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NFTs#

Blockchains aren’t only about cryptocurrencies. Audio or visual artworks can also be deployed on immutable smart contracts of blockchains. These artworks are represented by Non-Fungible Tokens. Furthermore, artworks can be traded in decentralized auction houses. This would help artists to reach the world without any restrictions from governments or without any need for centralized licensing firms. It means the democratization of art markets with the help of public blockchain. Some examples, like Rarible or Opensea are auction markets running on Ethereum Network. Any artist can create and sell their artwork there; however, gas prices to mint an NFT can take up to $100. Ergo’s scalable and faster design would reduce gas costs to almost zero without giving up security or speed.

Marketplaces#