Why we’re building an NFT marketplace on Fuel. What are its advantages?
Fuel is a modular execution layer that provides the most flexible throughput for Ethereum. It features a modular design to increase security and ensure speedy execution of transactions.
Thunder - is a cutting-edge NFT marketplace built on top of Fuel for a superior experience.
In today’s blog, you’ll gain key insights into why we’re building on this exceptional layer.
Let’s explore! ⚡️
Why Fuel
The Fuel Network is an ideal platform for building an NFT marketplace. period.
It enables the creation of convenient trading functionality and flexible development. This lethal blend will allow our development team to not only create unparalleled trading and user experiences, but also to stay close to creators and tailor the platform to their specific needs.
Thunder will be known for being an NFT marketplace, by creators for creators.
The functions of Fuel that you need to pay attention to include:
👉Zero Token Approval
Zero token approval means users do not have to approve their transfer before sending their tokens to the contract. Instead, they can send their balance of spendable tokens directly to the contract.
This feature makes it easier for developers to interact with smart contracts and have greater flexibility when building new products.
👉 Trust-minimized bridging
Fuel provides fraud-proof, trust-minimized light clients and trust-minimized liquidity bridging, which is not possible between two independent L1s. Provide maximum security for the Ethereum ecosystem.
👉 Flexibility of storage space
Thanks to a feature called Storage Flexibility, for the first time, Fuel VM users can take advantage of 64-bit storage slots instead of the standard 256-bit slots used by Solidity.
Because Fuel VM does not share Ethereum's storage layout limitations, it can take advantage of a more efficient storage layout, resulting in lower storage costs and better scaling to L2 (EVM).
👉 Parallel transaction processing
The Fuel network is an Ethereum execution layer built in a modular fashion. This allows for greater scalability and enhanced performance when compared to monolithic chains.
Given the nature of Ethereum, transactions on this chain are processed linearly. In the early days of the EVM, when most programs used only one or two threads, the entire VM was heavily fragmented.
Today, especially for layer 2 solutions, the ability to execute multiple transactions simultaneously is becoming an increasingly desirable feature due to the rise of multi-threaded processors.
But trust us, Fuel Network is a real game-changer when it comes to computing on the blockchain. New and improved, FuelVM is a virtual machine optimized for speed and responsiveness.
It was built to facilitate parallel transaction processing, thereby increasing processing speed and efficiency. This in turn provides users with a superior experience. In addition, unlike other smart contract platforms, FuelVM puts developer experience first, making it easier for programmers to write code and ensuring the security of smart contracts.
👉Gas can be paid with any supported token
Users can pay for their gas with any token accepted by Fuel Network. Therefore, users are not limited to paying for gas only with the network’s native token.
This makes platforms built on Fuel more accessible to new users since they don’t have to acquire native network tokens.
NFT Market Challenges and Solutions
The current NFT market has several challenges that we aim to solve through the use of Fuel:
Transaction processing is slow
High and hidden fees
Poor user experience
royalties
Let’s take a deeper look at how Fuel will give our platform a competitive advantage while solving the above problems.
⚡️Challenge of transaction speed
Most NFT marketplaces cannot boast the fastest transaction processing times. Users trying to buy or sell NFTs may find it inconvenient to wait for their transactions to be confirmed. What's more, the market can become crowded and expensive due to slow transaction processing, which can lead to errors or delays, or limit the number of transactions that can be processed.
Thanks to the parallel transaction processing capabilities we discussed in detail in the previous section, slow transaction processing is no longer an issue for Thunder.
⚡️ User experience challenges
Instead of prioritizing decentralization, many blockchains focus on building systems with high throughput. Fuel achieves the highest flexible throughput while still retaining the benefits of decentralization.
Fuel’s execution layer is built for processing large volumes of transactions quickly, which greatly enhances the user experience on Thunder.
⚡️ High and Hidden Fees
Tier 1 NFT markets have a common problem - they fail to successfully lower fees. This makes it cost-prohibitive for some users to participate in the market, especially when the fees are not only high but also opaque.
Fuel's virtual machine architecture is one of its most significant strengths. It is designed to eliminate the waste and fees we experience with EVM, while opening the door to new design opportunities for developers, allowing us to lower fees and eliminate any hidden fees.
At Thunder, we're determined to not only provide the best experience, but also the lowest fees.
⚡️Royalty issues
In order to collect royalties, many NFT marketplaces have recently introduced smart contract-level restrictions. This undermines the decentralized, permissionless and open nature of digital assets.
This can hinder transactions and remove choice around how token owners use their tokens, limiting the choice and flexibility for artists and collectors to operate in the way they want.
Thunder will empower creators by not only supporting them through a fair royalty system, but also providing assistance with technical support, networking, and community building.
final words
Taken together, the Thunder team believes that the Fuel Network will provide a superior experience for our users and is the best choice to power our NFT marketplace.
We are optimistic about the future of our platform and believe we made the right choice.
Also, be sure to follow us on social media to stay up to date with the latest information when our marketplace officially launches.
Stay tuned and remember: the future is modular! LFG ⚡️#crypto2023 #fuel #模块化区块链
