The Aventus Network (AvN), a blockchain protocol that reportedly makes Ethereum (ETH) transactions cheaper, faster and more efficient, has made several updates to the architecture of its platform, “enabling the creation, transfer and storage of non-fungible tokens (NFTs) on the Network,” according to a release shared with CI.
This update will enable Aventus to reach its potential as a full-service enterprise blockchain or distributed ledger tech (DLT) platform, supporting fungible and non-fungible token options.
During the course of 2021, Aventus has built innovative blockchain solutions and formed strategic relationships with high-growth businesses, “from video game content platforms – like fruitlab – to credit card cashback programs – like cashbackAPP,” the announcement noted.
As stated in the release:
“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 grown dramatically this year, surging to $2.5 billion in total sales during H1 – a solid 18,000% increase from $13.7 million in H1 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),” the update confirmed.
But the real potential of this tech has still not been fully realized, 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.”
The announcement also mentioned that one of the major barriers to widespread adoption of NFTs across all sectors is “the longevity of an asset.”
With the rate of innovation in blockchain or DLT increasing steadily, “ensuring that a digital asset will remain accessible, valuable and liquid indefinitely is paramount,” Aventus Network’s implementation of NFTs is “built on its customizable, 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,” the update revealed.
As noted in the release:
“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 large volume of NFTs being issued along with the architectural shortcomings of the blockchain has “led to several fundamental issues” – issues that Aventus may address:
- 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, co-Founder and CEO of Aventus, remarked:
“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.”
Vey added that as Aventus gets ready for its next phase of growth, they have the opportunity to “transform the way in which blockchain works for everyone.”