The first NFT platform on the new layer 1 oracle network, Sparkles, which handles over 90% of NFT sales on Songbird, has debuted on Flare. The only NFT marketplace in the blockchain industry to reach this rank is Sparkles. With their next DOTM collection, Sparkles will also address the problem of NFT intellectual property (IP) rights for NFT owners by tying on-chain IP licensing.
In order to allow new use cases for NFTs and their holders, Sparkles plans on taking advantage of Flare’s inherent interoperability protocols. With the help of Flare’s State Connector protocol, off-chain data may be utilized with smart contracts safely, flexibly, and trustlessly. Without depending on external data sources, the Flare Time Series Oracle (FTSO) uses the network topology to give highly decentralized pricing and data series to dapps on Flare. The most popular Flare wallet, Bifrost Wallet, as well as D’Cent wallet have Sparkles APIs integrated so that users may manage their NFTs from in-wallet.
The majority of NFT transactions on Flare’s canary network have been handled by Sparkles since its introduction on Songbird in January 2022. Almost 90% of NFT sales on Songbird have been handled through the NFT market, with Sparkles representing nearly $3.5M in value transacted since the debut. With over 3,200 collections, Sparkles presents 176 sales per day on average.
By promising to achieve net-zero status by 2030, Sparkles pledged to join the Crypto Climate Agreement in 2021. The Sparkles team has already exceeded this commitment, turning the platform into an ecologically friendly entity by collaborating with SCB, a major provider of carbon commodities, to calculate the platform’s carbon footprint and then buy carbon credits to offset the emissions. Sparkles retired the credits on chain using Toucan’s bridge.
Hugo Philion, Flare CEO & Co-founder said, “We are very pleased Sparkles have agreed to continue their NFT platform development on Flare, integrating our core protocols to champion NFTs and provide opportunities for SGB and FLR holders to participate in the digital art space. We look forward to seeing Sparkles become a community-owned platform, push the boundaries of NFT innovation on Flare and support digital artists on their journeys.”
Mohamed Kanoun, Sparkles Founder said, “Sparkles is honored to be leading the way when it comes to NFTs on Flare. We believe Flare will be home to many new artists, brands, companies, games, metaverses and much more. The future is bright for NFTs on Flare Network. ”
With the introduction of the SNFT token, Sparkles will decentralize its core technology and infrastructure and change its legal structure into a DAO. Flare’s primary goal of connecting everything is nicely complemented by having an NFT protocol that is totally decentralized, as described in the just-released Sparkles whitepaper, and operated by the community for the community.