Tezos (XTZ) Updates – A Pivot Towards NFTs

Tezos, the layer-1 blockchain ecosystem, remains a highly watched project for traders. This network was founded in 2014 by Arthur and Kathleen Breitman. It launched in 2017 to much fanfare amid a record-breaking ICO. From there, the company had some internal issues that caused some delays in the token issuance but were eventually resolved.

Today, Tezos is one of the most recognizable names in the market. The project has remained a driving force in the enterprise-grade blockchain sector. Here are some of the latest updates to bring you up to speed on movements Tezos has made.

Tezos India

Tezos pivoted towards the Indian market this year. It sees the market as an ideal location to cultivate developers and other blockchain professionals. The team launched the Tezos India and Web 3.0 native incubator ‘Builders Tribe'.

The program provides startups with valuable information and guidance. The Indian market is a unique atmosphere that has had a mix of uncertainty regarding blockchain assets. Tezos wants to eliminate these concerns by providing direct support for Dapp developers and digital artists.

Tezos Updates – Latest Developments and Upgrades

Tezos seeks to leverage its experience, to mentor projects with the potential to improve adoption in the region. Specifically, the firm is looking for NFT use cases, blockchain infrastructure, and Web 3.0 platforms. Each of these sectors has seen considerable growth in terms of usability and functionality.

The decision was highlighted by the scheduling of a variety of events to promote the network and blockchain assets. From art events to developer promotions, Tezos has remained on the ball in terms of educating and incentivizing innovation.

Major Giveaways this Month

This month marks the start of a special NFT promotion by Tezos. The blockchain has recently transferred its focus more toward servicing NFTs and other easily programmable blockchain assets. As part of this approach, the network has participated in a variety of NFT art shows.

The latest is commemorated by an NFT giveaway. In total, Tezos gave away 3,200 generative NFTs to attendees. A generative piece of art is a term that refers to leveraging computer algorithms and mathematical processes to create art on the blockchain. The practice has become increasingly popular alongside the rise of AI art.

Indian Art Fair

The giveaway took place at the Indian Art Fair. This event was designed to let local digital artists showcase their works to the community. Specifically, the gallery featured four well-known artists, Kartick Dondeti, Pixelkar, Aranya, and KALA. The event also allowed users to scan a barcode to download the works via a few simple steps.

Once the NFTs sold out, people could pick them up on the secondary market where they saw some value added. The goal of the project was to help support the artists that leverage computational techniques and innovative strategies in their creations. It also represents how Tezos has pivoted towards supporting digital artists.

Mumbai Upgrade Proposal

This month Nomadic Labs put forth a major upgrade proposal for the Tezos network. The upgrade would improve the transaction throughput and scalability of the platform. Reducing congestion on the main-net and improving processing are key areas that the upgrade targets. Specifically, the upgrade would lower block times to 15 seconds.

The upgrade would also provide instant finality using the SNARK proof-of-validity mechanism. Finality is a main concern for development because security tokens and other regulated assets can't be reversed after the transfer completes. This system will improve Tezos’ ability to serve these niche markets as they expand.

The Mumbai update is the 13th upgrade to the Tezos network. It will also improve functionality by integrating smart rollups and the ability to support decentralized WebAssembly applications in a variety of ways. Another interesting advantage once the upgrade goes live, is the ability to use dedicated computing and networking resources for certain Dapps to improve performance.

Tezos Developer Fractional NFT platform

Another interesting development within the Tezos ecosystem was the news that the firm seeks to launch a Fractional NFT Dapp. Fractional NFTs enable specific digital assets to be broken down and sold to a larger community. They first emerged in the NFT real estate sector where they were used to crowdfund properties.

Now, Tezos wants to bring this technology to the masses. The network is working with the development team CrunchyTez to bring the project to life. The maneuver falls in line with Tezos’ pivot towards NFT technology and individual users.

French Rugby League

Other interesting NFT developments with Tezos include a partnership with the French Rugby League. The league launched an NFT collectibles platform on Tezos called Legendary Plays this year. The NFT sports collectible sector continues to expand as more collectors seek to own digital moments.

The platform allows you to collect and play using NFTs. Users can improve their returns and plays by collecting booster NFTs. There are different levels of scarcity displayed in stars. The project enables users to support their favorite teams and gain ownership over a play from the Top14 or ProD2 Rugby matches.

3route launches on Tezos

Tezos also got its first DEX aggregator this year. The 3Route protocol improves your DEX experience considerably thanks to its streamlined features. For example, the protocol automatically scans for the best trading routes across the top-performing Tezos-based DEXs.

Users can save on fees and time using a DEX aggregator like 3Route. Additionally, it’s the first platform to leverage auto-routing tech. This mechanism automatically discovers the best exchange rates across multiple DEXs with low slippage. As such, it can improve your ROIs and responsiveness when trading on DEXs.

Tezos Steps into NFTs in a Major Way

From the looks of Tezos' recent maneuvers, it is easy to see it wants a piece of the NFT market. The network continues to support this tech via events and technology. In the coming year, these efforts are sure to place Tezos as a main contender for NFT developers and collectors. For now, the network continues to provide reliable blockchain infrastructure services to the market and is worth watching moving forward. You can learn more about Tezos here.