We had to go all out for the final announcement of our 10 Days of Growth, saving one of our best and most innovative announcements for last. We are proud to announce the upcoming release of our advanced trading platform for NFTs, introducing order book functionality that will drastically increase buy-side and sell-side liquidity, making entering or exiting a specific NFT collection more accessible than ever.
The UI of our upcoming NFT order book and advanced trading platform.
How a NFT Order Book Revolutionizes the NFT Trading Market
For anyone who has ever tried to enter or exit a NFT collection (whether artistic, gaming, or utility-based), they know first-hand the problems that can arise when trying to get access to liquidity and complete a transaction. For most users, they are simply looking for exposure to the collection, buying the floor-priced NFTs in order to get the access they are seeking out. With traditional NFT market infrastructures, this can be a very tedious process, especially if the user wants to buy or sell multiple NFTs within the same collection.
In this case, especially when compared to the fluidity of cryptocurrencies like ERC20 tokens, NFTs could almost be considered an illiquid asset in some respects, at least on an individual basis. If you’re a seller, you may have to list your asset well below the floor price for a quick sale, and if you’re a buyer, it may take days or weeks until you find the right NFT price you are looking for. With the introduction of our order book feature, users and project devs alike can wave goodbye to this inaccessibility and segmentation.
Combining Established and New Features to Re-Imagine NFT Trading
If you wanted to buy ERC20 tokens to get exposure to a new blockchain protocol, imagine how much time you would waste if you had to purchase each token individually, one by one. Would you even do it? Would it be worth it? With questions like this arising, the apparent value of market orders comes in, making it easy for people to place buy orders and sell orders in the exact amount and quantity they want. This has helped turn a nascent asset class, cryptocurrencies, into a multi-trillion dollar industry, and now, these same capabilities will be introduced for NFTs.
Thanks to our new advanced trading platform, users will be able to easily place buy orders and sell orders within specific collections at the price of their choice, mimicking traditional order books, but with a new twist. Users will be to go into a collection, analyze the trading history, and sweep the floor or bolster it with additional NFTs, creating a dynamic and flowing market of accessible liquidity.
An example of a market order placement within a collection’s NFT order book.
Paving the Way for the Future
We are incredibly excited to be able to offer this innovative trading mechanism soon, and think it can help redefine how NFTs are traded moving forward. Digital assets shouldn’t suffer from the same liquidity problems as isolated physical assets (like real estate or fine art), and with an intuitive order book, no longer will buyers or sellers have to lose value to gain immediate access to liquidity within a NFT collection.