IOTA: Transfer NFTs worldwide without fees

• The excellent thing about the Shimmer Network is that there are no fees required to create or transfer NFTs.
• NFTs can themselves serve as wallets on the Shimmer network. Thus, they can receive and hold other NFT tokens and thus allow them to unlock exciting new use cases for NFTs in their Web3 applications.

The demand for non-fungible tokens (NFT) has grown very rapidly in the crypto market these days. With major brands and organizations launching their own NFT tokens, blockchain platforms have been racing to provide the desired infrastructure.

The blockchain network IOTA is one of the forerunners in the process of hosting various NFTs on the 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 network that allows developers to test new features in 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 features. It is a fully functioning network in its own right. The multi-asset Shimmer ledger facilitates transactions for native tokens, custom tokens, and NFTs, while inheriting the same security guarantees, scalable capabilities, and emotionless capabilities provided by the IOTA Tangle.

Shimmer Network and NFTs

The Shimmer Network gives anyone and everyone the opportunity to mint their native tokens and non-fungible tokens (NFTs) on the platform. While minting NFTs on the Shimmer network, its native token $SMR will be used as a storage deposit.

The NFTs on the Shimmer Network have the same security features similar to the platform’s native $SMR tokens. NFTs on the Shimmer blockchain network come with unique properties. The excellent thing is that there are no fees required to create or transfer NFTs on the Shimmer network.

Interestingly, the NFTs themselves can serve as wallets on the Shimmer network. Thus, they can receive and hold other NFT tokens and thus allow them to unlock exciting new use cases for NFTs in their Web3 applications. Navin Ramachandran, who sits on the board of the IOTA Foundation, recently said that Apple could leverage IOTA’s Shimmer network to avoid NFT gas fees on the platform.

TanglePay announces new updates

Last week, TanglePay, the IOTA wallet, announced V 1.4.9 update that offers full support for Shimmer Layer 1 NFT management including transfer and claims. In addition, 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 simplifies wallet creation. In addition, the wallet comes with biometric support for a better management experience. It noted:

It is the first time we have implemented Biometric support. You can find it in “Settings”. Currently, it will turn off when you close the app for security. We will optimize this feature in a future update.