Element beta goes online today, opening the second round of badges giveaway
As a decentralised NFT marketplace, Element has officially launched its beta version (www.element.market) today, art creators and NFT enthusiasts from all countries can involve in creating, discovering and exchanging NFTs.
Moreover, Element will also open the second phase of the “Genesis Limited Constellation Badge” campaign, where anyone who purchases NFTs on Element’s platform or invites NFT creators to the platform will receive limited edition Genesis NFT badges.
Element is co-founded by serial entrepreneur Fred Wang who is chairman of Linekong (HK. 8267), founder of Mars Blockchain and the founding partner of Geek Founders, and his long-time technology partner Zhang Hongliang. In addition, Element closed an $11.5 million seed round led by SIG and Dragonfly Capital in May this year.
In mid-July, Fred Wang introduced Element for the first time, saying that “we have actually designed a three-in-one NFTs platform”, which is an important infrastructure for the application layer. Element has three main features, namely: Create, Discover and Exchange.
1. Create
Create means mint. This is similar to the asset issuance that many trading platforms do in ERC20 transactions. NFT is a programmable asset that is based on smart contract design. That is to say, your NFTs can be used on any of the platforms, including the trading platforms, metaverse games and DeFi extension applications.
2. Discover
Discover means search. Element provides data-based services such as asset classification, search, ranking, transaction history, etc. In this sense, Element is an NFT pro browser tool that processes data in Ethereum network, allowing users to search including wallet addresses, transaction volumes, and account addresses.
3. Exchange
Exchange is the core of Element. In terms of trading models, Element currently supports different trading services such as English Auction and Dutch Auction, and will innovate more ways to play at a later stage, such as the blind box system that the team is developing.
In terms of transaction fees, Element takes the lowering barrier for users to enter the NFT market as its starting. For example, Element has introduced the lowest transaction fee. When a user buys an NFT work, Element charges a fee of only 2%, which is one times lower than the level charged by Rarible.
Meanwhile, Element will also subsidise the English Auction Gas fee. That is, users will be allowed to bid on NFTs in the English auction without paying Gas fee.
In a word, Creation, discovery and exchange constitute the main Element, but behind this, Element also further optimizes the user experience from the sectors of creator interests, NFTs size and storage mode to creates a new generation NFT marketplace.
Element’s development team noted that, Element supports the largest NFT file size across whole industry, allowing creators to publish NFTs of 120M, far exceeding the upper limit offered by marketplaces such as Opensea and Rarible. At the same time, it offers four decentralised storage solutions including IPFS, Filecoin, Arwave and Swarm to protect creators and buyers from losing their NFTs.
In addition to improving the user experience at the source, Element is also optimizing its NFTs presentation to protect creators from malicious bots. To be specific, Element limits the minimum order amount and the number of orders per account per day to prevent bots from placing malicious orders at prices that are completely unlikely to result in a transaction, ultimately protecting the rights of creators.
As a whole, Element is both an application-oriented tool that aims to open the door to a new world for NFT enthusiasts. As Fred Wang said when mentioned Element’s future, Element will cooperate with more artists to launch NFTs based on the blind box model. At the same time, by entering into a partnership with games, Element will support more game assets to meet diversified needs.
