Problem

Tomoe is the NFT marketplace built on Tomochain focusing on the best user experience to Create, Buy, Sell and use NFT.

NFT marketplaces are blockchain-based markets where NFTs are bought, sold or auctioned.

As with any other asset, liquidity necessitates a marketplace. This is why NFT marketplaces have sprung up almost in equal proportions to the NFT boom. Below are the ideal qualities to look out for in marketplaces, some of which are absent in the existing ones.

• Speed: transactions on an ideal NFT marketplace should be fast. Activities taking minutes or even hours to complete makes for a disappointing experience for users.

• Cost: transaction fees should be meagre.

• User experience: to fast-track adoption, marketplaces should be simple and easy to use.

• Community: active communities increase liquidity; thus, NFT DApps and marketplaces must have a large and active user-base.

• Governance: the ideal governance setting is a decentralized structure where all holders of a platform’s native utility token have a right to vote and make decisions.

• Extras: include bonuses, referrals, launchpads etc.

Ethereum based NFTs marketplaces

Ethereum blockchain, with its ability to run transactions using smart contracts and being the early platform to support programmable decentralized applications, it has become the leading chain for the largest marketplaces such as Opensea, Rarible, Superrare, and Nifty Gateway.

The significant advantage that Ethereum based marketplaces have is the community size. Most marketplaces have solidified their place as household names in the NFT space. In addition to the earlier mentioned third-party marketplaces, many ETH-based NFT DApps like games, sports also have in-app marketplaces, making their digital collectibles highly liquid.

Shortcomings of current NFT marketplaces

Minting an NFT on Opensea, for example, can cost more than triple the price you’re hoping to sell it for.

Ethereum based marketplaces, for all their active communities and NFT varieties, are very expensive to use.

Gas fees fluctuate heavily, and some times, they may cost more than the price of the NFT you’re minting or putting out for sale. This is a long-standing issue that must be kept in mind when making purchases.

Also, transactions can be frustratingly slow; withdrawals can take up to hours sometimes.