Cosmos is set to enter the interchain NFT market with Stargaze, a new addition to its ecosystem. Stargaze is a decentralized application chain developed on the Cosmos SDK with a primary focus on NFTs. Its purpose is to facilitate the expansion of the interchain economy through an easy-to-use NFT marketplace. This platform benefits all creators, traders, and developers by implementing on-chain royalties and zero gas fees for minting and trading; extra rewards from protocol fees for stakers.
2/ Stargaze pioneers interoperability & modularity with IBC and CosmWasm, enabling secure smart contracts in Rust.
It simplifies NFT creation and supports Interchain NFT transfers with ICS-721.
Dive into Stargaze’s unique features & future plans ⬇️https://t.co/Eb5xh2LagW
— Cosmos – The Interchain ⚛️ (@cosmos) May 28, 2024
Stargaze Pioneers Cross-Chain NFT Transfers with ICS-721
Stargaze builds on the Interchain Stack to take the forefront of seamless connectivity through IBC and flexibility. This was among the first to integrate CosmWasm, a smart contract framework that enables the use of Rust. This integration adds the security layers and developer royalties that lead to the strong and friendly environment for developers. Stargaze also adopted ICS-721, a standard used for NFT transfers across chains.
In the broader context of the interchain, Stargaze seeks to serve as an NFT marketplace that lowers barriers for the creation and trading of NFTs across different chains. It covers challenges like high gas fees, low connectivity, and complex NFT transactions that occur in other marketplaces. The platform’s main idea is to create a safe, accessible and adaptable space specifically for the small retail and consumer traders.
Stargaze Aims to Stabilize and Grow the Interchain Ecosystem
Stargaze’s app chain design thus allows features such as Live Auction. These are MEV-resistant NFT auctions that are 100% on-chain settled as most other auction protocols rely on keeper networks which hinders protocol revenue. An innovative feature of the app chain architecture is the Stargaze Loyalty Program (SLP).
It provides staking rewards and trading fee rebates to STARS stakers, a privilege that is usually exclusive to centralized exchanges. As an application chain, Stargaze manages its own fee system, which means that the chain can maintain a loyalty program.
The vision of Stargaze is aimed towards the development and stabilizing of the interchain ecosystem by offering an NFT marketplace that is seamless, secure, experienced growth, staking, and governance to investors. It also plays a role in the ecosystem culture by preserving decentralization and encouraging participation from various players to forge the platform.