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In collaboration with Raindrops Protocol, Magic Eden, the NFT marketplace on Solana, announced the debut of Boots, an NFT upgrading service. Boots is an NFT upgrading service that enables collectors to further modify their NFTs by exchanging qualities while providing a new source of income for innovators and artists. It will be available on top of Raindrops and Metaplex starting today. https://twitter.com/MagicEden/status/1581773064378863617
Boots - Unique NFT Upgrade Service
Boots is a unique NFT upgrade service developed on top of Raindrops Protocol that helps NFT holders to exchange and earn traits on their NFT in a regulated and fee-gated environment. Boots conforms to Web3 principles and creates stable new revenue streams for NFT firms and the platform. Boots will solve various current ecosystem limitations that are troubling users. Users have difficulty customizing their NFTs when they want to. They are encountering problems in enforcing royalties because the Token Program has no knowledge of what royalties on Solana are and will not care what they state when a user makes a token transfer and are not effective.
The Boots Solution
The unique NFT upgrade, Boots, offers solutions to difficulties by generating customizable traits and tokens in NFTs, some of which are inherent traits. Royalties will not change because new SFT tokens stand for the latest qualities that might disappear depending on the time of year. The ability of the new NFT collection to express itself increases with these unique traits. Magic Eden controls about 90% of all Solana sales and nearly nine times the Solana revenues of the leading NFT platform OpenSea, which launched support for Solana NFTs in April 2022. In June, Magic Eden secured an additional US$130 in series B investment, boosting its valuation to US$1.6 billion and solidifying its status as a "unicorn," a privately owned start-up with a valuation of over US$1 billion.