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Resonate to Launch Its Social NFT Platform on Fetch.ai

Resonate, a platform that allows users to take control of their social experience by enabling easy creation and trading of NFTs, is launching its Beta on Fetch.ai, an AI-powered, high throughput blockchain incorporating multiple autonomous agents.

Resonate to Launch its Beta on Fetch.ai

As per a recent announcement, Resonate has announced they are launching on Fetch.ai ahead of the blockchain’s integration of Cosmos’ InterBlockchain Communication (IBC)—an open-source protocol allowing for effortless transfer of messages and trading of assets between independent ledgers. The decentralized social media platform creators opted for Fetch.ai because it provides autonomous agents and valuable tools for easy deployment of otherwise complex systems. 

Commenting on this launch, the co-founder of Fetch.ai, Humayun Sheikh, pointed at how ideal their tools are in helping Resonate scale.

“We are excited that the Resonate team chose to build on the Fetch network. Social networks form the center of many other services, including NFT marketplace and SoFi, and Resonate plans to expand into several of these. Fetch.ai automation tools are ideal for easy deployment of complex systems. Our team will be happy to support our ecosystem with all the capabilities of the Fetch.ai to ensure they can scale the solution across other chains on the Cosmos ecosystem.”

The Beta version of the Resonate dApp allows users to seamlessly create NFTs from their posts, videos, and images and trade them between interested users via the dApp’s internal marketplace. All social media posts are pinned on the Fetch.ai blockchain, a network distinguished by its high transaction processing speeds and leaning towards privacy preservation. 

Fusing Automation and NFTs in a Low-Fees Blockchain

Because the decentralized social network relies on the blockchain, users will take charge of their social experience and privacy enabled by autonomous social agents for easy curation of social feeds to meet their security, privacy, incentivization, and clout thresholds. This is possible since, by default, Fetch.ai features autonomous economic agents (AEAs) that execute actions to achieve their described goals without guidance from deployers.

Resonate will also leverage Fetch.ai’s low fee environment. As they take charge of their blockchain-enabled social experience, users would be free to mint NFTs more cheaply than they would in competing networks like Ethereum. The scaling challenge in Ethereum has seen minting fees breach the $80 level during peak hours. 

This figure fluctuates depending on the demand for block space and the complexity of the underlying smart contract, directing the mint requirements. Fetch.ai’s high scalability helps drastically chop down minting costs, a net positive for network users, helping in directly fighting against misinformation, centralized curation of user-generated social data, and valuing exchange through the use of liquid tokens and NFTs.

With an enabling Fetch.ai blockchain, Resonate is launching a reliable link between social networks and the fast-growing NFTs, combining the best of both worlds from a protocol level. Based on their roadmap, Resonate will, at a later stage, launch Resonate Swap and its governance tokens, RESO.

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