GC Update — NFTDEX Beta
A new way to trade NFTs on SalsaDAO!
Hello Geniuses! Here at GC, we’ve been in the lab cooking up new contracts and creating new experiences on Tezos!
The SalsaDAO NFTDEX is a pool-based NFT marketplace, where users can trade NFTs for tokens using custom bonding curves instead of simple offers & listings. This project is inspired by sudoswap, and we’ve charged it up with extra features only possible on Tezos.
If you’re ready to test now, visit the SalsaDAO Beta (linked to Ghostnet).
Using the NFTDEX, users can create personal trading pools which can buy or sell NFTs on their behalf. These pools get indexed and displayed on the core NFTDEX interface. Buyers and sellers will be able to navigate to the marketplace and find NFTs of any collection to instantly buy & sell.
Market makers may deposit both NFTs and tokens to provide liquidity and earn trading fees on completed trades. Market makers may choose from a set of custom pricing curves, increasing pool customization.
On the NFTDEX Beta, only the Linear curve is enabled.
By using a pool-based architecture, we open up the NFT world to DeFi-style trading opportunities. The NFTDEX will be the core marketplace for SalsaDAO, and we’re excited to see how the community uses this powerful tool.
Follow us and stay tuned for our upcoming NFTDEX Deep Dive, where we explain the core features in detail!
We can confirm that there will be an $sDAO staking feature in the core architecture of the NFTDEX project. Similar to SpicySwap’s Spice Farming, users will be able to stake $sDAO tokens for a share of the overall fees from all NFTDEX trades.
Spice Farming has shown to be a successful incentive program, with over 10k XTZ in TVL since the release of SpicySwap. Routing fees to $sDAO holders is a great way to give back to our supporters.
Unlike the $SPI token, there will be no major distributions or new sales of $sDAO for the NFTDEX release. There have been numerous chances to earn our governance token over the past year, and our current holders deserve this exclusivity.
If you are interested in fee farming on our NFTDEX, purchase $sDAO.
Special NFT Minteries
One critique of pool-based NFT marketplace systems is that they bypass royalties for creators and artists. This is a fair point, but the real issue is that most royalty systems are not truly enforceable on-chain; users who don’t want to pay royalties can usually execute simple p2p trades outside of marketplaces.
We have a secret solution which will allow truly enforceable royalties on-chain, even when using a pool-based trading system like our NFTDEX.
This secret royalty system will be built into a special NFT mintery called The Millions. We’ve alluded to this project in previous articles, but the scope has changed since we started planning it.
The Millions will be an NFT mintery focused on delivering true on-chain royalties for one-of-one works and small-batch mints. The Millions will work in tandem with our NFTDEX to become a full-featured mintery & marketplace solution for artists.
We also plan on turning our V2 Dynamic NFTs into a minting platform called DynaMint. With DynaMint, anyone can experiment with true on-chain NFTs and custom layering.
The V2 Dynamic NFT system is used by all of SalsaDAO’s latest NFTs, like Coins & Crowns. These NFTs have no IPFS dependency and really do live on-chain forever. We will also provide RNG services for any project that would like to mint a generative set.
Mintery Fees from both The Millions & DynaMint will be routed to SalsaDAO Royalty Staking, with fees being shared based on user SP. As we migrate away from using Objkt, mintery fees will replace the previous royalty incentives.
Look forward to more info on these projects closer to NFTDEX launch.
With the NFTDEX and its supporting projects, the SalsaDAO ecosystem is poised to improve its standing in the NFT space on Tezos.
We will provide an experience that bridges NFTs with DeFi, and once again push the limits of innovation on Tezos.
As always, thanks to all for the support. Try the NFTDEX Beta now!