Millions of NFT artists find new homes as DeSo launches new monetization features for creators

October 17, 2022 – Los Angeles, California

Decentralized Social (DeSo), the new layer 1 blockchain tailored for decentralized social media, has announced the release of timed auctions through their social NFT platform, NFTz.me.

Takeaways

• DeSo, a new tier one blockchain that raised $200 million from Sequoia, a16z, Coinbase Ventures and others, announces the release of timed auctions through its social NFT platform, NFTz.me.
• DeSo’s recent string of successes includes a significant increase in price, an influx of new users, and an all-time high in NFT activity on the chain.
• Timed auctions provide better monetization for creators and price discovery for NFT artists.

DeSo is riding a wave of success as it executes its roadmap to become the unified social layer of Web 3.0 – a creator-led and user-owned internet open to all. DeSo NFT activity recently hit a all-time high of 20,000 transactions per day, placing it third in the industry above Solana, Ethereum, Flow, Polygon and BNB Chain.

The inclusion of NFTs on DeSo and the other creator tools, such as Diamond, comes at a time when DeSo has recorded new benchmarks in terms of price, users and NFT activity on the chain.

NFTz’s introduction of timed auctions provides better monetization for creators and price discovery for NFT artists. Additionally, this feature is built into the blockchain and cannot be removed or made optional.

Creator royalties have become a hot topic in the NFT industry, given the decision of some platforms, such as Solana’s Magic Eden, to make them optional rather than built into the blockchain. This has caused backlash among many creators.

According to DeSo founder Nader Al-Naji, this problem could have been avoided if royalties could be enforced at the protocol layer.

Al-Naji said:

“If Solana had put NFT auctions on the chain, it could have had programmatically enforced royalties, which would then have prevented the race to the bottom that NFT marketplaces like Magic Eden are currently in.”

DeSo NFT platforms like NFTz allow true innovation, a wide range of social features and community growth opportunities, all of which are implemented on-chain.

Al-Naji added,

“Other blockchains are what we call a finite-state blockchain, meaning they are not designed to handle use cases that generate a lot of data. NFT auctions are an infinite state application where the data one needs to store and index grows in the infinity of every transaction.”

About DeSo

DeSo is a new layer one blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz and several others.

DESO, the native currency of the DeSo blockchain, is listed on Coinbase.

For more information on DeSo and username requirements, visit the website.

Consult

Ash Ghaemi, Head of Growth Marketing at DeSo Foundation