As the NFT market continues to establish itself as a mainstream asset class within the cryptocurrency space, more innovation needs to occur that will add value to the user experience and make the process easier, more cost-effective, and overall more useful to end users. This will be accomplished through the introduction of innovative new platforms with groundbreaking features, providing a clear path to more value. At NFTrade, this is one of our focuses, as we believe that introducing the right features to NFT creators, owners, and traders has the ability to launch the NFT asset class to new levels. Below are some of the unique features we are implementing that are not available across the entirety of the NFT landscape, especially within a singular platform.
Decentralized and Escrowed Peer-to-Peer Swaps
For an industry focusing on decentralization, there are not currently many decentralized options to facilitate the sale or trading of NFTs. Most NFT marketplaces do not even allow for swaps, only allowing for the buying and selling of NFTs, ignoring a vital sector of the market. Regardless of if the NFT is a rare piece of art, a gaming item, or a representation of a physical asset or basket of goods, many users within the space are not looking to cash out, but to bolster their portfolio, which they can only accomplish through the introduction of a trading mechanism. This is accomplished through peer-to-peer (P2P) swaps, offering the ability for two users to directly trade with one another without oversight or verification from a third party.
Not only will we be introducing an intuitive trading platform, but everything will be safely escrowed to ensure that both parties involved are protected and satisfied with the transaction. As the NFT marketplace matures and more users are using NFTs across different sectors, this will allow for asset-to-asset transactions without exiting the marketplace. For example, suppose you are the owner of a valuable CryptoPunk. In this case, you may want to trade for an alternative CryptoPunk you like more without withdrawing entirely from the market, but with the current infrastructure, this is not possible. You would have to sell and rebuy the CryptoPunk you want, losing a substantial amount of fees through the process. We can also apply this to items within an RPG or any other NFT gaming item — and for high-frequency users, this current methodology is unsustainable in terms of fee requirements. With escrowed P2P swaps, a largely unaddressed portion of the market will now be highly accessible, generating additional value for all who opt to transact in this way.
Multi-Chain and Cross-Chain Accessibility
One of the hot button issues surrounding the cryptocurrency ecosystem is cross-chain accessibility, or the ability to use non-native network cryptocurrencies across multiple networks. This topic is being spearheaded mainly because of the current inefficiencies experienced within Ethereum, the largest smart contract platform and the dominant host for most NFT assets. As more users enter the blockchain and DeFi ecosystems, Ethereum network blocks are filling up faster and faster, resulting in highly unsustainable transaction fees that can eclipse $100 or more in some instances.
With the introduction of multi-chain and cross-chain access, users will still retain full sovereignty over their Ethereum-based NFTs, but they will be able to take advantage of features that other networks offer, such as faster transaction finality and lower fees. It will also enable further integration of assets into previously non-congruent networks, expand interoperability, and make assets across networks compatible with each other and non-native applications. Imagine only being able to send a text message to other users of your phone network, or only being able to send an email to someone using the same email platform as you. This is the everyday experience that NFT holders are currently forced to abide by, drastically limiting the capabilities that NFTs can bring forward.
A graphic demonstrating our cross-chain swapping framework
NFTs are valuable assets, but we should not ignore the fun and collectibility building up alongside this marketplace. As an artistic and expressive medium, NFTs are not meant to be cooped up and hidden, but shared with the world. With this in mind, we will be introducing social features making it easy for the NFT community to interact with other collectors and creators, share NFT stories, and maybe most importantly, the ability to show off your NFTs to like-minded individuals. We are putting the ‘fun’ back in non-fungible token, and by creating a space for community interaction and sharing, we plan to foster creativity and relationships within the NFT market.
The final feature we are ready to reveal is our upcoming NFT launchpad, a vital access point for the convergence of early-stage NFT-based cryptocurrency projects and everyday users. Launchpads allow for the democratization of capital raising, replacing traditional venture capital firms with a group of ordinary community investors. This allows for new projects to raise capital while also developing a loyal community early in their lifecycle, while also allowing everyday investors to get involved in projects previously reserved for an elite class of investors.
Launchpads embody the ethos of DeFi, and the growth of this application sector presents a lot of interesting new possibilities. With the continued usage of popular launchpads such as Polkastarter and DAO Maker, these launchpads have begun rejecting high potential projects due to the sheer volume of requests for project launches that they receive. By offering an NFT launchpad, we will be able to set in motion the future of decentralized fundraising within this asset class, a much-needed application that is not presently available. Throughout our extensive network of community partners, we will be able to corral some of the top projects in the space pertaining to NFTs, passing the investment opportunities to our users.
We did a deep analysis of the current offerings within the NFT space and what it’s missing, and we’ve determined these are some of the most crucial aspects to introduce as soon as possible. As we continue to grow and establish ourselves within this market sector, we think these features will propel NFTs forward like never before.
This guide has been brought to you by NFTrade, the first cross-chain and blockchain-agnostic NFT platform. NFTrade hosts the complete NFT lifecycle, allowing anyone to seamlessly create, buy, sell, trade, and leverage their NFTs across different blockchains. Using NFTrade, anyone can gain access to the entirety of their NFT, unlocking the full value of the NFT market.