IOTA (CRYPTO: MIOTA) launched a new “almost feeless” non-fungible token (NFT) marketplace on its development test network Iota 2.0 DevNet and made it available for testing.
What Happened: According to an announcement shared with Benzinga, the new marketplace is devoid of all transaction fees except for the NFT minting fee — which is purportedly “low,” with precise no value specified — and the commissions set by the owner of the marketplace.
IOTA’s platform also allows NFTs to have a royalty function, which allows artists to receive a fee payment every single time their artwork is resold.
Read also: IOTA Crypto Network To Power Trademark East Africa’s Paperless System
Usually, creating such tokens costs a minting fee for creating the NFT, then a listing fee for getting it on a marketplace; at the time of the sale, the platform usually also imposes a commission on the sale of the token, and the actual transactions also involve fees, the announcement states.
Fees on Ethereum (CRYPTO: ETH) can get notoriously high when the network sees heavy use, so this last kind of fee is also often hefty.
Price Action: According to CoinMarketCap data, IOTA has not reacted well to the news and lost nearly 9% when its price fell from its 24-hour high of $0.769 to a low of $0.7001 before settling at $0.737 as of press time.
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