Galital plans to be one of the first NFTs marketplaces that will be part of the Polkadot ecosystem. The interoperability and cross chain communication will be fast, secure, and inexpensive.The basis of the Galital project and its marketplace are fractional ownership and being able to lend and borrow NFTs. This will give the owners a unique opportunity to create passive income. Galital is still in the very early stages of development, but it is already live on the Rococo testnet.
Similar to a traditional NFT marketplace, you can buy and sell on the open market. On top of this generic model, Galital offers unique features that will give the users new opportunities to explore NFTs: the possibility of fractional ownership or lending your NFTs for a fixed amount of time using smart contracts, thus creating passive income for the holder.
If you’re reading this article, chances are you have heard about or have done some research regarding the prices that some NFT’s can go for. Digital art pieces have sold for millions of dollars, with music artists like Snoop Dog selling his NFT for $25 000. Thanks to fractional ownership, it is now possible for the holder or the creator of the NFT to break up the NFT into multiple pieces. These pieces then work the same way as a token ERC721 and can be sold individually. Once inside the Galital ecosystem, it is possible for any NFT asset to be split up and sold separately, meaning it’s possible to be a partial owner of many different NFT assets with minimal investment.
NFT Lending and cross-chain bridge
Galital aims to be a symbiotic element in the NFT space through creating real world use cases and giving users opportunities to lend out or fractionalize their NFT’s trustlessly through a smart contract. Galital is joining the first wave of development of monetization of one’s NFT holdings. Whether it’s some rare sword in a video game or a CryptoPunks NFT, anything is possible when it comes to lending or borrowing NFT’s.
It should not matter, which blockchain the NFT has been minted on. Substrate’s interoperability lets Galital build a crosschain bridge, which will allow users to migrate their NFTs from one chain to another.
Built on the Polkadot technologies
Galital has chosen to join the Polkadot network as it has multiple beneficial features. Important for a cross-chain NFT marketplace, the network makes interconnection with other chains and cross language support possible. Scaling on Substrate is seamless and forkless upgrades make development and user experience smoother. The Polkadot ecosystem is fast, safe, and easy to use.
For the Galital team, one of the main advantages of the Substrate Framework is that it is truly decentralized and run by the community. The governance and consul system is built directly into the protocol. There are also options for the community to participate in validating or nominating. Substrate has a treasury mechanism built in and is easy to deploy smart contracts.
As of April 4 2021, Galital has been included as a parachain on the Rococo testenet.
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