Introducing Genesis, THEOS’ first ODYSSEY Pool
THEOS is pleased to announce that its next-gen non-fungible token (NFT) platform has launched its latest functionality to unlock the full potential of the global NFT ecosystem. The ultimate goal for THEOS is to give creators and collectors on the platform new ways to obtain liquidity for their work and for investors a new way to invest in NFTs within a transparent and trusted marketplace. THEOS’ proprietary NFT liquidity technology, named ‘ODYSSEY Pools’, will finally empower this with automatic liquidity for otherwise illiquid NFT assets — simplifying the NFT trading experience.
Despite NFTs taking both blockchain and mainstream digital communities by storm, NFT trading remains largely siloed on a narrow range of platforms — lending itself only to one-to-one sales or held as part of a collection. In turn, this has resulted in the lock-up of millions of dollars of unrealized liquidity and immature secondary markets, severely cramping the potential of this exciting technology.
Compare this to traditional financial markets, where collectors of non-fungible assets, such as real estate, art, and even IP rights can easily unlock the value of their assets through collateralization. This functionality, despite being explored by some early projects, has not been ported over to the NFT space in a way that both empowers individual investors and brings rapid capital to original content owners. As a result, the NFT secondary market poses a risk to would-be investors who are unable to find value and liquidity for their digital assets as they would with fungible assets.
So, what’s the solution to this stagnating NFT secondary market? THEOS ODYSSEY Pools.
Tapping into the deep interest in the rapidly expanding NFT economy, NFT creators and owners can submit and deposit their NFTs into ODYSSEY Pools in return for initial liquidity, in the form of fungible pool tokens. Unlike a direct sale through a traditional NFT marketplace, an NFT deposited into a THEOS ODYSSEY pool still maintains a relationship with the depositor until it is purchased from the pool. However, the key is that the user receives near-instant capital collateralized against their NFT as soon as it enters an ODYSSEY Pool.
Alex Tai, President of the Theos.fi Association, says:
“To date, both creators and holders of NFT tokens have struggled to unlock the liquidity of their digital creative assets, without making a direct sale of the asset — a time-intensive process that often requires a listing of the NFT across multiple platforms, and has no guarantee of success. With THEOS ODYSSEY Pools, which make their debut through the Genesis Pool, we are paving the way for creators and collectors to unlock liquidity for their NFT assets without selling them directly, supporting artists and creatives with rapid capital for their work.”
The Genesis pool is a proof-of-concept that features a carefully curated selection of NFTs designed by leading creatives. To kickstart the liquidity, THEOS is committing USD 15k of $THEOS tokens from its Treasury (~1.3 million $THEOS). This amount will be paired with 15k $GENESIS pool tokens — issued by THEOS’ tailored smart contracts.
How it will work
In the Genesis pool, each NFT’s base price is set to 130 $GENESIS tokens, with the creator able to set a maximum additional increment to the base price of up to 50%. Simply put, creators or NFT owners that submit their NFTs to the Genesis pool and are accepted will automatically receive 130 $GENESIS tokens after depositing, exchangeable into other popular Sushiswap tokens. If the NFT is purchased from the pool, the buyer will pay the base price plus the incremental ‘i’ price, which can be set by the depositor, if they choose to. Having already received the base price, the depositor receives the incremental price as well.
In THEOS, pool originators decide which submitted NFTs will be accepted into the pool. In this case, Genesis was originated by THEOS, but very soon, any artist, creator, fashion house, media organisation, collector, brand owner or game project could originate a pool to showcase their work, engage with their fans and sell in a trustworthy decentralised NFT marketplace. A wide variety of pools will cater to different themes and base price levels. In early 2022 auction capability will also be introduced, adding to the price discovery mechanisms in the platform.
Investors are incentivised to buy pool tokens to gain diversified exposure to activity in a particular pool, as NFT buyers have to acquire pool tokens to buy NFTs from the pool. $GENESIS tokens and other ODYSSEY pool tokens will be made readily tradable on secondary markets at the time of the pool creation.
Genesis and GPS — Our social-cause partner
Genesis will work with a social-minded organization to make a portion of pool profits available for donation; the first of which, Global Pandemic Shield, will receive 5% of all Genesis pool actions. On our easy-to-use minting site, creators can specify a royalty from sales of their work, further supporting the creative economy.
While a handful of carefully picked creatives will launch the Genesis Pool, everyone is encouraged to submit their NFTs to Genesis. THEOS will carry out a curation and acceptance process that will allow them to enter the pool, automatically distributing $GENESIS tokens to depositors. You can check our previous product entry for a detailed explanation of How ODYSSEY pools work.
THEOS is very excited by this special launch — the start of the journey towards creators and NFT owners achieving another way to market their work to THEOS’ ODYSSEY pools.
About THEOS: The THEOS ecosystem is managed and sustained by our Association, a team of both traditional finance and blockchain virtuosos. We envision a new way of thinking, minting, and trading NFTs, and have developed what we believe is going to become the next-generation community-governed NFT platform. THEOS will become the first NFT platform in Cardano, the blockchain with the highest potential out there.
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