The demand for non-fungible tokens (NFTs) has been growing very rapidly in the crypto market these days. With big brands and organizations launching their own NFT tokens, blockchain platforms have been in the race to offer the desired infrastructure.
Blockchain network IOTA is one of the forerunners in the process of hosting different NFTs on its platform. IOTA spearheaded the development with the launch of the Shimmer network earlier this year in September. The Shimmer Network is basically a staging network of the IOTA mainnet which allows developers to test new features under real-world conditions before introducing them to the IOTA blockchain.
Shimmer allows the deployment of IOTA’s Layer-2 smart contracts, DApps, and other Web3 capabilities. It is a completely functioning network in its own regard. The multi-asset Shimmer ledger facilitates transactions for native tokens, custom tokens, and NFTs, while inheriting the same security guarantees, scalable qualities, and feeless properties as provided by IOTA Tangle.
The shimmer Network gives anyone and everyone the ability to mint their native tokens and non-fungible tokens (NFTs) on the platform. While minting NFTs on the Shimmer Network, it’s native token $SMR will be used as storage deposits.
The NFTs on the Shimmer Network have the same security characteristics similar to the platform’s native $SMR tokens. NFTs on the Shimmer blockchain network comes with unique characteristics. The excellent thing is that there’s no fees required to mint or transfer NFTs on the Shimmer Network.
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Interestingly, the NFTs can serve as wallets themselves on the Shimmer network. Thus, they can receive and hold other NFT tokens thereby allowing them to unlock exciting new use cases for NFTs in the Web3 applications. Navin Ramachandran, who sits on the board of directors for the IOTA Foundation recently said that Apple can leverage IOTA’s Shimmer network to avoid NFT gas fees on the platform.
Last week, TanglePay, the self-custody IOTA wallet announced V 1.4.9 Update that offers full support to Shimmer Layer 1 NFT management including transfer and claiming. Additionally, it also supports the staking of $SOON tokens, the native token of the Shimmer-based NFT marketplace Soonaverse.
The updated version of the TanglePay wallet provides compatibility for Shimmer governance voting as well as simplify’s wallet creation. Also, the wallet comes with biometrics support for a better asset management experience. The noted:
It is the first time we implement Biometrics support. You could find it in “Setting”. Currently it will be switched off once you close the App for safety purpose. We will optimize this function in future update.
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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