As IOTA’s staging network Shimmer prepares for a launch next week on September 28, there have been some interesting developments already on the platform. Adam from Soonaverse has been testing the minting of the NFT collection on Shimmer. The team is planning to migrate nearly 450,000+ NFTs to the Shimmer platform.
In the latest update, Adam noted: “Minting of collection on #Shimmer and its NFTs on #Soonaverse is being tested! Time to migrate 450’000+ NFTs on the platform! 90’000+ of them sold and owned!”
One of the Twitter followers asked Adam how they handle the storage deposit. Responding to it, Adam said that the creator of the NFT collection has to pay for the storage deposit. He added:
If the creator choose to mint on Shimmer, they will have to cover the storage deposit. They’ve receive funds for it when NFTs were purchased. Creator is gifting the storage deposit. We decided to take this approach otherwise we would have to introduce additional step where NFT owners would have to claim the NFT (they supposedly own). It would be terrible UX. It would also result in many unclaimed NFTs forever.
The Soonaverse platform allows communities to build NFT marketplaces, decentralized autonomous organizations (DAOs), projects, companies, etc. by leveraging the feeless infrastructure of the IOTA network.
Shimmer is a Layer-1 innovation network that seeks to push the growth of feeless and highly interoperable digital assets. The Shimmer staging network also serves as the validation ground for different innovations geared toward the IOTA network.
The IOTA blockchain has been working on its native NFT ecosystem. Let’s take a look at some of the top four NFT projects currently running on IOTA.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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