ChainX Exchange
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ChainX Exchange

Nftmall (GEM) IEO on ChainX

Intro

NFTs are a hot topic right now since its current market boom, Although the market for digital items and goods is still at the infant stage. For many years monopolies and international entities take advantage of creators/Artists/Photographers, This creates a huge barrier of entry. For example, traditionally, they’d have to physically produce a piece of artwork, then get it accepted by a gallery, then promote the exhibition and such to sell it. This complex process involves a huge barrier of entry and hinders creativity; as a result, creators often don’t get enough exposure and have to market their work instead of focusing on creation.

Traditional Art Gallery

Not only that the traditional approach hinders creators, but it also hinders creativity in general since younger artists may not afford the entry requirement to use the various platforms. Using blockchain technology to synergize Defi and NFTs, this problem can be overcome, since It simplifies NFT creations and rewards payments. It affords artists and creators alike the chance to create and earn royalties in perpetuity. And thus create a level playing field for talented individuals. since it’s a very new concept and the market for digital items starts to create, existing (both centralised and decentralised) top tier digital item marketplaces also does not fully satisfy the needs of its users and does not solve the issue by having high platform fees to mint or list and even for Primary and secondary sells, also royalty fees for creators is not independent and usually chosen by Third-party, also some of them are not decentralized and requires KYC process, application, permission and thus act as a monopoly for users and possess high barrier of entry and fails to create a fair & level playing field for their users (creators, collectors and traders).

By deeply considering the limitations of existing marketplaces, we were stirring at opportunities and had to pick up the challenge to provide a solution we called “NFTmall”.

NFTmall is our answer to the existing limitations of the traditional NFT marketplace. It is a Creator centric yet Decentralised, Defi & E-commerce powered, Multichain & standard support, Physically redeemable, Universal NFT marketplace with futuristic features like NFTmall 3D.

Our Vision at NFTmall

Physically redeemable NFT

Our vision is to create a level playing field that fills the gap between traditional and niche digital item artists. Our solution, a universal platform, is the common ground for potential talent all around the world to showcase their work to the world in a very cost-effective and authentic manner and get treated fairly. The platform also bridges the gap between digitized and real-world while allowing real-world use cases for NFTs, by introducing revolutionary features like physically redeemable NFT. Anyone can now redeem any NFTs into physical objects like clothing, printed canvas, collectable cards etc.

Decentralized NFT Marketplace For Everyone

Fully transparent and healthy NFT ecosystem harnessing the power of DeFi and eCommerce

The platform will also offer the auction of NFTs once we get popular in near future.

Our vision also includes a revolutionary feature called NFTmall 3D, a Decentraland inspired virtual marketplace where there will be various types of dedicated 3D virtual stores like art, gaming items, collectable card NFTs, audio NFTs, rare NFTs, physical NFTs, 3D NFT, etc. Premium verified Badge holder’s NFTs will be showcased on the NFTmall 3D on the various dedicated stores. Also, third-party individuals or companies will or can have the opportunity to build and trade their brand-named dedicated store to display their NFTs on NFTmall3D Virtual Marketplace). Users create, explore and trade in the first-ever virtual 3D Marketplace owned by its users. Users will be able to immerse themselves in NFTmall 3D with Avatars and will be able to roam around in different stores, make purchases of NFTs displayed in those stores.

We also look to offer Lending, Borrowing and Fractional ownership of NFTs in the near future.

NFTmall native Token

We are introducing a native token to simplify NFT creations and collections. Our native token, $GEM is spendable on the NFTmall and supported secondary markets. It is a Binance Smart Cain compliant token that allows artists and collectors to buy, sell, earn and own NFTs. The community, composed of artists, collectors, bounty hunters, curators, among others can use the token for providing liquidity, creating and collecting NFTs, and so many others, as the need arises.

Limitations Identified

  1. High Entry Barrier : Existing marketplaces have some high entry requirements like their KYC process, along with high marketplace platform fees for minting and primary & secondary sales, also a high gas price to list, mint or trade since the majority of top tier marketplaces operate on the Ethereum chain at the moment.
  2. Limited Access : There is limited access to a marketplace for creators who pay high prices and also run the risk of huge financial loss in the process.
  3. Royalty issues : Royalty rewards are biased and set by third-party (Marketplace) and not by the creator, thus creators often mint the same NFT in the different marketplaces and NFT loses its authenticity & value.
  4. Lack of exposure : Most NFT marketplaces lack exposure to creators & collectors. Artists need exposure to create, share and monetize content.
  5. Low-quality NFT : Marketplaces get bombarded with low-quality and spammy NFTs, thus making it very difficult for buyers to look and find rare valuable NFTs.
  6. Zero utility in the real world : Current NFTs only exist in virtual digital form. There’s no way to display such valuable digital collectables and prove authenticity and ownership in the real world.

Closing remarks

To conclude, The NFTmall has launched on Binance Smart Chain and we need your help to ensure the security of the protocol! The NFTmall Bounty Program is launching to identify bugs and critical vulnerabilities in the protocol and smart contracts. Up to 5% of the total GEM Token supply is being allocated to reward successful bounty hunters and white hat hackers.

Also, our platform is live (Beta) for testing ATM. At NFTmall we would like to invite Creator/artists all around the world to test and Mint NFTs on our Super sleek and easy user interface, State-of-the-art NFTmall Marketplace platform.

NFTmall is the First Creator-Centric, DeFi-Powered, Physically-Redeemable NFT Marketplace.

You can participate IEO and check more details from this website (https://chainx.kr/)

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ChainX is one of the biggest crypto exchange based in Korea and growing fast. Now Korean top 3 exchange in Coinmarketcap. It offers buyers to get the right of entry KRW fiat/cryptos pairs, charging 0 deposit costs.

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