BOXVERSE: Inside the Journey of NFTs
Last call for the adventure of 2021! BOXTradEx decided to get involved into NFT area by integrating NFT marketplace, which named BOXVERSE, on mobileApps. NFTs are the disruptive technology paradigm that we believe can bring tremendous innovation and evolution to human-being life. Furthermore, BOXTradEx is truly becoming one-stop crypto platform which providing crypto-related trading services with BOXVERSE.
What is NFT?
Non-fungible token, or NFT, is a digital asset that are provably unique and backstop by blockchain technology. NFT and Bitcoin are both originated from blockchain, but they have some differences. As the illustration below:
NFTs compare to fungible token, like Bitcoin or other cryptocurrencies, they are not divisible. You can send small amount of one Bitcoin, measured in satoshis, but you cannot send part of NFT due to part of NFT wouldn’t be worth anything on its own and would not be redeemable.
Besides of unique attribute, NFTs are usually linked to a specific asset. They can be used to prove the ownership of digital items like real-assets, artworks or even gaming equipments.
The topics of NFT popularized whole-world in 2021, right up there with related concepts — GameFi and Metaverse. NFT brings a lot of advantages to crypto-world, ultra-scenarios that people can create and innovate freely through this tech wasteland, even more, it enlarge the opportunities of crypto adoption. Want to have an NFT or discuss about it? Join BOXTradEx Telegram!!
Why NFTs are Shaping Whole New World?
In 2021, there are no any technology development can cover the fascination of NFT industry. Blockchain technology brings out a trustless, verifiable and open-ended environment for generations to create and fulfill any ideas. Let’s review the remarkable records of NFT this year…
The trading volume for non-fungible tokens hit $10.67 billion in Q3 2021, an increase of 700% from the previous quarter.
Axie Infinity has recorded unprecedented growth in the crypto space, it surpassed more than $1 billion in sales and one million daily users just 3 months after “Origin Alpha” and blockchain “Ronin” launched in May 2021. Moreover, Axie Infinity becomes famous blockchain game with top one performance on revenues and user datas around world.
GamFi Heat On-Going. “Blockchain games become the industry’s dominant category, accounting for 49% of the industry’s usage with over 1.4 million Unique Active Wallets (UAW) interacting daily with game dapps.” — BGA Blockchain Game Report 2021
Global leading company rushed into NFT industry. Visa purchased CryptoPunk #7610 which serve as a first NFT in Visa’s collection of historic commerce artifacts. In addition, Nike bought RTFKT studios, the NFT fashion company, for take first step into the metaverse. And there are many cases of this kind…
NFT scene evolving rapidly with talents and capital get into this space, as our observations, the magic of high-speed growing is not only cause by the incentives or tokenomics, also originated from pursuing ownership, privacy and decision making right, the awakening of human being consciousness, so the product-market fit.
Pioneers & Possibilities of NFT
Bypassing inefficiency and intermediary with novel technology, NFT enable huge potential to empower different industries, entities or even individuals to build their ideas and imagination. We are the witnesses of this extraordinary pivotal to our life…With NFT entering mainstream, people will need a user-friendly space to buy NFTs, store NFTs, or exchange easily with tokens.
There are many great NFT projects you should learn before owning first NFT, and we sort main types of NFT use cases in taking several pioneers as examples.
- NFT & Collectibles
CryptoKitties are one of the earliest NFT collectible project, it create most accessible and image-driven ways to experience blockchain technology, then appear CryptoPunks and other image-oriented project which turn into an NFT concept, the picture for proof (PFP).
For the first time, digital art can be scarce. Creates provable scarcity of art or any digital assets are feasible by using blockchain, transparency and verifiability intrinsic from blockchain solves industry problems. Also, the diversify applications and scenarios begin to become possible.
CryptoKitties led a new era to artists and creators, all the traditional value can be transformed easily to a trustable object that foster people to design their works in new method with better solutions.
“Merge mass. The more mass you have, the more you can merge.” — merge, an NFT conceptual drop created by Pak, well-known digital creators. Pak’s merge had bought the artwork market to new heights, sold more than 250,000 “mass units” on the NFT platform — Nifty Gateway for a collective $91.8 million.
Why merge? The speciality is that Pak utilized unique features of blockchain and tokenomics to create a massive conceptual art piece. By combining Scarcity, Yield and Burn mechanism, the buyer would have a different, limited NFT compare to others, and all depending on how many mass units you bought. “The more you get, the more surprise would happened”, that is, merge truly innovate an amazing NFT project can be, also indicates the potential of NFT for multiple usages and distinctive business model.
- NFT & DeFi
The first function build up with NFT is DeFi, the decentralized finance, and the innovator one is Aavegotchi. Aavegotchi is an experimental startup funded by DeFi protocol Aave. (Aave is an open source and decentralized finance protocol, you can trade Aave with bots on BOXTradEx)
Aavegotchi leads NFT integration with multiple applications, DeFi system involved at first place. Such as staking and yield farming, after that, gaming, DAO governance and virtual space are also deployed within the ecosystem. User can buy and upgrade their Aavegotchis for earning $GHST token. However, the Aavegotchis are dynamic NFTs which the metadata changes over time, and the metadata could influences the outcome you would have, so that’s an interesting gaming mechanism comes in.
2. Uniswap V3
Uniswap V3 is the most powerful DEX, decentralized exchange, protocol by introducing liquidity NFTs to provide solution to capital inefficiency. In early DEX mechanism — Automated Market Maker (AMM), the capital provided by liquidity provider will evenly distribute to all price level, which follow by the x * y = k price curve. This means that most of the liquidity is wasted instead of rewarding for liquidity.
In case of Uniswap V3, liquidity provider have option to anchor the price range they want to allocate their assets to and earn from fees when the price is within the selected price range. In addition to achieve that, all positions are represented as NFTs as opposed to the fungible tokens on previous version. The unique liquidity NFT will display the pool and parameters owner selected.
- NFT & Identity
Bored Ape Yacht Club is a series of NFT avatars, with 10,000 of them, each one has a randomly generated set of attributes and a thriving community building different applications around them. This BAYC NFTs result in phenomenal profile picture hype toward crypto-world, currently, the floor price of BAYC is 53.9 ETH ($215,350) and it yields $24 million on Sotheby’s auction.
The derivatives and the atmosphere of community strengthen BAYC’s status in NFT market, BYAC already become a icon of crypto royalty club.
As you know, blockchain and cryptocurrency is highly technical with many technical terms and rules need to be aware of, especially for first-time users. That’s why ENS shows up, BOXTradEx as well.
ENS is a decentralized naming service for Ethereum applications, such as wallets, websites, or other use cases. For example, user who want to send crypto to friends, he need to find out the right format of address, also copy and paste it in correct way. More than that, if user have different addresses for different blockchains, then it cause confusing and difficulty to manage.
In a nutshell, ENS is a name and lookup service built on the Ethereum blockchain that allows crypto users to translate their machine-readable addresses to human-readable addresses. Think of it as a nickname generator for public Ethereum addresses, aiming to make crypto more accessible. Like turning “0xDC2EWQR344342338A2ADA83795” to “BOXTradEx.eth”.
- NFT & Game
One of the popular NFT applications is GameFi, so called game finance. We already introduce the NFT project like CryptoKitties and Aavegotchi, but the champion of this area is — Axie Infinity. It not only triggered the trending of blockchain application, attracted more than $4 billion, and also it reach 2.5 million daily users based on off-chain activity. The gaming system is composed of dual-token economic, delightful interface and characters that user can collecting cute monsters called Axies, putting them against each other in battles, and breeding them to create new Axies. The “play-to-earn” mechanism has seen players in countries like the Philippines making a living from breeding and trading Axies.
2. Gala Games
Another anticipating application of NFT + Game is blockchain gaming platform. Gala Games’s mission is to build a decentralized ecosystem of blockchain games. According to the data, the price of token — GALA skyrocketed 400% from $0.021 to $0.84 after token launched on Binance. Gala Games has been steadily growing its user base and blockchain games, so far, it has 1.3 million monthly active users and sold 26,000 NFTs, the most expensive one fetching $3 million.
There are some famous gaming platform, like Steem and Epic Game, this gave us a signal that gaming integrator or platform could be a way to expand the potential of tokenomics and NFTs. BOXTradEx looks forward what Gala Games can achieve in the future, also take strong positive perspective on blockchain gaming industry. By the way, BOXTradExprovides GALA trading in either manual or bot trading. To conclude, “The decentralized Gala Games ecosystem aspires to blow the doors wide open and give players back the control they deserve.” — from Gala Games’ website.
- NFT & DAO
We already learn that NFT is not divisible, can be verified and turn ownership back to the user, although, somebody still trying to breakthrough the constraint of indivisibility — PleasrDAO.
PleasrDAO is a decentralized autonomous organization (DAO) whose main objective is the collective purchase of NFTs that require a large investment, which means people can invest part of blue chip NFTs and share the ownership or rights by joining PleasrDAO.
This is a new experiment by trying to fractionalized NFTs into smaller amount, it truly open a new channel for people to participate, and others follow the spirit to create DAO for NFTs, like HeadDAO. Still, the legal grey area is a concern of those kinds. One of PleasrDAO most iconic purchases happened at April 2021, when 40 people organized through PleasrDAO to buy an NFT from Edward Snowden for $ 5.5 million.
After PleasrDAO, we all know by employing DAO governance structure can expand the boundaries of NFT scene. No matter to fractionalized NFTs or exerting into crowdfunding. ConstitutionDAO is a legendary DAO project that raised money through decentralized way, a group of people just try to buy one of the original copies of the United States Constitution.
Even though they fail to fulfill the purpose due to lost bid at Sotheby’s auction, eventually, the experimental in a single-purpose DAO and the successful raised $47 million in one week making ConstitutionDAO gaining traction of society.
NFT & Space
NFT is an unconventional token that can serve multiple functions, but back to the core, NFT need a place, a space to store, transact and display. So, the marketplace for NFTs is needed accompanied by thriving industry. Opensea, the NFT marketplace that allow user purchase, sale, mint or start auction of NFTs. The specialities of Opensea are the user-friendly interface, diversity of NFTs and the comprehensive searching engine.
The expected valuation of NFT market is up to $25 billion, and 90% of NFT trading volume happened on Opensea. Many famous NFT projects are all utilized Opensea to implement their roadmap. Therefore, Opensea is fielding new investment offers that could increase its valuation roughly six times to $10 billion.
“Create, explore and trade in the first-ever virtual world owned by its users” — Decentraland. If we just holding an NFT then it just like a file or data obsolete in the corner with nothing else, nevertheless, we can release NFT’s power by deploying it on a right protocol or place. That’s why Metaverse concept stands out, a shared immersive digital world could foster different type of application merge with NFTs.
Decentraland is one of the leading Metaverse project, a decentralized, virtual reality (VR) platform where users can both create and monetize their content and applications. All the digital materials in Decentraland is tokenized by NFT, like land, avatar and others, user can enjoy this virtual world for creating NFTs, buying digital goods and services with MANA token. Metaverse maximize the possibilities of ownership, experiences, application scenarios.
BOXVERSE — BOXTradEx NFT Marketplace
We are thrilled to release some spoilers of BOXTradEx NFT marketplace — BOXVERSE. BOXTradEx users will available to mint, buy & sell, execute auction on our mobileAPPs pretty soon. 🥳
Why named “BOXVERSE”? Initial idea is that we want to be ourself, is about branding and create distinct image correlated to BOXTradEx. The another reason is that we aiming to built a user-oriented, highly scalability and integrate with crypto trading services. Then, the “BOX” is a space which can stock your NFTs, also represent strong flexibility to carry along with you to wherever worldwide.
Back to the point, let’s check some UI of BOXVERSE, shall we?
- Homepage of BOXVERSE
BOXVERSE is the fifth feature we added in the bottom navigation bar, user can explore NFTs by selecting categories or just filtering specified elements.
- NFT Collections and Details…
Create your first colection and start to build up your NFT project!!! BOXTradEx support WAX blockchain in first place, then Solana, EVM compatible blockchains. Stay tune!!!
- NFT Auction and more to reveal…
BOXER — Symbol of Crypto Innovator
BOXER, an NFT originated from BOXTradEx Innovator Program, is the first NFT/virtual identity of BOXTradEx, with limited 500 editions. In early stage, we giveaway BOXER to active users and partners. If you desire to have one…make sure to follow our news on time!
What’s more about BOXER NFT? It’s not just an avatar or a provably-rare of artwork, but has special ownership and holding rights. We design BOXER NFT based on the brand elements and is integrated with personalized elements, which correlated to owner account. By holding BOXER NFT, you will have early rights to participate events, new features and become whitelist of launchpad. All in all, the potential of BOXER NFT is unlimited, try to earn one for welcoming the prosperity of BOXVERSE.
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