Algorand is the Best Place to Create & Launch NFTs – Paul Riegle, Algo’s Chief Product Officer

With the crypto industry experiencing a huge momentum as the DeFi and NFT innovations continues to gain increasing adoption, the Chief Product Officer in Algorand, Paul Riegle believes Algorand is the best place to create and launch an NFT.

The rush over NFT came with huge waves and this has not gone down even with the market downturn, various NFT platforms are propping up with impressive work of arts getting created and sold at record prices. It seems the momentum is not doing down anytime soon considering the amount of creative intelligence and resources going into the innovations.

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According to Paul, there are defining challenges involved in the NFT world. These challenges range from the cost of creating an NFT, distribution and reward. The platforms used in the creation of NFTs, will the platform cost influence the economics of the art and make it attractive? It is known that transaction fees and throughput are significant components of a chain.

Paul believes a blockchain that its fee is significantly low and allows high number of transactions can be the ideal platform for NFT creations. This is very much useful for conducting auction where the buyer is immediately ascertained.

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According to Paul, “algorand is the premiere platform to create, and manage your NFTs”. He says the cost of creating an NFT on Algorand is about ten cents and with a technology which ensures a 1000+ transaction per second and 4.5seconds finality, he believes and says that Algorand provides and ensures the opportunity to conduct large scale price discovery events.

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And with its native features, “Algorand will aggressively and persistently discover the nuances that make all the difference in optimizing the experience, cost, and functionality of our (its) community of creators and issuers.