NFT marketplace Sparkles goes live on Flare Network

abdelaziz Fathi

NFT marketplace Sparkles has went live on Flare Network, a decentralized blockchain system that uses its own consensus protocol.

The move makes Sparkles, which handles over 90% of NFT sales on Songbird, the first NFT platform on the new layer 1 oracle network. Sparkles plans to leverage Flare’s native interoperability protocols to enable new use cases for NFTs and their holders. Its APIs are integrated into Bifrost Wallet, the most widely used wallet on Flare, and D’Cent wallet, so users can manage their NFTs directly in-wallet.

The Flare Network is a sophisticated blockchain technology that aims to increase the functionality of the Ethereum Virtual Machine (EVM). The project essentially wants to bring DeFi capabilities to other protocols like Ripple and Litecoin.

In addition, the Flare Token adds value to both the network and the currency, providing functionality related to protocol governance, collateralization, and data via an on-chain oracle.

Flare’s State Connector protocols enable information, both from other blockchains and the internet to be used securely, scalably and trustlessly with EVM-based smart contracts on Flare chains. In this case, it has been used to prove that a transaction has been confirmed on a non-Flare chain and simultaneously verify the correct payment reference was included.

Hugo Philion, Flare CEO & Co-founder comments: “We are very pleased Sparkles have agreed to continue their NFT platform development on Flare, integrating our core protocols to champion NFTs and provide opportunities for SGB and FLR holders to participate in the digital art space. We look forward to seeing Sparkles become a community-owned platform, push the boundaries of NFT innovation on Flare and support digital artists on their journeys.”

Sparkles was the first NFT marketplace in the blockchain space that signed up to the Crypto Carbon Accord, pledging to become carbon neutral by 2030. However, within one year the platform had not only achieved carbon neutrality, but is now the first climate positive entity on the Songbird Network.

On the operational side, Sparkles is addressing the issue of NFT intellectual property (IP) rights for NFT owners in their upcoming DOTM collection, by attaching on-chain IP licensing. While there is a rich set of features planned in the roadmap, including in-app minting, make offers and auctions, the platform offers users of the songbird chain a safe place to buy and sell NFTs.

Shane Snary, CMO of Sparkles, added: “Sparkles is a unique business in the world of web3. We aim to go beyond just being a place for users to buy and sell NFTs, educating and empowering artists around the world is crucial to the step of making NFTs the go to standard for artists to adopt. With utilizing the Flare blockchain Sparkles is positioned to make this a reality by setting up modules where we can teach artists how to use our marketplace and hope to extend it further into universities/schools around the world.”

Mohamed Kanoun, Sparkles Founder said: “Sparkles is honored to be leading the way when it comes to NFTs on Flare. We believe Flare will be home to many new artists, brands, companies, games, metaverses and much more. The future is bright for NFTs on Flare Network. ”

  • Read this next

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    Fundamental Analysis

    Global FX Market Summary: EUR, USD March 1st, 2024

    The ISM’s February Manufacturing PMI is expected to show a slight increase, but remain below the expansionary threshold, while inflationary pressures persist and a Fed rate cut in June is still possible.

    <