Aptos, a new Layer 1 blockchain, has a growing NFT scene just days after mainnet launch.
Popular NFT launches could test the new network due to concerns about its scalability.
The newest crypto on the block, Aptos, has been introduced his mainnet this week causing considerable buzz around its early adopter token airdrop, but also questions about whether the network — which has raised $350 million in VC funding —can live up to the hype about his technique.
However, the first real test of the blockchain could soon come as a rush NFT Projects are preparing to launch on the network. NFT trading has a proven history ether and Solana Networks under significant stress, so how will Aptos fare when demand for its NFTs matches excitement?
The launch of Aptos came with considerable anticipation, in part due to its ample VC funding and also its origins Facebook’s scrapped Diem initiative. But some of the excitement also came from claims that Aptos can scale to process dramatically more transactions than any current Layer 1 blockchain –over 160,000 transactions per second (TPS).
But we have not yet seen whether Aptos can really handle such enormous technical requirements main net. When it launched on Monday, Aptos was only processing a few transactions per second. The figure is as of today hovers around 10 TPS.
under big smart contract Platforms that empower autonomous code decentralized applications, ether manages about 30 TPS on its mainnet, with Solana at around 3,000 TPS. but testnet Claims do not always match real-world conditions on the eventual public mainnet – Solana, for example claimed hundreds of thousands of TPS on his testnet years ago.
Aptos co-founder Mo Shaikh tweeted on Tuesday that the “current TPS is not representative of network capacity – this was the idle time of the network before projects came online. This number is expected to increase with more activity.” In other words, not much is happening on Aptos yet, but it will be operational.
TPS: Current TPS is not representative of network capacity – this was network idle before projects came online. This number is expected to increase with more activity. Hope this clears up any TPS confusion.
This increased activity could be right around the corner as Aptos users prepare to mint their first NFTs, with dedicated Aptos marketplaces already living with a handful of collections. A number of additional collections are expected to launch this week and next, having garnered considerable traction on social media.
The NFT scene on Aptos is already growing. topazone of the marketplaces that already allows trading for a handful of collections – like CryptoPunks Imitation of Aptos Punk—tweeted Thursday morning that it has already processed about 12,000 APT worth of transactions (over $87,000) with about 3,700 NFTs listed on its platform.
📈 ~12,000 APT total volume on Topas 📈 ~3,700 NFTs listed on Topaz
An NFT is a blockchain sign which can serve as a title deed for an item, and they can be used for a variety of use cases – including digital artwork, physical clothing and other items, and much more. However, there are applications like profile pictures (PFPs) and interactive video game items that have typically driven demand and may challenge the stability of networks.
Ethereum has faced notable scaling challenges with NFTs dating back to 2017 CryptoKittiesthe famous the network is clogged and made it difficult to process other transactions. More recently amidst the NFT market is booming In late 2021 and early 2022, popular mints gave birth to Ethereum gas Fees (transaction fees paid to the network) increase up to hundreds or even thousands of dollars.
Solana, the second-largest Layer 1 platform for NFTs, can handle many more transactions per second than Ethereum — but it too has had issues with NFT drops. In April the Solana network crashed (one of three such cases in 2022) due to automated bot programs Flooding the network with transactions to try and overpower and play NFT starts.
So far, Aptos has a small NFT scene compared to these longer-established competitors, but it’s only been a few days. NFTs markets can flourish quickly and find great demand, especially when speculative frenzy sets in. The broader NFT market has cooled off latelybut new opportunities can potentially attract crowds of hungry traders.
Co-founder of the Topaz marketplace, the pseudonym 0xclickbait, said decrypt this initial interest in Aptos NFTs surprised them.
“In my four years in crypto, I have never seen such immediate demand for NFTs on a new chain,” they explained. “There is something about Aptos – the technology, the team, [and] the mission – to attract people and breathe new life into this crypto winter.”
They expect increased interest as the Aptos ecosystem expands, additional projects are launched, and centralized crypto exchanges begin offering the APT cryptocurrency. In terms of technical capabilities, they said that prior to the mainnet launch, the Aptos testnet was handling between 2,000 and 4,000+ TPS “without breaking a sweat,” in their words.
A current research report from crypto exchange FTX confirms this, listing 4,200 TPS for testnet performance. That’s still a long way from the claimed potential peak in technology deployment Parallel execution technique by Aptosbut at least it would be on the same scale as Solana if that TPS level could be matched on mainnet.
“Anyone who has been following Aptos for more than a month is pretty confident,” 0xclickbait said of the network’s ability to handle greater demand.
Topaz and Competing Marketplace soufflé3 are now introducing a series of upcoming NFT drops from Profile Picture Collections (PFP) that have amassed a remarkable following on social media over the past few weeks and months.
Bruh bearsa project with a pixelated look, similar to Solana Monkey Businesswill debut on Topaz on an unknown date, along with Aptos monkeys– which Shaikh has already presented about his own Twitter avatar. Another project Aptomingos, will be rolling out a free mint on Friday. Upcoming Souffl3 launches include Retro Boys Club and the Ok bears– esk Right dogs.
“I’m most looking forward to the organic, real, serious community builders like Aptomingos and Bruh Bears,” said 0xclickbait decrypt. “They’re here for the long term, building brands and communities that grow and endure.”
When Topaz presented its testnet launchpad for minting new NFT projects, 0xclickbait said the marketplace received more than 1,000 applications from developers. They believe that Aptos’ much-touted Move blockchain programming language will also attract developers and that NFT-based games will prove to be a prominent use case on the network.
Given the scant evidence to date of the Aptos mainnet’s ability to handle significant demand, can the technology handle the potential demands of thousands of traders all vying to buy a limited number of NFTs at once? Based on early signs, there could be a market of eager collectors willing to put it to the test.
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