Paintswap.finance is a decentralized NFT marketplace, exchange and yield farming platform built on the Fantom Opera Network. Users are given a wide array of products and services while pushing forward the utility and promise that is the Fantom Opera Network.
Paintswap supports multiple NFTs standards including ERC721, ERC1155, iNFTs and more. As a result the platform currently holds over 1350 collections with a volume of around 13 000 000 FTM which just goes to show how well the platform is performing.
Paintswap has a reputation for their staggering low fees at only 0.3% which is almost unbeatable and to further the competitiveness, 50% of all sale fees are used to burn and buy back their native token BRUSH, which gives users/investors even more value and reason to use their marketplace. As well as having competitive fees, Paintswap’s Yield Farms offer some extremely high returns which are partly supported by their Art Gallery which locks half of farmers $BRUSH rewards for 90 days.
The marketplace strides itself for its low fees and ease of use. Users are able to upload, mint and sell any format media file in seconds.
Here are some key features:
Due to the marketplace's ability to connect to the EVM, not only can you trade Fantom NFTs, but a much larger array NFTs are supported.
Fantom is known as a highly scalable L1 blockchain platform focusing on DeFi, dApps and enterprise applications. There are many benefits to using Fantom for hosting a marketplace, one being that it is fully EVM compatible. This allows Fantom to support any NFT on the platform that runs on Ethereum. Fantom is currently working on their own virtual machine (Fantom virtual machine), which will still support the EVM, but will have additional advantages.
Faster transaction speeds
With Fantom, transactions only take 1-2 seconds to process whereas Ethereum takes on average 6 minutes. This is important because it allows the network to become more scalable and allows for more real world applications.
High throughput
Fantom aims to achieve 30 000 TPS within the following year which is arguably the most within the crypto space. This can be compared to Ethereum which can currently handle around 30, therefore Fantom aims to achieve around 1000x that.
Lower fees
Due to the capacity for Fantom to handle a higher throughput, the network does not easily get congested meaning that the fees are able to be lower than most networks. Therefore fees will be at a staggeringly low level of around $0.002, allowing for users who are trading lower value NFTs to not be affected by large percentages of their profits being knocked off.
Paintswap is extremely active on their platform as well as their socials and have recently added some updates to their platform that we thought were important.
Paintswap is certainly going to be competing with some of the top NFT exchanges soon due to their ability to handle large transaction volumes as well as their low fees thanks to the Fantom network. Both Fantom and Paintswap are constantly innovating their products and therefore the perfect combination is in place for a user focused and innovative exchange. We are excited to see what the future holds.
