Aptos’ transaction throughput is in question. Can Aptos handle the many NFT issuances that are likely to be in high demand? Aptos is the newest cryptocurrency on the block. It launched its mainnet to much buzz about its token airdrop to early customers. However, this generated questions about if the network, which has raised $350M in VC funding, can live up to the hype.
However, the blockchain’s first real test will be soon as a flurry of NFT projects are set to launch on it. NFT trading has put the Ethereum and Solana networks in serious stress. How will Aptos fare if there is a high demand for its NFTs?
Aptos’ launch was met with high expectations due to its large VC funding, as well as its origins from Facebook’s abandoned Diem initiative. Aptos claims it can handle significantly more transactions than any other layer-1 blockchain– over 60,000 transactions per second (TPS) was also part of the buzz.
We haven’t yet seen any evidence that Aptos can meet such technical requirements. Aptos could only process a handful of transactions per second when it launched Monday. The figure hovers around 10 TPS as of today.
Smart contract platforms run autonomous code to power decentralized applications. Ethereum has about 30 TPS, while Solana has around 3,000 TPS. However, testnet claims may not always reflect real-world conditions. , for instance, claimed hundreds of thousands TPS on its testnet many years ago.
Mo Shaikh , Aptos’ co-founder, tweeted on Tuesday that the current TPS was not representative of network capacity. This was network idle ahead of projects going online. This means that there isn’t much happening on Aptos yet, but the network will be ready to go.
Aptos users are preparing to make their first NFTs.
Aptos marketplaces have been live for a few collections and dedicated Aptos marketplaces are already online. After gaining significant social media traction, a number of additional collections will be launched this week and next.
Already, Aptos’ NFT scene is expanding. The Topaz marketplace facilitates trades for collections such as CryptoPunks knockoffs by Aptos Punk. Twitter reported Thursday morning to say that it has already processed over 12,000 APT (over $87,000 worth) of trades and that there are about 3,700 NFTs on its platform.
An NFT is a cryptocurrency that can serve as deed of ownership. They can also be used with physical apparel, digital artwork, and many other uses. It’s applications such as profile photos (PFPs), and interactive video games that have often driven demand, which can pose a threat to the stability of networks.
Since 2017, Ethereum’s CryptoKitties has been a major problem with scaling NFTs. The CryptoKitties notoriously clogged up the network and slowed down other transactions. In-demand mints have caused Ethereum gas costs (transaction fees paid by the network) to rise to hundreds of thousands of dollars during the NFT boom in late 2021 and early twenty22.
Solana is the second-largest platform layer-1 for NFTs. However, it has also faced issues with NFT drops. The Solana network crashed in April due to automated bot programs flooding it with transactions to overwhelm and game NFT launch attempts.
Aptos’ NFT scene is still relatively new compared to its more established rivals. However, it has only been a few weeks. The NFT markets are likely to grow quickly and attract significant demand, especially as the speculative frenzy takes hold. Although the wider NFT market has been quiet lately there are still plenty of opportunities to attract hungry traders.
Topaz marketplace’s co-founder, 0xclickbait, told Decrypt they were initially interested in Aptos NFTs.
They explained that in their four years of experience in crypto, they have never witnessed such a strong demand for NFTs on new chains. Aptos is the tech, the team [and] the mission that are attracting people to this crypto winter.
They anticipate increased interest in the Aptos ecosystem as more projects are launched and central crypto exchanges start offering APT cryptocurrency. According to them, the Aptos mainnet launched with a testnet that handled between 2,000-4,000 TPS.
The crypto exchange FTX recently released a research report listing 4,200 TPS in testnet performance.
Although it is based on Aptos parallel execution, it is far from being a peak technology. However, it’d be comparable to Solana if the level of TPS could be matched on the mainnet.
“Anybody who’s been following Aptos for more than a month is quite confident,” 0xclickbait stated about the network’s ability to meet greater demand.
Topaz and the Souffl3 competitor marketplace are currently preparing a series NFT drops from profile photo (PFP) collections which have gained notable social media followings over recent weeks.
Bruh Bears is a project that has a pixelated appearance similar to Solana Monkey Business. It will be featured on Topaz at an undisclosed time, alongside Aptos Monkeys — which Shaikh has previously featured via his Twitter avatar. Aptomingos will also release a free mint Friday. The Retro Boys Club, and the Okay Bears-esque Rekt Dogs are just a few of the upcoming Souffl3 launches.
“I’m most excited about the organic, genuine, serious community builders like Aptomingos or Bruh Bears,” 0xclickbait said Decrypt. They’re here to build brands and communities that last, and they’re here for the long-term.”
Topaz’s testnet launchpad to mint new NFT projects was announced by 0xclickbait. The marketplace had received over 1,000 applications from creators when it was launched. They are optimistic that Aptos’ highly-acclaimed Move blockchain programming language, will also attract developers and that NFT-based games will be a prominent use of the network.
There is little evidence that the Aptos mainnet can scale to meet large demand. Can the technology cope with the demands of thousands upon thousands of traders trying to purchase a limited amount of NFTs simultaneously? Early signs suggest that there might be a market for eager collectors who are willing to test it.
