NFT Protocol June 2022 Development Update
We launched v2 of NFT Protocol and the NFT.org DEX into a public beta phase on April 21, 2022.
The following statistics which were compiled on June 6th, 2022 summarize its use thereafter:
11 completed swaps
27 NFTs traded
15.98 ETH traded
9 completed swaps were 1 or more NFTs sold for ETH
1 completed swap was 1 NFT traded for 6 NFTs
6 completed swaps were NFT bundles (1 or more NFTs on at least one side of the swap)
3 completed swaps involved Art Blocks
4 completed swaps involved Parallel Alpha cards
Most valuable completed swap was 1 DRIVE by Dave Krugman sold for 15 ETH (edited)
44 swaps created since beta launch
9 of 44 swaps created were canceled
We’ve taken note of this data as well as the feedback we’ve received from users and used it to assemble our roadmap for the remainder of this year.
The current v2 version of NFT Protocol currently powering the NFT.org DEX functions as a decentralized escrow by actually taking possession of the assets involved in a swap order and executing the swap when the specified conditions for swap execution have been met by a counterparty. Our decentralized escrow minimizes attack vectors for the protocol and its users and is an important feature that will become increasingly appealing and useful to certain entities as the NFT space continues to grow and mature.
Paying gas to transfer assets to the protocol in order to create swap orders, however, can be an obstacle for many users for various reasons.
Our primary focus for the forthcoming v3 update to NFT Protocol is thus a new swap architecture that will allow users to create on-chain swap orders that will not require users to send their assets to the protocol. These swap orders will be the default swap order on the NFT.org DEX and users will have the option to choose to use the decentralized escrow when creating a swap.
More information on this new swap architecture will be announced in future development updates as development on this feature progresses.
NFT Protocol Roadmap
In addition to the new swap architecture, NFT Protocol will also be gaining the following features by the end of the year:
Advanced accounting - NFT Protocol ETH/MATIC balances will be spendable on the protocol without first having to withdraw (this feature is currently in Q&A).
Programmable royalties - creators and NFT project founders will be able to customize the royalties extracted from qualifying swaps on NFT Protocol and how they are distributed.
Programmable fees - protocol fees will be dynamic (flat or value-based) and adjustable.
Adjustable swaps - swap creators will be able to make certain adjustments to the TAKE side of their swap.
Swap expiration - swap creators will be able to specify an expiration date and time for their swaps.
Auctions - auction functionality will be built into the decentralized escrow swap architecture such that assets up for auction will be guaranteed to sell so long as any specified reserve price has been met.
Collection offers - make an offer for any NFT from a given collection.
The NFT.org DEX applications team will be building UI/UX elements to accommodate all of the new features coming to NFT Protocol over the course of the year.
The frontend team will also be building the following features for the NFT.org DEX this year:
Social media bot - a bot that relays activity on NFT Protocol to Twitter, Discord, and Telegram (the bot is already live in a Q&A stage on all three platforms).
External data - bring price history and data into the application from external sources such as OpenSea (this feature is also already in Q&A).
Notifications - a means of users opting in to being notified of events pertaining to their address(es) that happen on the NFT.org DEX (this feature is also already in Q&A).
Chat - a means of communicating with others via the NFT.org DEX interface.
SDK - we are building a SDK that will make it easy for developers to build a custom frontend powered by NFT Protocol.
We are aiming to release two updates to NFT Protocol this year.
We would like to push a v3 update to the protocol as soon as the new swap architecture has been built, tested and audited which will also include the advanced accounting functionality. We think we can get this update released as early as the end of Q3 2022.
An additional v3.1 update including the remainder of the aforementioned features will then be released towards the end of Q4 2022.
Updates to the NFT.org DEX UI/UX will be released as they are finished throughout the year with the goal to adhere to the quarterly release schedule outlined in the roadmap above.
This roadmap has been published in our documentation here where it will be updated regularly to reflect our development progress.
Other Roadmap Considerations
The remainder of this year will be about improving our Ethereum and Polygon deployments and working to solidify a place for them within the NFT ecosystem.
When we near the end of the work outlined in this year’s Q3/Q4 roadmap we will begin to set our sights on expanding to other blockchains such as Flow or perhaps additional EVM-compatible L1 or L2 networks.
Blockparty & Other Partnerships
Our development partners at Blockparty have recently begun to move into providing their clientele with Blockparty-powered storefronts such as this one that powered a recent NFT drop for NYC-based tattoo artist Trudy Lines.
As Blockparty moves deeper into this business model they’ll begin to integrate NFT Protocol as a means of facilitating on-chain secondary market NFT trading directly from their clients’ storefronts.
We’ve also been fielding interest from a number of entities interested in integrating NFT Protocol into their projects in some capacity. Some will be waiting until we release v3, some will be waiting until our SDK is ready, but at least one DeFi project we’ll name when their integration is complete and live has already begun integrating with v2 of NFT Protocol.
Our beloved community member Anderl has been working with governance to formulate a membership-based model to bring additional value and utility to our $NFT token. The proposal passed its temperature and consensus check rounds.
We will be discussing internally and with Blockparty over the course of the rest of Q3 2022 to iterate upon what a membership program could look like for both Blockparty and NFT Protocol and then working with Anderl to move his proposal into the final governance proposal stage of our governance process.
Generally speaking we do believe that a membership program could bring a lot of value and utility to the $NFT token and to NFT Protocol and Blockparty and are looking forward to presenting a plan for such a program to governance later this quarter.
We are actively hiring for a new backend engineer proficient in Golang who will take full ownership over NFTNode - our chain parser/indexer that delivers the media and data to the NFT.org DEX.
We believe that NFTNode is capable of becoming a sort of standard within the NFT space and are looking for the right engineer to help realize its potential and allow Tilo the capacity to focus exclusively on the protocol itself.
We have received a lot of interest in the position and are actively interviewing and considering the most promising candidates.
These are tumultuous times not only within the crypto and NFT spaces but within the world at large. We believe that decentralized trading protocols like NFT Protocol are going to be essential components to the stage of evolution of the NFT space within the global economy. We are here to stay and building this protocol and this project with longevity in mind.
Thank you for your ongoing support and please visit us on Discord or Telegram with any comments or feedback.