LavaX x NFTrade — AMA Recap
Addressing the most important topics of our recent AMA
AMA w/ Harrison Seletsky, NFTrade’s Head of Communications
Q. Tell us about the journey behind NFTrade.
A. NFTrade started out as a relatively simple idea; we wanted to create a platform where NFT gamers, collectors, and users, could easily, seamlessly, and trustlessly trade NFTs in a peer-to-peer manner. This idea grew and grew, and NFTrade has now expanded into an all-encompassing NFT platform.
NFTrade began production about ten months ago, with our project recently launching on Ethereum mainnet in the last few months. We are now live on Ethereum, Binance Smart Chain, Avalanche, and Polygon, with many more chains in the pipeline.
Q. What does your partnership with LavaX entail? If the governance partners with you how would it benefit our end users?
A. Since LavaX is community-governed, it is up to the community! From our end, we are interested in hosting a pre-IDO on LavaX, as well as hosting a LavaX NFT farm, giving $LAVAX token holders the ability to earn rare and exclusive collectible or utility-focused NFTs
Users would be able to put their idle $LAVAX tokens to work to generate additional value through our NFT farm, as well as gain pre-IDO access to our utility and governance token.
Q. For your NFT Launchpad will this be an auction system or will you be providing NFT focused services to other Launchpads?
A. Through our launchpad we will give projects the option to sell and auction off NFTs. We are announcing our first NFT Launchpad project later today with B21, making their crypto cards (and an exclusive metal one only available on NFTrade) easily purchasable and verifiable through an NFT voucher.
Q. What is the NFT Aggregator and could you give an example of how your NFT Aggregator works?
A. As an NFT aggregator, we bring together all NFTs into a single place, regardless of their native platform, application, or any other factor.
Currently, the NFT market is highly segregated, with specific NFTs on certain platforms, forcing users to hop from place to place in order to access everything. However, with the open-source nature of blockchain technology, this is unnecessary with the proper implementation, so we essentially scan all of the transactions and assets on each individual network to index all the NFTs into a single place.
We use The Graph (GRT) to query data from all available blockchains, such as BSC, Polygon, and Avalanche, and aggregate all relevant NFT data in one place. For example, let’s say you want to trade an NFT created on Rarible or Refinable. Instead of having to go to each platform to find the NFT you want, the NFT’s data will be accessible on NFTrade, making it easy for users to access all NFTs in one place.
Q. When it comes to Multi-Chain/Cross Chain support for NFTs will this be ERC20 based chains only? Are you building your own bridge system? Will you be creating a new NFT standard similar to ERC-721 etc?
A. No, we will support EVM (Ethereum Virtual Machine) and non-EVM chains alike. EVM (Ethereum-based chains) are easier to integrate, but we will support all chains regardless. Some important NFT-focused blockchains are non-EVM chains, such as WAX and Flow, so users will have access to everything.
We may build our own bridge if the necessary bridging infrastructure is not available, but we will most likely implement the network bridge of one of our partners.
We will not be creating any new token standards, but we will host NFTs from all available token standards across all networks on our platform.
Q. With Uniswap now pivoting their LP model into NFTs for easier collateralizations could you briefly describe the USP on your Escrow P2P Swap systems?
A. Our p2p swapping mechanism is fully decentralized and operates through audited smart contracts. This eliminates counter party risk from over-the-counter NFT trades, which before NFTrade, was the only way for users to trade NFTs.
Q. Product market fit and user acquisition is pivotal for platform adoption. How does NFTrade plan to compete with market leaders such as Opensea? What makes you unique?
A. First, to provide a more in-depth answer for this question:
Differentiation and value proposition are some of the most crucial aspects for long-term success. The NFT marketplace competitive landscape is dense, but many market leaders are not open or willing to innovate. First off, unlike most market-leading NFT marketplaces (including Open Sea), we are fully decentralized and will be community governed. We are also multi-chain compatible and soon-to-be cross-chain compatible, something none of the mainstream NFT marketplaces offer.
Beyond these obvious features, we also offer many other value-adding aspects unseen across the market, especially within a single platform. This includes features and applications like our decentralized p2p swaps, NFT aggregation across all chains, our low fees thanks to Polygon and BSC, our NFT project launchpad, and our upcoming social and community features. Here’s a graphic breaking down the industry’s top players and their offerings to give you a better idea of what users can receive from NFTrade compared to other platforms.
We have a lot of massive updates and additions coming throughout the remainder of 2021. First off, look for more blockchains to be added to increase interoperability and NFT usability across networks. Like I said before, we have already implemented Etheruem, Polygon, Binance Smart Chain, and Avalanche, but we have many more to come.
We also plan to be cross-chain compatible by the end of the year, meaning users will be able to trade NFTs across native chains regardless of where they originated. Before cross-chain compatibility, we will introduce our NFT launchpad, allowing for projects to auction off and sell exclusive NFTs. We also plan to launch our social features this year. 2021 is just the beginning, though; we have a lot planned for the next few years.
Q. Bitclout is the first mass social media platform to have success in crypto since maybe Steam. On your website NFTrade has a section dedicated to the social media space and how NFTs will play a role in this new found adoption. Where does NFTrade fit into this ecosystem?
A. The way Bitclout operates its social media platform is drastically different than how ours will work. Our social features will be available so users can communicate with each other, discuss topics with like-minded individuals, and show off their NFT collections! This will be very important for trading gaming-based NFT items, as users who do not necessarily know each other will be able to easily communicate before proposing or solidifying a trade. It will be the icing on our NFT cake!
Q. Does NFTrade have a native token and if so, what are the use-cases?
[asked by Badhoven]
A. Yes, we will be launching a native token that will act as a governance token. It will also give users a discount on future platform transaction fees (although we are charging zero fees for the first six months of launch)
Q. When will your own token launch? And will there be a discount when paying with your own token? [asked by Yusuf Mert Kahraman]
A. Our token will be launching soon. Follow us on Twitter and Telegram to stay up to date! (Yes, there will be a discount when paying with our token.)
Q. Does NFTrade charge extra fees for anyone who wants to trade their NFTs? (since it will collect NFTs from other platforms) [asked by Mike N]
A. No, there won’t be any extra fees! Just the gas fees necessary to operate between smart contracts (which would be the same as operating on the other platform). With chains like Polygon, there will even be gasless trading.
Q. Will NFTrade collaborate with interoperability projects (such as Polkadot) to develop its cross-chain marketplace? [asked by Julie M]
A. Yes, once Polkadot launches, we will integrate it. We are focusing on intergrating the most active NFT-focused chains initially
Q. Sport, art or commerce. In which field do you want to be the best NFT platform? [asked by HopefulBull]
A. We are an NFT aggregator, so we will host all of the NFTs from all of these categories. We do not want to be the best platform for a singular field, but the go-to platform for all NFTs!
Q. How will NFTrade’s collaboration with LavaX benefit the end users of LavaX? [asked by Raees]
A. Users can use $LAVAX to earn exclusive NFTs such as collectibles, access to allocation, vouchers for beta access to new features, and more! It is up to the community how you want to devise the reward mechanism.
Q. As a LavaX holder I was wondering if in the future we could “wrap” our winning allocation on IDOs as NFT to sell them on NFTrade. [asked by Treza] A. Yes! That’s possible through one of our partners, Charged Particles. We can also represent IDO allocations as an NFT, which we’ve already done for the upcoming $OPUL IDO.
Thank you everyone for your participation and all those wonderful questions!
Follow LavaX’s official channels to remain fully up-to-date and to learn all you need to know about the platform and its developments. We can’t wait to show you what’s coming next.
Learn more about LavaX on our website.