Centralization and decentralization in the world of NFTs

Decentralization, commonly known as Decentralized Finance (DeFi), is thriving, making NFTs the next big thing built on this platform.

Despite being different from Defi, NFTs do have value and can also be referred to as Decentralized Assets (DA) that can be traded on exchanges.

What is a Centralized NFT Platform

A central system works as a single point authority and controls all data at a central server. When NFTs are listed, users must pay gas fees. It is typically more expensive to list, bid, and even cancel a bid on a centralized NFTs platform. 

Klever NFT has solved these problems, with just 1% commission, no fees for listing and bidding. In addition, users can pay for NFTs with any coin they wish to use. Because the NFTs are in the custody of Klever NFT Marketplace, the features and ease of trading can easily be improved. 

The use of a centralized NFT marketplace can be cheaper and easier, because it will have done all the hard work in-house, making it easier for users to mint/create NFTs. Many marketplaces also allow users to mint without paying gas fees. This fee is collected by the buyer. 

Decentralized NFT platforms rely entirely on their own blockchain, which cannot be manipulated or altered. The user has full control of the assets if he or she decides to send an NFT to another user. Blockchain transactions are also transparent and secure.

What is a Decentralized NFT Platform

Decentralized platforms provide greater accessibility, authenticity, and high-speed transactions with complete trust. Listed items have some problems as well, such as listing fees, minting fees, and users losing money if no bids are received. A user who bids for an NFT and does not win ends up paying fees.

Decentralized platforms are based on their own chain, the verification process is not done by any third party. Cryptography validates the data ensuring data ledgers are secure when handling transactions and allowing NFT creators to connect directly to their collectors. 

This is one of the most significant advantages of a decentralized system. Which one do you prefer? 

Rating: 4.5 Votes: 2

Your page rank:

Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

You might also like

klever news

Klever Weekly Newsletter – May 20

This was Travala’s special week where the Travala mini-app goes live in K5 and we hosted a Livestream with the Head of BD, Shane Sibley. Klever Exchange lists Decentraland (MANA) & The Sandbox (SAND).