The NXT Freemarket has officially launched.
Built around the idea of enabling free, private, and global trade between members of the cryptocurrency community, the platform uses the NXT blockchain to store items being sold.
This means the entire platform is decentralized. There is no organization with access to your personal information, and since there is no single point of failure, the NXT Freemarket is extremely resilient to hacks.
Free As In Free?
When the NXT Freemarket claims to be free, they don’t mean free of charge.
The fees are rather low, though, at 7.77 NXT to post an item (around 15 cents USD), along with any blockchain-related transfer fees. These fees are only for the seller, though; the buyer only pays the blockchain fees.
Not The Only Platform
The platform was originally announced back in September of this year. Though they may be one of the first high-profile trading platforms to fully launch, they’re not the only one.
OpenBazaar, a similar platform, launched its beta 3.0 release yesterday, with the hope of launching it in full by the end of the year.
NXT Freemarket, OpenBazaar, and other projects like it are entering the market at a time where the incumbents are already well established. Companies like eBay have been around for decades, and are part of the original force behind what drove the online boom in the 90’s and 00’s.
But eBay has high fees, and a payment system, PayPal, which massively favours the buyer in disputes leading to cases of fraud across the board.
Will NXT Freemarket and OpenBazaar be able to dethrone eBay as the dominant ecommerce platform?
NXT Freemarket Officially Launches
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