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Poly Network AMA Recap with Maze

The NFT platform Maze (@Bytom_Official), was invited to Poly Network (@PolyNetwork2) AMA, taken place on 23 March in the Poly Network Telegram Community. From the Live AMA with Andy, Operation Manager at Maze, this recap fully grasps the information discussed during the AMA.

INTRODUCTION

Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OEC, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $15 billion USD involving more than 343K cross-chain addresses on different blockchains.

MAZE is a platform that integrates NFT minting, trading and gifting. It is the first platform in the world to adopt an innovative trading model. The NFTs on this platform are in the state of being auctioned 24 hours a day. In order to solve the problem of NFT circulation, the platform has registered more than 40,000 people, and the transaction volume has reached 400,000$BTM. Many well-known artists have settled in.

QUESTIONS AND ANSWERS IN LIVE AMA

Q1 What’s Web3.0? What’s the Bytom Blockchain’s strategy of Web3.0?

Andy:There is no very unified statement about what Web3.0 is. According to various explanations, we have reached the following consensus:

1. Unified identity authentication system

2. Data confirmation and authorization

3. Privacy protection and anti-censorship

4. Decentralized operation

One of the most important points is decentralized operation and ownership of data. With Web 2.0, user data is actually in the platform or server of service providers, and most of the content created has no autonomy. But of Web 3.0, you can create something that you own, and you can also get benefits, regardless of the middlemen who make the difference.

The Bytom blockchain has been running stably for more than 3 years, and its performance can reach tens of thousands of TPS. As a decentralized infrastructure, it is ready for the large-scale application of Web3.0. At the same time, we built the Maze platform on the upper layer and released the CryptoSanguo NFT. The project is also a case project of Web3.0.

Q2 Why create the Maze platform and what are the advantages of the Maze platform? What can Maze platform bring to Web3.0?

Andy:MAZE is a platform that integrates NFT minting, trading and gifting. It is the first platform in the world to adopt an innovative trading model. The NFTs on this platform are in the state of being auctioned 24 hours a day. In order to solve the problem of NFT circulation, the platform has registered more than 40,000 people, and the transaction volume has reached 400,000$BTM. Many well-known artists have settled in.

Advantages of Maze:

1.Improve Transaction Efficiency

The traditional NFT market uses the method of bidding for transactions. Sellers put high prices and buyers offer low prices. Both parties need to repeatedly play games to reach a transaction, and the transaction efficiency is low.

Through innovative transactions, NFTs are in transactions all the time, and sellers invest a certain cost in exchange for better liquidity

2.Rationalising NFT Prices

In traditional NFT pricing, sellers tend to increase the price, while buyers tend to get it at a low price. For a piece of NFT whose pricing is ambiguous, its market value cannot be formed quickly.

Bytom’s innovative trading model introduces a margin model. For sellers, setting an excessively high price means paying more margin, and the margin can’t actually be profitable, which means paying time and opportunity costs. Of course, if the price is too low, it will be quickly taken away by buyers, so sellers will tend to choose a more reasonable price.

3.Creators can get copyright multiple times

In the traditional market, creators only get the revenue of the first issuance during the transaction process, and no amount of subsequent transactions will give creators a share.

With innovative transaction model, each transaction can distribute a royalty to the creator, so that the creator can continue to receive income from subsequent transactions, thereby incentivizing the creator to create better and more works.

4.Low Transaction Fee

Compare with OpenSea’s 2.5% transaction fee,Maze just asks for 1%.And compare with Etherium’s gas fee, the gas fee of Bytom Blockchain is low to negligible.

5.Crosschain technology makes NFT more exposed

As a holder and artist, more attention is paid to the sales and exposure of NFT. Currently, BMC, as the side chain of Bytom, has completed cross-chain technical testing, including cross-chain with Ethereum, polygon, and MAZE in the future. It will be migrated to the BMC chain, when the NFT of the MAZE platform will be displayed on more chains, which also promotes the transaction of NFT.

Of Web 2.0, most of the creator’s income was taken away by the platform, and it was difficult to make money from subsequent derivatives. On the Maze platform, in addition to one sale, creators can also receive a second royalty. All transactions can allow creators to obtain huge benefits, which is very consistent with the concept of Web3.0, which is readable, writable, ownable, and profitable.

Q3 What is Innovative Trading Model? What does innovative trading have to do with Web 3.0? How is Bytom Innovative Trading NFT different from other NFTs?

Andy:Based on innovative market theory, there is no monopoly private ownership, all items are permanently in the state of fixed price auction, the highest bidder wins, and there is no end. This kind of item that gathers value in “ideology” greatly simplifies the friction of value transfer, making innovative transactions more suitable for the pricing, auction, transaction, and circulation of NFT assets. The closed-loop and contract attributes of the encrypted economy give an easy way to implement the Harberger tax on the chain. Any assets on the chain can be enforced, giving NFT-type encrypted collectibles efficient auction activities, sacrificing investment efficiency in exchange for distribution efficiency, thereby bring huge benefits.

Innovative trading is another sublimation of Web3.0 ownership. In the innovative trading market, the ownership of assets only belongs to individuals at a certain time and can be quickly traded. This has a lot of significance for Web3.0 privacy protection and anti-censorship. At the same time, innovative transactions also require that they operate in a decentralized manner.

Define a new NFT standard based on Bytom Blockchain — Innovative State NFT. Under this model, NFT becomes a non-permanently occupied asset, and the holder has the freedom and right to price the asset arbitrarily, but cannot refuse anyone’s bid at any time, and the asset is in a public auction state around the clock.

Based on the innovative state NFT, the specific transaction steps are:

1. The original NFT user deposits 10% of the selling price as a security deposit, and the NFT is in a public auction state

2. New users who want to buy need to deposit “payment” + “new deposit” into the deposit account at one time; the original user will receive payment from the new user, and the original deposit will be returned to the original user, and the NFT assets will be transferred to the new user holder.

3. The NFT asset obtains a new excited state under the stimulation of the new user deposit, generates a new price, and waits for subsequent bidders.

Q4 Why did Bytom choose Poly Network among others for partnership?

Andy: Poly network is excellent in technology and products. Compared with other crosschain solutions, the way it uses is more decentralized.

During the docking process, poly requires less work, which is very convenient and easy. For users, the entire experience is also very good

Q5 Any exciting plan for future developments?What shall users expect?

Andy: Based on the MAZE platform, we will introduce high-quality artists and projects to settle in, so that the ecology of MAZE will gradually prosper. In addition, based on the crosschain technology of BMC, in the future, the NFT of the MAZE platform can cross to Ethereum and polygon for display.

Besides, in the past three weeks, we have launched the activities of Answer Questions to Win NFT Airdrops . At that time, as long as you participate, you will have the opportunity to win NFT rewards. Follow the Twitter account @Bytom_Official for more details. What’s more, the CryptoSanguo will also open dividend activity next month. At that time, as long as you hold or trade NFT, you can get BTM.

The AMA with Maze was pleasantly concluded. More AMAs coming. Please stay tuned!

For more info about Poly Network

Website | Telegram | Medium | Twitter | Discord | Github

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Poly Network

Poly Network

Enhancing connections between ledgers by providing interoperability in Web 3.0.