DataBase Labs, led by Canada's Metaverse Foundation, has officially launched a project that it says will create the first aggregated cross-chain NFT trading platform, according to media reports.
DataBase technical director Carl Max said in a recent interview: the reason for the failure of the old owner Rare Bits is because of the waiver of NFT casting Gas fees, and the burden of operating costs is too large. After a lot of research, he and his team will be the first to propose the concept of "meta-transaction", casting NFT's Gas fee significantly reduced.
Here we need to know that Gas Fee is the miner's fee, which is the processing fee paid to the miner. When we transfer money on the Ethernet blockchain, the miner has to pack our transaction and put it on the blockchain to make the transaction complete, which will consume the computing resources of the blockchain in the process, so we have to pay the fee. In most NFT markets, we have to pay a gas fee for buying and selling NFTs as well as for minting NFTs.
It is said that Carl Max claims that through meta-transactions, users do not need to first purchase the blockchain network's native tokens, do not need to pay their own miner fees, and can also interact with the blockchain. In this process the user's wallet account itself is also a smart contract, this smart contract will verify whether the user's own signature is correct, and if so will only interact with the final target contract.
Based on the above technology, DataBase Lab will build the first aggregated cross-chain NFT trading platform, change the status quo of lack of liquidity in the NFT field, realize NFT asset price discovery and determine the value of NFT assets, which will be based on price discovery, realize the collateralization of NFT asset packages, release liquidity, and be used in a series of derivative financial scenarios such as convertible bonds, over-collateralized lending, and so on, and Keep the industry leader in lowering transaction costs, reduce transaction friction in the NFT market, and allow more NFT artists and collectors to benefit from and participate in it. What will be its future? Let's wait and see!