NFT DEX Begins Development
We've finalized the beginning pool of features that the team is excited to push forward with our initial swap functionality at launch 🚀
We are excited to be blazing the trail toward an underlying and decentralized NFT market layer. The need for such a layer is clear. Just as Uniswap does for ERC20, the NFT protocol DEX will introduce as it’s first feature a swap interface to empower users to create liquidity and a secondary market for NFTs.
Rome wasn’t built in a day and neither will be our tools at NFT.org — we have some good decisions to work through as we proceed in how to weave together support for minting, viewing, custody tracking, royalty fees and the like.
At First Glance
Secondary market for all NFTs via swap interface
WETH, DAI as default pair options
Denote price in USD, but eventually accept listing in any ERC 20 / 721 / 1155 pair
A smart order book contract will map swaps to sell prices, along with other arbitrary data such as allowed addresses, and other transaction fees
Support balances as defined in ERC 1155.
Decentralized static frontend
Our smart contract will allow users to deposit collateral and determine a price at which ownership can transfer.
Eventually we aim to integrate current market dynamics with functionality such as private sales and royalty fees or Artist Resale Rights into the minting or trade process itself that would empower a NFT creator to specify a split between addresses that have royalty rights. This functionality will enable any user to cultivate a type of brokerage network and set fees for commissions — aligning with and automating a common practice in the art world today.
We plan on making and serving a static frontend hosted through IPFS or other distributed file system to communicate with smart contracts without any centralized server for storing user information.
The initial discussed fee structure will be denoted in the underlying currency used in payment, but a discount will be issued for using $NFT token which can be purchased through Uniswap.
The team is proud to be pushing this product forward and will be taking many design and usability cues from existing products to ensure ease of use in the community. If you have any ideas, feature sets or opinions please reach out :)
We look forward to keeping you up to date. Visit us for more information.
Info and docs: www.nft.org