The world of non-fungible tokens (NFTs) is rapidly expanding. The latest development in this space is launching a decentralized exchange (DEX) for instant NFT trading.
The NFT Protocol (Collection) has created a DEX for trading NFTs and has made it available exclusively to its users. Collection is a decentralized platform that enables users to create, manage, and trade NFTs. The platform is powered by blockchain technology, making it secure and reliable.
Yang, one of the project’s core developers, said:
“The protocol leverages Merkle proofs to precisely identify and target NFTs by their token IDs. Thus, users can select individual tokens, user-defined groups, or the entire Collection for their transactions. It offers users greater flexibility and control over their NFTs.”
This NFT protocol is sortable according to the criteria that matter most to users – traits, rarity, and even whether banned on OpenSea. The DEX launched by Collection is built on the Ethereum blockchain and provides users with a secure, transparent, and highly liquid trading environment.
Also read:A Difference From Traditional NFT Marketplaces
The NFT Protocol’s DEX will allow users to instantly trade NFTs without waiting to process the transaction on the blockchain. This feature will allow traders to make quick and efficient trades without worrying about the time it takes for transactions to be processed.
Additionally, the platform will offer users a range of features, such as low trading fees, a variety of trading pairs, and access to liquidity pools. All transactions on the platform are recorded on the blockchain, ensuring that users’ funds remain secure.
Furthermore, the platform has implemented several security measures to protect its users from threats such as scams and hacks.
The Collection team plans to roll out the protocol on the Ethereum mainnet in the first quarter of 2023. Spencer Yang, the core contributor to the project, said that “the NFT DEXs differ from traditional NFT marketplaces, like OpenSea, because they enable users to purchase and sell automatically.”
Yang believes this type of infrastructure is necessary for the success of the NFT industry.
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