A Token For Promoting Quality In NFT Marketplaces
Business Overview
- NFTY proposes establishing an NFT protocol that may assist NFT exchanges in accurately identifying the quality of things for sale and classifying them.
- NFTY builds an NFT reputation layer. It is based on staking and farming actions. Incentives and rewards are financed by 7.5 percent of every NFT auction’s final payment that employs the protocol.
- Rewards for “endorsers,” or advocates, are given out in proportion to their NFTY token allotments. This incentive is paid out in a reliable digital asset backed by the US dollar.
- $NFTY tokens are restricted to promote loyalty. Devoted advocates with skin in the game might make their efforts a full-time career dependent on the quality of their ratings.
The Challenge
- NFTY intended to create an NFT transaction reputation layer, which proved to be a difficult task in and of itself. This layer would allow for the measurement of qualitative, subjective metrics such as the popularity and quality of auctions.
- NFTY utility token creation for crowdsourcing reputation, accessibility, advocacy, and governance was the key challenge.
- Tokens such as NFTY, Native ledger tokens, and other tokens in which NFT sales are denominated are all used in the NFTY Protocol infrastructure.
- When it comes to tangible items, millennia-old networks have been formed to confirm the quality of artists and their works. These networks help customers discover the excellent. Digital art, collectibles, and other NFTs have no comparable networks.
Our Solution
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Time Staking
It is an excellent feature that gives users a clear idea about the total number of days for which the NFTY tokens have been staked.
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Chain Agnosticism
Chain/Blockchain/Ledger agnosticism refers to a single platform that permits numerous chains to be utilized, dependent on an individual's preferences.
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Propriety Protocol
The NFTY protocol developed by SoluLab will allow most newly minted NFTs to operate at incredible speeds.
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Digital Scarcity
Using this feature, the user can control the quantity and availability of digital assets or resources.
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Digital Permanency
The strategies used to predict and satisfy the projected lifespan of data saved in the digital medium are called digital permanence.
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Smart Contract
Smart contracts enable trustworthy transactions and agreements to be carried out between disparate, anonymous participants without the need for a central authority.
Project Features
- The seasoned experts of SoluLab collaborated closely with the Liquid Craft team to properly analyze the project’s scope. Then we devised a strategy to build a highly secured and scalable NFT ecosystem to ease the trade of various sorts of liquors all across the globe.
- Liquid Craft enabled easy interaction between members within the same role and different roles to facilitate easy peer-peer trading of craft liquors, thereby inspiring creativity and celebrating the distinctiveness of the craft liquor market globally.
- Our expert developers used industry-leading blockchain technology to develop a functional NFT marketplace for facilitating the easy tokenization and trading of craft liquors. The documentation was excellent, followed by prototype and framework development.
Project Outcome
- Our professionals at SoluLab correctly designed the protocols and constructed the reputation layer for enabling NFT transactions to solve the current difficulties in NFT exchanges.
- The NFTY token was successfully launched, allowing users to make the most of them while keeping all transactions documented, transparent, and secure.
- Concerns about imposters in the arts are addressed by the NFTY protocol, which provides supporters with financial incentives to hunt them out and promote brilliance. It may be used in both the physical and digital worlds.
- The NFTY protocol aspires to become ledger agnostic by constructing bridges across all NFT ledgers. Thus allowing NFTY to include most NFTs.
Technology Stack
Clients’ testimonial
“SoluLab did a brilliant job by providing the best-in-class solutions for our requirements. Their technical expertise is commendable. We could not have got a platform much better than SoluLab to meet our expectations”
Chris Mills
Co-founder & CEO, NFTY Token
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