedicated to NFTs with many marketplaces built on different chains so its impacts are yet to be seen.
But we can already tell its decision to be a stand alone chain has enabled Stargaze to remain secure and stable. A project to watch closely.
What are your thoughts on the development of Stargaze? do you think becoming a layer 1 was a good idea or is there merit in NFTmarketplaces remaining as Layer 2?
Image Sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
