NFTs Reimagined on Terra
Introduction to Forge Protocol
From $2M dollar purchases of a jpeg of a rock, to an army of penguins and apes taking over the internet, in 2021 art and NFTs have captivated the attention of the world.
Outsiders looking in cannot understand the social phenomenon that are NFT’s, and insiders can hardly hold themselves back from aping into every new project that has a mint.
Whichever side of the camp you are on it is clear that something is happening here, there is a change in the atmosphere, crypto is no longer just about DeFi, tokens, and coins. Art and social networks are beginning to forge an entire new form of social identity for thousands of people around the world.
Platforms like Opensea on Ethereum have grown exponentially in popularity, but that platform still has some core issues. We believe we can rethink how an Opensea like platform should work on Terra.
Decentralized Verification For NTF’s
Opensea is a centralized entity. This means that there is centralized control over key elements of the platform such as the verification process for new projects (which is of key significance for people investing in various projects). For example if a DMCA request is filed against a project on Opensea, Opensea is required to take down the project from the platform until the claim has been formally refuted. This can be devastating for a community of investors who rely on that platform to advertise, view, and sell their art.
Through the formation of a DAO we intend to decentralize the process of verification and enforce community driven terms of engagement. These terms of engagement will be up for vote by the Forge community. And Forge governance stakers will be highly incentivized to review project proposals and associated verifications.
Bids That Grow Overtime
On Opensea when a user places a bid on a particular piece of art that money sits idle and is not utilized to its fullest potential. By leveraging various yield strategies on Terra (through the likes of Anchor and Nexus Protocols), we intend to make your money work for you even when it is being used as a bid on art.
On Forge Protocol, users’ bids will actually GROW over time. It will be up to both the seller and the buyer to determine if a given bid has grown enough to be worthwhile to either accept or cancel the bid.
This will introduce new game theory into the process of buying and selling NFTs, and we think it will incentivize significantly more network activity.
Bringing Ethereum NFTs to Terra
We know that to date most collectors store their prized NFT collections on Ethereum. This is a problem for people who want to start collecting on Terra. Users do not want to have to view their collections in two different places, or worse yet start their collections over from scratch.
Forge Protocol will allow users to wrap their Ethereum based NFTs and bring them over to Terra. They can then be bought and sold on the Forge platform with the low transaction fees that Terra accommodates. Forge will also be building a multi-chain viewing experience for your NFTs, so regardless of if you choose to bridge your NFT assets over, you will still be able to view them all in one seamless UI.
Why Terra? And Timing
We choose to build Forge in the Terra ecosystem because we ourselves are passionate community members in the Terra world. We noticed the desperate need for a thriving NFT marketplace on Terra, and we think we have assembled the A-team we will need to bring this project to life.
We understand that the need for an NFT platform on Terra is urgent, and we are committed to bringing Forge to the community as quickly as possible. We will continue to update you with progress and milestones as we build. We are targeting Q1 2022 for launch of our V1.
Stay tuned for more, and welcome to Forge.