DNFTfomo — Dedicated to Creating the Best Possible NFT Trading Experience with the Cross-chain Protocol
The NFT (non-fungible token)market has begun to receive people’s attention from people who understand cryptocurrency. Around the US $170,000(600ETH) was sold for a specific digital Kitty under CryptoKitties. The CryptoKitties’ popularity led to excessive congestion of transactions and thus resulted in high fees on the Ethereum chain. The high transaction fees were ten times larger than Ethereum mining fees even.
- Are NFTs treasure or just high fees trash?
When people talk about NFT, we mostly think of the art collections, as well as different MEMEs and game collectibles, in fact, they are the focal points for now. However, that is not the end, the NFT market will be further implemented to even more places in the future. Tickets, invoices, and anchor publicity will become a thing in the NFT field. To digitalize things such as like fees, Big Data Assets, etc. would eventually expand NFT to a larger market.
With many people in the industry optimistic about the NFT and seeing it as the next blockchain boom, the trade market of the NFT (non-fungible token) has steadily reached the vision of the investors. OpenSea is the biggest exchange market of the Ethereum network in NFT transactions. The ERC-721& ERC-1155 chains based on Ethereum networks will be used to trade digital art, game collectibles, properties, and others.
At present, most NFT firms are based on the Public Chain of Ethereum. In particular, Ethereum’s high transaction fees restricted the development pace due to high TPS &NFT applications even the market is hyped. This explains Opensea’s recent move towards other chains. In the Polkadot system, a very ingenious account system is in place to delete useless accounts or those redundant data on the chain, and a parallel multi-chain approach is used to enhance the chain’s performance. The DNFTfomo protocol is based on the Polkadot Substrate system, an autonomous, cross-chain NFT asset network devoted to the construction of a new NFT protocol, in particular for big data and realistic NFT assets. DNFT Protocol has developed a smart NFT asset maintenance tax, NFT asset buy-back mechanism, scheduled auction/bidding, smart matching, and other measures to provide customers with the best trading experiences to further prevent the congestion of the network through filtering predictable junk data.
- Six Unique Features of DNFTfomo
DNFTfomo ecosystem consists of NFT, Stable Coins, Governance, Eco-Grant. It integrates NFT creation & minting, decentralized transaction/bidding for NFT collections, NFT asset maintenance tax, NFT buy-back mechanism, and DNFTfomo governance features. At the same time, Cross-chain transfer of NFT and assets through the integration of Polkadot’s cross-chain asset protocol ultimately optimizes the trading experience for NFT investors & creators.
- Supports Wider Range of Physical NFT Creation
In addition to the FT (fungible token), we presently see a great number of non-fungible tokens in Bitcoin and Ethereum. NFT is a distinct token. It has its uniqueness more in keeping with scarce assets like encrypted props, encrypted artworks, and others.
You are able to create different kinds of NFTs in the DNFTFomo network like CryptoKitties; you are also able to create proofs of your physical properties by minting on Blockchain, for example, house property, different kind of travel tickets, different in-game vouchers, artworks, etc….
The short-term scale limit of NFTs is restricted by the volume of Bitcoin and Ethereum fungible assets. Eco-Grant (incentive) is used by DNFTfomo to place more legitimate real-life things to be minted on the chain, thus increasing the entire field of NFT’s scale.
- NFT Maintenance Tax and NFT Buy-back, Junk NFT Filtering
There are almost no obstacles to creation irrespective of whether this is FT or NFT. Currently, it is easy to create or mint NFT with a single click. This is the freedom brought by the blockchain as a whole, but freedom reflects proliferation. DNFTfomo uses big data and handy assets. Those assets without value will not affect the users when using DNFTfomo including the performance of the whole network and therefore the redundant data on the chain will be limited and recycled by the DNFTfomo network.
DNFTfomo has two methods of data convergence in an incredibly simple and practical way. The first is the maintenance tax on NFT and the second is the recovery feature of NFT junk data.
DNFTfomo Protocol adopts a lifetime taxation plan on NFT data, which means that NFT holders are charged regularly with fees and taxes incurred by NFTs, contrary to most current storage solutions charging one-time storage fees. Once NFT holders fail to pay taxes on time, they can gather and auction their NFTs. Everyone who wins the auction will keep paying taxes.
If no NFT holder is willing to bear the corresponding maintenance taxes and fees, the DNFTfomo network will recycle the NFT and destroy them.
The tax and recovery mechanism ensures that the users on the DNFTfomo network to uploads more practical NFTs, thereby making the network more valuable.
- Decentralized NFT Bidding & Trading & Liquidity Mining
DNFTfomo aims to improve the network with more value-in-class liquid assets regardless of whether the network creates NFT, maps real assets, or builds an NFT aggregation pool. DNFTfomo also aims to build a marketplace to continue increasing the liquidity of precious NFTs.
The trade market for DNFTfomo is based on DataSwap, a decentralized exchange that offers various synthetic assets and NFT data. Depicted transactions based on AMM and auction practices based on UK, Dutch, and Hubble taxes require exchanges.
DNFTfomo market provides liquidity for FT assets. More specifically, the market is decentralised, such as UNIswap and Sushiswap. A year ago, UNIswap’s trading volume was low and Sushi was not yet available, but DeFi application was fast increasing and those two DEXs’ trading volume and has now become the leading two DEXs and DeFi exchange. DNFTfomo would accelerate its development to compete with rivals like Opensea by using the maturity of the AMM system.
DNFTfomo DataSwap should be easier to establish a benchmark in the NFT field under the environment of practical NFT aggregation.
- Rebrands with FOMO, That Improves NFT Liquidity
DNFTfomo’s newest product design integrates auctions and other links into the creative FOMO mindset in order to improve NFT flow value.
While different auction models of NFT products various, there is a constant fact that the higher bidder will receive the NFT collection, meaning that only one bidder is taking part in the auction or a certain NFTs may be receiving bids of the circumstances, whereas most of the other NFTs are not gaining attention. Some even have to incur certain costs, such as gas fees and don’t have the corresponding benefits in return.
DNFTfomo bidding is different. The introduction of “FOMO” would enable all bidders concerned to receive a certain level of liquidity revenue. Not only is the outcome of the bid taken into account, but also the bidding process. Each bidder can get enormous gains for placing a bid. DNFTfomo will set up the appropriate token pool in the auction so that bidders would not FOMO. Successful bidders would obtain NFT as usual. If the bids did not get the bidder any NFTs, the tokens accumulated by the bidders in the pool will split evenly to all bidders. Any bidders who participated in an auction will be rewarded a certain incentive which generates wealth effects, thus enhance the liquidity of the NFTs and attract more users to join.
The FOMO3D project in 2019 is an influential representative in the blockchain industry. The transaction volume of 8000 ETH was created on the first-day launch, as a game with almost no marketing promotion, and the price was over US$30 million at that period of time.
At the same time, artificial intelligence and other technologies will be introduced in DNFTfomo, and big data analysis will be used to intelligently evaluate and accurately price auction products, so as to improve the efficiency and accuracy of the platform’s evaluation and pricing of NFT.
- NFT Cross-chain Management and More Upcoming
Cross-chain NFT is pretty new in blockchain. Let’s look at the chain of FT assets first. Most of the problems of single-chain information are overcrowded with fungible tokens and it can be solved with cross-chain. The entire blockchain ecosystem may get closer by multi-chain information interactions. Limited or rare NFTs also have great significance for cross-chain, like reuse of game assets (e.g the Tencent membership, QQ in-game token), to make gameplay and environmental inclusion more comprehensive which also applies to mortgages for NFTs.
Polkadot is committed to constructing a linked blockchain ecosystem. DNFTfomo is an NFT network that has been developed on the basis of a Polkadot substrate framework. Technical advantages of Polkadot can already be used to provide the entire NFT market a number of possibilities.
DNFTfomo Governance, the NFT cross-chain aggregation exchange
DNF is the native token of the DNFTfomo Protocol. The holder can manage the DNFT network using DNF. We call it DAO for short.
Driven by DAO, DNFTFomo may adjust taxes and fees for NFT network maintenance based on network utilization according to users’ demand or votes. DNFTfomo may also recycle auctioned NFT without tax or fee and may elect to destroy non-tax or fee-bearing NFTproperties.
The existence of DAO allows the DNFTfomo network to follow the path of aggregating practical NFT assets under decentralized governance.
DNFTfomo manages, holds practicable NFT assets, establishes a liquid-trading market, and increases the diversity of NFT gaming across the network by introducing real assets from the creation and issuance of NFT assets. A gigantic NFT ecosystem appears to be being built. The entire blockchain industry and conventional sectors will soon benefit from the NFT ecosystem.
In the perspective of the DNFTfomo team, besides the Defi field, it will be the digital gaming field that will be the first to explode in the blockchain field and also one of the biggest NFT applications. The DNFTfomo team is poised to aggressively deploy Polkadot’s gaming ecosystem, become Polkadot’s infrastructure, and lead the next round of bull market & trend.
About NFTclub 👺
NFTclub was initiated by High-Dimension Space(https://www.gwkjbc.com/Index_about.html) and supported by SevenX Ventures, NFT Labs, NFTbase, Dego China, and many media other platforms. The NFTclub brings together the latest NFT information, project analysis, technical discussions, project mining, and community alliances, and is committed to creating the most influential NFT community, support the implementation of high-quality NFT projects, and jointly promote prosperity and development of the whole NFT ecosystem.