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In the world of decentralized finance (DeFi), fluctuating interest rates and liquidity issues have been a common problem. However, Element, the NFT marketplace, has emerged as a solution to address these challenges. Launched on July 1, 2021, Element has quickly gained recognition by offering users a unique approach to NFT trading. Recently, on August 15, the platform introduced its version 2.0, expanding its reach and revolutionizing the NFT market.
A Shift Towards Community-Driven Decentralization
Element distinguishes itself from traditional DeFi programs by positioning itself as the first community-driven decentralized NFT aggregation marketplace. This innovative model aims to enhance liquidity within NFT markets while reducing gas fees for trading. Inspired by the DeFi aggregation trading protocol 1inch, Element focuses on selecting transaction paths with the lowest slippage and price impact to provide users with the best transaction prices.
Core Features of the Element Platform
Multichain Layout
One of the standout features of Element is its ability to aggregate NFTs from various blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, and Solana. This multichain layout gives Element a significant advantage over other trading markets like OpenSea and X2Y2, providing users with a wider selection of NFTs to choose from.
Tools for Aggregated Transactions
Element offers an array of tools to facilitate aggregated transactions and streamline the NFT trading experience.
Batch Buying: With Element’s intuitive interface, users can select multiple collections and bulk buy multiple NFTs in a single transaction. This efficient approach saves both time and money compared to buying NFTs individually.
Batch Pending Order: Element integrates pending orders for multiple assets from different collections and markets onto a single page. Users can set prices in multiple markets for the NFTs they hold, and with just one click, complete pending orders for multiple assets and markets.
Collective Offer: To enable users to quickly acquire NFTs at low prices, Element offers a collection offer function. This feature allows users to send offers to multiple assets across different pools in one operation, making it easier to seize opportunities.
Quick Sweep: Element’s slide bar quick scan function lets users select NFTs based on various criteria, such as the most recent listings, low to high prices, and highest sales volume. Users can add their desired NFTs to the shopping cart and proceed to checkout with a single click.
On-chain NFT Data
Element provides users real-time tracking and updating of on-chain data, including transaction volume, floor prices, the number of buyers and sellers, giant whale positions, and the number of pending orders. This valuable information equips users with a comprehensive understanding of the market.
Element’s Differentiation from OpenSea and GEM
While OpenSea set the standard for NFT marketplaces, it has faced persistent issues with liquidity and efficiency. Element and GEM address these challenges by incorporating features such as batch bidding and pending orders across multiple trading platforms.
For instance, when buying and selling NFTs on OpenSea, users can only trade one NFT at a time, necessitating multiple transactions for batch purchases. This results in higher gas costs. However, Element and GEM enable efficient transactions and reduce transaction fees, eliminating the need for back-and-forth price comparisons across various markets. Aggregated transactions serve as the foundation for their success.
Indicators for Element Data on Ethereum, BNB Chain, and Polygon
Footprint Analytics reveals that the BNB Chain marketplace exhibits significant activity across three dimensions: the number of transactions, total trading volume, and daily active users. This activity is closely tied to the presence of numerous GameFi NFT partner projects. One notable example is Era7, a metaverse-style card game built on the BNB Chain, combining combat and strategy elements.
Conclusion
With its continuous product refinement and focus on addressing mainstream NFT trading pain points, Element has become a respected player in the NFT market. By fostering community engagement and streamlining the NFT trading process, Element empowers users to explore the vast possibilities of NFTs. Join the Element community and be part of the evolution of NFTs.
