yNFT Marketplace to complete highly anticipated move to Mainnet
We’re excited to announce that we will be moving our yNFT Marketplace to Mainnet this week! Embracing all Algorand NFTs and featuring unique Game-Fi partnerships to come, our all-new NFT trading platform delivers intuitive, easy-to-use buyer, seller and creator tools that make for a seamless NFT minting and trading experience. As a team, we’re thrilled to be at the heart of the growing DeFi and NFT industries, focused on building meaningful products that bring value to our community. So let’s dive right into some of the features we have on yNFT!
Stacked with intuitive features leveling up the NFT Experience on Algorand
Yieldly’s NFT Marketplace heralds a new paradigm of NFT creation and exchange on Algorand, enabling you to:
- Buy fully-informed — see trading history, buy now, bid, track bids, know when you’re winning bids, “Verified Creator” badges
- Sell your way — sell as many NFTs as you like via an auction or fixed price
- Mint seamlessly — add custom royalties, add traits and rarity levels, change supply quantity
- Search and sort with ease — our collection browser allows you to filter NFTs by traits, track collection rarity ranking, recently minted, floor price, collection trading volume and many more
Yieldly’s marketplace has its own dedicated IPFS gateway — which makes our IPFS throughput speed up to 4x faster than public IPFS gateways. We also support the ARC3 and ARC69 NFT standards, the two most popular and widely-used asset metadata standards on Algorand. Any Algorand NFT will be interoperable with Yieldly’s NFT marketplace, regardless of where it was minted. Similarly, any NFT minted on Yieldly will enjoy compatibility with the rest of the ecosystem.
The marketplace works on a single page application to enable browsing without page reloads. Users can also simultaneously connect multiple wallets to yNFT.
Marketplace Fee Breakdown
How the fees work on the yNFT Marketplace are broken down as follows:
- Creator Royalty fee: custom royalty fee (5% minimum if minted on yNFT) — paid out directly to the creator.
- Platform fee: 2.5%
- Buyback: A percentage of all platform fees will be channeled into a pool that will be used to buy YLDY and held for future use in growing the ecosystem.
As at this moment, transactions on yNFT will be denominated and conducted in ALGO, with a timeline to include payment with YLDY and other relevant ASAs in the near term.
Smart contract audits and security
yNFT is written in Reach (compiling to TEAL 6) and has been preliminarily audited by Verichain. Our team is currently reviewing and making the necessary adjustments ahead of the final report to come out within the week. Following completion of this activity, yNFT will be going live on Mainnet!
As we have done in DeFi, we are paving the way forward for NFTs on Algorand
We have put in a lot of effort to contribute to Algorand’s ecosystem development and are excited for you to try our marketplace, where the user experience is comparable to top NFT platforms — except with Algorand’s improved speeds, transaction costs, and overall efficiency (as well as a net-zero carbon impact).
While the site did go through an extensive Alpha testing period — the yNFT Marketplace is currently open to feedback and we are asking the community to submit any bugs they may encounter, or share any suggestions you may have regarding the features on the marketplace. You may give your feedback directly via the feedback button on the site. Alternatively, we have 2 dedicated email addresses for you to talk to us:
Support : ynftsupport@yieldly.finance
Feedback : ynftfeedback@yieldly.finance
As always, keep your eyes on our Twitter, Telegram Group, Announcements, and Discord for more updates!
