On 20 July 2021, IOST, a decentralized, high-speed, and scalable blockchain network announced the launch of the highly-anticipated Revival NFT Marketplace which offers ultra-fast and fee-less transactions in addition to a seamless user experience that does not require any prior blockchain experience on the users’ part.
According to the official announcement, the Revival Non-Fungible Token Marketplace is created to be the home for all artists, which aligns with the team’s ethos that says “no artist is too big or too small to showcase their amazing work to the world.”
With NFTs exploding in popularity, it has become rather challenging for small artists to tap into the market by creating and obtaining digital assets. Not to mention the high transaction fees associated with NFTs that create a high entry barrier for upcoming digital artists to showcase their art to the world. The Revival NFT team hence takes care of all the existing pain points facing the rapidly budding NFT landscape and incubates talented artists with its exclusive support fund of 20 million USD in the Medici Support Program.
Revival’s Success – 1 Million USD Transaction Volume, APR Breaks 5118%, Highest NFT Bid At Over 71 Thousand USD
In just one week of launch, Revival took IOST and NFT fans by storm and hit a record high of 1 million US dollars weekly transaction volume. Its highest Margin Rewards APR reaches 5118% in LOL tokens and 216% in IOST.
The first artist who was featured on Revival and supported by the Margin Reward Mechanism is Edison Zhang, a well-known Chinese street artist, muralist, and graphic designer. His record-breaking NFT sale of the artwork “Crowded” made over 255 million LOL tokens, an equivalent of 71,135 USD. In other artworks, Edison Zhang made almost 1 million IOST for “The Beauty and Pain of Pangolin” NFT, and over 27 millions LOL tokens for “Tang Sancai — Akhal-Teke” NFT.
Innovative Margin Mechanism To Rewards Artists
Unlike other NFT marketplaces where users can only profit by selling their NFTs at a higher price to the buyer, Revival NFT Marketplace allows its users to earn rewards in LOL tokens and IOST by just listing their NFTs for sale.
Furthermore, revival offers artists innovative margin rewards that help the creators get compensated aptly for their digital artwork. Further, Revival also offers an intuitive UI, ensures minimum gas fees, and supports multi-chain integration.
On top of the smooth user experience and innovative rewards mechanism, Revival promises to look after all other users’ needs with its support from the 20-million USD Medici Fund for artists.
Leveraging IOST Blockchain Technology
Another major aspect of this is Revival Network’s decision to become the first global NFT Marketplace on the IOST network- a household name when it comes to innovative and leading blockchain technology.
With scalability that reaches 8,000 transactions per second and very low per-transaction fees, artists bypass both the excessive cost and slow speeds of Ethereum-based marketplaces.
To keep up with the competition, Revival has stacked with a lot of exciting product launches and service offerings, which include launching a cross-chain bridge with Ethereum, Binance Smart Chain, and integration with the Metamask and the TokenPocket Wallet in the latter half of 2021.
The Future Is Bright Ahead for IOST
IOST had nothing short of a spectacular first half in 2021. IOST outperformed Ethereum, EOS, and Tron per the latest ranking from the China Ministry of Information’s Centre for Information and Industry Development (CCID) as the number 1 in Basic Blockchain Technology for the fourth consecutive time.
Obtaining a smooth and zero-downtime mainnet hosting over 593 million transactions, operating a holistic DeFi ecosystem that accommodates major stablecoins such as HUSD, JPYA, and USDA, and successfully concluding the testing of core functions of the cross-chain bridge in Polkadot, listings on global exchanges such as Bitpanda, Crypto.com, Gate.io, Warzx are just a few to be named for its achievements.
Additionally, IOST witnessed an explosive NFT and Decentralized Finance market on its network as a number of quality projects launched on the platform to offer innovative solutions to its users. IOST’s Twitter followers skyrocketed from 193,720 followers in December 2020 to almost 250,000 at the time of writing.
It won’t be a stretch to say IOST experienced one of its best phases in terms of network and community growth during H1 2021, and things look extremely promising heading into the second half of 2021, especially with the launch of top projects like Revival NFT Marketplace.