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Decentralized Social (DeSo), the new layer-1 blockchain explicitly designed for decentralized social media, has announced the launch of timed auctions on their social NFT platform, NFTz.me.
As it implements its roadmap to become The Unified Social Layer of Web3, a creator-led and user-owned internet accessible to everyone, DeSo sees success. DeSo NFT recently reached a record-breaking 20,000 transactions per day of activity, making it third in the sector behind Solana, Ethereum, Flow, Polygon, and BNB Chain.
NFT usage is increasing on DeSo and other creation tools like Diamond simultaneously as DeSo has set new records for a price, user base, and on-chain NFT activity. Timed auctions, which NFTz introduced, improve creator monetization and price discovery for NFT artists. Furthermore, this feature cannot be altered or made optional because it is a part of the blockchain.
Nader Al-Naji, the founder of DeSo, claims that if royalties had been enforced at the protocol level, this problem could have been avoided.
“If Solana had put NFT auctions on-chain, it could have had programmatically-enforced royalties, which then would have prevented the race to the bottom that NFT marketplaces like Magic Eden are currently in,” Nader Al-Naji said.
The decision of some platforms, like Solana’s Magic Eden, to make royalties discretionary rather than automatically credited has made the payment of royalties a contentious topic within the NFT business. There has been pushback against this among many creators.
DeSo NFT platforms like NFTz enable real innovation, various social features, and chances for community expansion.