Aventus Switches on NFT support Following Fundamental Upgrades to Platform
- Significant updates to Aventus Network platform architecture will facilitate exciting new NFT partnerships that will reshape and reignite the market
- Creators can now mint NFTs on the Aventus Network mainnet for a fraction of the cost of any other blockchain network. Aventus NFTs are fully compatible with Ethereum NFTs, and therefore can be moved seamlessly from one blockchain to another
- Support for NFTs broadens Aventus Network’s appeal as a full-service blockchain solution for any sector, any application, and any innovation
London, September 14, 2021: Aventus, a blockchain that makes Ethereum transactions cheaper, faster and more efficient, today announced a number of fundamental updates to the architecture of its platform, enabling the creation, transfer and storage of non-fungible tokens (NFTs) on its Network. This update will enable Aventus to fulfil its potential as a full-service enterprise blockchain solution, supporting both fungible and non-fungible token options to any client.
Over the course of 2021, Aventus has already built bespoke blockchain solutions and strong relationships with a range of ambitious, high-growth businesses, from video game content platforms – like fruitlab - to credit card cashback programs – like cashbackAPP.
With the ability to provide non-fungible tokens on the platform, Aventus is now poised to bring creative NFT facilities to its existing clients and catalyse relationships with a number of future clients. Aventus is already in talks with major prospects and will be announcing a significant project involving high-profile sporting figures in the coming months.
The scale of the NFT market has surged in 2021, rising to $2.5 billion in sales in the first half of 2021 – a staggering 18,000% increase from $13.7 million in the first half of 2020. This growth has largely been driven by the sale of high-value digital artworks, including Stay Free by Edward Snowden ($5.4 million) and Everydays-The First 5000 days by Beeple ($69 million).
However, the true potential of this technology is still yet to be realised, and the introduction of NFTs to Aventus’ architecture marks a major step in expanding the scope of this new industry to a far wider range of applications – from ticketing and other administrative operations to marketing and advertising campaigns for companies and high-profile individuals.
One of the greatest barriers to widespread adoption of NFTs across all sectors is the longevity of an asset. With the rate of innovation in blockchain technology increasing exponentially, ensuring that a digital asset will remain accessible, valuable and liquid indefinitely is paramount. Aventus Network’s implementation of NFTs is built on its customisable, completely self-sufficient Layer-2 blockchain network, built on Ethereum. This means that NFTs minted with Aventus can be easily lowered to Ethereum and other blockchains, ensuring their longevity.
To date, most NFTs have been created and sold via the base Ethereum blockchain. While Ethereum has paved the way for the staggering growth of the NFT market by providing a framework for innovation and creativity, it has now reached an impasse. The sheer volume of NFTs being minted coupled with the architectural shortcomings of the blockchain has led to several fundamental issues – issues that Aventus has been able to solve:
- Ethereum has prohibitively high ‘gas’ fees – or cost per transaction. At peak times, it can reach nearly $70 to mint an NFT on Ethereum and cost further transaction fees every single time an NFT is bought and sold. On the Aventus Network, gas fees reliably cost $0.01 per transaction – with transactions being completed at 100X the speed.
- On Ethereum, NFT royalties are not natively enforced by the blockchain, so users who own or mint NFTs must depend on third-party integrations and platforms to ensure royalties are paid. Aventus’ integration of NFTs is designed to support royalties - it’s directly built into the Blockchain. This ensures that creators who should receive royalties have a provable claim via an immutable ledger, on their royalties.
Alan Vey, Founder and CEO of Aventus, said: “This update marks a fundamental change to the very fabric of our blockchain. With the opportunity to offer both fungible and non-fungible token solutions, we have doubled our potential as an enterprise blockchain platform. The potential power of NFTs for all businesses – whether high-street fashion retailer or high-end art dealer – is vast. It’s no surprise that NFTs have already begun to take the business world by storm. As Aventus embarks on the next phase of its growth we have the opportunity to transform the way in which blockchain works for everyone. With several committed clients already in the pipeline ready to benefit from our architecture upgrades, watch this space for the launch of some exciting, innovative projects."