Sqwid is the official NFT marketplace of the Reef chain, a Layer 1 blockchain built on the Substrate framework that is fully compatible with the Ethereum Virtual Machine (EVM). Sqwid NFTs are unique digital assets that adhere to the ERC1155 standard, allowing for the creation of multiple copies of each NFT.

One of Sqwid’s standout features is the implementation of the EIP-2981 Royalty Standard. This standard enables creators to effortlessly set a percentage of royalties that will be automatically transferred to their wallet whenever their NFTs are resold in the future. This eliminates the need for creators to manually track and collect royalties, streamlining the process for all parties involved.

Sqwid supports a wide range of media formats, including images, videos, and audio, making it a versatile marketplace for various types of NFTs. To ensure the integrity and permanence of the content being bought or sold, Sqwid stores all metadata on decentralized storage platforms such as Filecoin and IPFS. This guarantees that the content will remain accessible and unaltered, providing peace of mind to both buyers and sellers.