Element emerges as the leading NFT marketplace operating within the zkSync cryptocurrency network, thereby offering a unique platform for trading non-fungible tokens.
While the zkSync blockchain doesn't have its token yet, engaging with NFTs within this network proves to be both intriguing and beneficial. The zkSync team could theoretically reward users for their marketplace activities on Element through an airdrop.
NFTs - zkSync's Achilles Heel
Previously, the MintSquare marketplace was functioning on the zkSync network. However, it ceased operations for unknown reasons in early July. According to the official website, zkSync's entire NFT infrastructure comprises tools for generating NFTs and a variety of collections.
At present, Element is the largest (and some sources suggest the sole) NFT marketplace on Ethereum's Layer 2 solution. An analysis of such a platform could provide insights into why it ceased operations and the factors that determined its fate.
Understanding Element
Element operates across several EVM networks, including zkSync, Ethereum, BSC, Polygon, Avalanche, and even the Bitcoin network.
Element's homepage filters NFT collections based on trading volume and showcases the most popular assets. After linking their wallet to the site, users can navigate through different sections:
● Explore - Offers an overview of NFT collections and their respective statistics;
● Ranking - Collections are ranked by trading volume, price, holder count, percentage price change, and more;
● Reward. This segment offers incentives to active users, information on referrals, and details about Airdrops;
● Launchpad - A platform to kick-start emerging projects on the marketplace.
● Launchpad - A platform to kick-start emerging projects on the marketplace.
NFT collections ranking by trading volume on Element. Source: element.market
The platform offers language versatility with seven options, a choice between a light and dark theme, and provides the opportunity to trade both user-owned NFTs and those listed on Element.
Element User Interface
In the user dashboard, individuals can monitor their own collections, alter configurations, list NFTs for sale, add tokens to a watchlist, and so on. It also furnishes information about changes in collections and personal wallet balance.
Unfortunately, it is not possible to mint your own NFT on the Element marketplace. Listing of personal tokens is solely available to authors who have independently created a collection via Remix Ethereum or Thirdweb.
Is a Retroactive Airdrop Feasible for NFT Interactions?
Several factors suggest that engaging with the Element platform could considerably amplify the odds of receiving a retroactive airdrop. On July 16th, the zkSync team dispensed 10,000 NFTs to early network users and shared intentions to maintain this initiative. Notably, the LIBERTAS OMNIBUS NFT can be listed and sold on Element, which is a recognized partner of zkSync.
This suggests that the network developers are implicitly hinting that one's interaction with NFTs on the Element platform could potentially impact the likelihood of obtaining a reward during its distribution. Concurrently, Element doesn't possess its own token yet, and a snapshot capturing user activity on other networks was taken in 2022. Although the ELE token has not yet appeared on the exchanges, activities such as user involvement, the tally of referred individuals, and the expenditure on fees are tracked in the Reward section, which could potentially signify a forthcoming ELE token airdrop for traders within the zkSync network.
