As we’ve announced, EDMjunkies is launching a marketplace for creators to mint and sell non-fungible tokens, widely known as NFTs — and now we have some more exciting news.
We’re happy to announce that we’ll be operating on the xDai blockchain, which is positive news for any creator looking to use the EDMjunkies NFT marketplace. As many of you may know, and indeed have pointed out, the fees (gas fees) to create (mint) an NFT on Ethereum—the most widely used blockchain in the NFT space—can be very expensive (up to $200) for the creator, and also expensive for the buyer. Moreover, the energy required to validate NFT transactions on the blockchain using a “proof of work” method takes a heavy toll, negatively impacting the environment. So, after careful consideration and through collaboration with our partner, Cargo, we have decided to use xDai instead of Ethereum.
For those who don’t know, xDai is a blockchain that works with Ethereum as a sidechain solution, and its fees are a “few cents to the dollar” compared to Ethereum. xDai also utilizes the “proof of stake” validation method, which requires a fraction of energy and is much better for our planet. The adoption of xDai will lower the entry point for creators, making it easier for their NFT to be profitable, regardless of whether their NFT is a premium collection of digital and physical items or just a single track, and at the same time it will minimize the carbon footprint.
We currently have many artists interested in minting and marketing their NFTs and we will do our best to vet, approve, and onboard them as soon as we launch. In the meantime, look for our detailed instructions that we’re due to publish to explain exactly what you will need in terms of wallets and xDai.
As always, thank you for your consideration and support.
The EDMjunkies team