Chihuahua Stories: Our first NFT Marketplace
One fantastic NFT Marketplace is now being built on ChihuahuaChain. We are thrilled about it, and we hope you are as well. It’s no secret that NFTs can help develop strong communities and DAOs. Chihuahua Network promotes healthy community creation and cooperation through a welcoming atmosphere. The days of Chihuahua supporters releasing their NFTs on Stargaze, Secret Network, Juno, or Tori are coming to an end.
EmPAWrium will be the Hub for Chihuahua collections, Meme NFTs, and bizarre inventions.
Meet the EmPAWrium 🏪
Coming from the word “emporium” which is a large retail area that offers a diverse range of merchandise, often specializing in luxury or high-end goods. Think of it as a one-stop-shop for all your NFT needs, from meme to pure art.
EmPAWrium, like everything else on Chihuahua, will be permissionless. This means that anyone will be allowed to upload and sell their creations, mint the NFTs they like, and purchase and sell on the secondary market without restriction.
What will it contain? 🚢
EmPAWrium will contain a search feature for collections, a profile page for each user, a section for featured and trending NFTs, as well as new listings and a coming up section, showcasing what’s soon to be released on the marketplace.
Furthermore, each NFT collection will have a project description, social media links, and additional information, information such as total volume, floor price, and number of owners, a search function for NFTs within the collection, with the ability to filter by price and recently sold/listed and a page with all of a single NFT’s information and include buttons for transferring, selling, and buying.
As you can understand, EmPAWrium will incorporate key features found in all of the leading NFT marketplaces in other ecosystems, such as OpenSea on Ethereum and jpg.store on Cardano.
Finally, EmPAWrium will permit the use of a number of IBC assets to mint, buy, or sell an NFT, which is a fascinating feature. This implies that, while $HUAHUA can still be utilized, it will not be the exclusive “Dump token” of the marketplace. It is common for NFT marketplace tokens to lose value when creators sell their earnings to compensate artists, developers, and other contributors. This way, Huahua gains one more utility (along with other IBC assets) while its value remains unchanged. Furthermore, the addition of IBC assets to ChihuauaChain will enhance IBC Volume (excellent for social exposure) while also potentially locking in more liquidity on-chain.
You can take a first look of EmPAWrium here.
Benefits ✅
The Empawrium is set to introduce the first native NFT marketplace for ChihuahuaChain, which will provide a wide range of benefits for the community. As a result, the $HUAHUA token holders can expect to reap the rewards of increased liquidity, revenue generation, and an overall growth of the ecosystem.
Increased Liquidity 💸
With the launch of a dedicated NFT marketplace on the Chihuahua Chain, we expect to see an increase in liquidity. This is due to the fact that the marketplace will enable projects to launch their NFTs on the Chihuahua Chain, attracting new users who are interested in purchasing and selling NFTs.
Revenue Generation 💰
The NFT marketplace will enable the Chihuahua Chain to generate revenue through a variety of methods. For example, 4.20% of all sales made on the platform will be returned to the community pool, which will in turn benefit $HUAHUA holders. Additionally, there will be a listing fee of 6.9 Huahua for each NFT listed on the marketplace, further contributing to revenue generation.
Burn Mechanisms 🔥
The NFT marketplace will also include burn mechanisms to benefit $HUAHUA holders. Specifically, 24% of revenue generated on the platform will be burned, and if the revenues are in another native denomination, a buy-back of $HUAHUA will be executed to burn the $HUAHUA. Furthermore, 6.9% of revenue generated will be burned, further contributing to deflation and positively impacting the value of $HUAHUA.
Community Pool Contribution 👐
As part of the launch of the NFT marketplace, 420M of the 650M $HUAHUA borrowed will be returned to the community pool, which will benefit $HUAHUA holders. Following the return of these funds, 25% of revenue generated on the platform will be sent to the community pool, which will contribute to the long-term growth and sustainability of the ecosystem.
Funding 💵
To build this marketplace, Racoon Supply requested 650M $HUAHUA from the Chihuahua Community Pool. The marketplace would be accessible for projects to list their collections and for users to purchase and sell NFTs using any Cosmos-native coins with active IBC channels connected to $HUAHUA. The team proposed that new collections would need to submit a pull request to have their information added to the frontend, and the marketplace would be permissionless with open-sourced smart contracts. As the user base grows and demands for new features arise, the team would progressively enhance the platform and make adjustments as necessary. As mentioned again here, the largest part of $HUAHUA are expected to be returned over time to the community pool thanks to the income generated by the platform.
For additional reference you can visit the actual proposal made on mintscan.
Milestones & expected dates 🎯
Racoon Supply’s on-chain proposal demonstrated how a funding request could be structured. The project is divided into smaller milestones with estimated dates and funds needed for their completion.
Milestone #1 — March 24
Milestone #2 —Early May
Milestone #3 — No ETA will last for 4–6 weeks
Milestone #4 —No ETA will last for 1–2 weeks
Milestone #5 — After release: maintenance and small improvements
Conclusion 🔚
NFTs have opened up many new possibilities in Web3, and given the hype around them, an NFT marketplace was undoubtedly required. RacconSupply is an excellent team, and the community expects them to offer a high-quality product. The initial taste we had from the Alpha version was really promising.
Woof woof! 🐾
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