THEOS launches the first version of its NFT Marketplace

One of the core values at THEOS.fi Association is continuous innovation, which is why we’re excited to announce the first beta version of our very own NFT marketplace!

Since our IDO last September, THEOS has made excellent progress in launching its non-fungible token (NFT) platform, with new features to unlock the full potential of the global NFT ecosystem. The MVP launched on Polygon with an intuitive Minting Platform, a simple Liquidity Mining Program, and THEOS’ crown jewel Genesis — the first proof-of-concept ODYSSEY pool.

Now, the time has come to launch yet another cornerstone feature — THEOS’ marketplace.

How the marketplace works

In order to keep participation in NFTs simple and widely accessible, initially, the marketplace is not only open to users that created NFTs on THEOS, but also to those who’ve done so elsewhere. Both will have access to list their NFTs for sale, with virtually zero gas fees.

Disclaimer: As THEOS is currently live on the Polygon Mainnet, users are required to have a small amount of Polygon $MATIC tokens in a Metamask wallet in order to use the platform. You can find more information on how to acquire and use $MATIC on ‘Finder’s Polygon comprehensive guide’ or Kryptomat’s Ultimate Polygon Guide’.

Let’s go over the main features:

• Buying/selling: Users will be able to buy and sell different types of NFTs: images, videos, gifs, etc. This aims to bring a community of creators, collectors, and more all together in one place.
• Search engine: To accelerate the launch of the marketplace, we’ve included a simple search engine with some core filter settings. These include NFT sorting by price (Highest to Lowest and Lowest to Highest), recently added, type of media, and price range.
• Fees: THEOS will charge a 2% fee for every buy/sell transaction carried out in the marketplace. This number is currently below NFT incumbents, with the perk that it equally charges fees divided between buyers and sellers; 1% is charged to each party out of the sale price.
• For example, let’s say a creator lists an NFT for 100 $MATIC. In other marketplaces, a 2% fee would imply that the seller would receive 98 $MATIC. At THEOS marketplace, we add 50% of the total nominal fee and add it to the selling price.

The same 100 $MATIC NFT would have 2 $MATIC as its fee, so we add half of that number to the final selling price. That way, the buyer would pay 101 $MATIC, and the seller would receive 99 $MATIC, effectively dividing the fee burden.

Check out the THEOS’ NFT Marketplace!

Future iterations to the marketplace

At THEOS we take pride in shifting technology towards a more inclusive NFT landscape. New updates will follow the initial release, including a more comprehensive search engine with added filter and sorting features, plus user-focused and community engaging mechanics, such as following and liking systems — we find these are essential for creators and sellers to engage with buyers and fans within marketplaces. We expect these efforts to lead to a better connection between buyers and sellers than on standard NFT websites.

While the marketplace will be originally open for everyone to use, we aim to eventually evolve the marketplace by implementing a model that best suits THEOS as a whole. Stake-for-access models can potentially be put in place to create a self-governed and curated ecosystem, where fees can be set accordingly to the different tiers within the marketplace.

Moving Forward: Auctions

Shortly after the release of the marketplace, THEOS will go live with the first version of its auction feature. Users will be able to list their NFTs as auctions based on the most well-known auction setups.

In both traditional financial markets and the relatively new DeFi space, auctions have proven to be an important tool for efficient price discovery and have become a central method in the NFT landscape.

Upcoming features

THEOS is tirelessly working on expanding the set of tools needed for NFTs to take their rightful place as the ultimate asset class. After the release of auctions, THEOS plans to set into motion the development of the following features:

• THEOS token Staking
• Internal DEX interface
• Notification center
• Verified accounts
• … and much more!

Carbon offsetting: Partnership with Oxychain

One of THEOS’ original pledges was to become a carbon-neutral platform for NFTs. With the imminent launch of our partner Oxychain, and today we’re closer than ever to fulfilling this promise. THEOS will record its energy consumption and neutralize its direct carbon emissions with the help of Oxychain’s new product, Oxyfarms.

A note on the current NFT royalty standard

Royalties are the backbone of the NFT narrative and are considered the tool that enables creators to continue to receive a percentage of secondary sales that an NFT might carry. Unfortunately, current minting platforms are seldom compatible with NFT marketplaces, stripping NFTs from this unique quality -royalties- at the time of secondary sales.

NFTs minted and sold on THEOS will clearly support royalties. We’re working on a broad standard that will enable creators to sell an NFT minted elsewhere in the THEOS marketplace while maintaining royalties the way they are meant to work.

NFTs have been hitting the blockchain headlines for the past year with projects worth millions of dollars one day and absolutely nothing the next. Still, the technology– and its culture –have a long way before establishing their worth in the long run. One specific feature that needs improvement is the royalty scheme.

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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