What’s Next: NFT Oracle and Flea Market

If you attended our AMA with BSC Gemz, you would have heard about this. Either way, here’s an introduction to the next thing we’re building.

Current State of BSC: NFT Wonderland~

The Binance Smart Chain has evolved into a space filled with creativity. We have artworks, game-specific items and fortune tellings (yes, that’s our Nyanswop Fortune). These are essentially non-fungible tokens (ERC721).

BSC has managed to draw in artists due to its low gas fees and the trend only gets clearer over time with more projects are having their own take at the NFT side of things.

Lack of Attribution and Royalties

Getting fees or royalties per work sold is quite a thing outside crypto industry. It is especially common when an artist or company produces a design, brand, or character and is willing to let other people use it at a one-off price or royalties.

There are a few platforms in the BSC that allows an artist to mint artworks. Once an artwork is minted, it can be put on sale at the site. If an artwork is sold, the NFT artwork would be transferred to the new owner and the creator would then receive the fees.

What happens if the NFT artwork exchanges hands again? Now, the creator is now out of the loop and is unable to claim any form of fees or royalties and has zero relation with the NFT artwork.

Returning Ownership to the Artists

If you hold an NFT artwork, you will realize that it does not have information on the original creator. The current holder of the NFT artwork will be the one and only owner of the NFT. So how can we allow anyone or smart contracts (NFT marketplaces) to be able to fetch the original creator of any NFT?

NFT Oracle!!!

What’s an Oracle? It basically returns the answer to your questions, just like an oracle. 👀

Imagine you can just fetch the original creator from any contracts. NFT marketplaces would then be able to channel a portion of the fees to the original creator. In addition to that, we can now know the original creators of all NFT artworks!

We are building an Oracle just for that! Other contracts and marketplaces would be able to integrate Nyanswop Oracles and therefore able to credit a portion of the fees to the original creator for every sale. Ain’t that great?

For more details on oracles, do check out ChainLink.

NFT Flea Market

We would also be releasing a NFT market place to showcase the usage of the NFT Oracle. The flea market would be quite different from any existing marketplaces you see right now. And of course, all sales would have a portion of the fees sent directly to the original artist!

What Does These Mean for NYA Holders?

Maintaining the Oracle and the data feed is no small feat. It requires running of hardwares and smart contracts to keep things up to date. The Nyanswop Flea Market would definitely be free to use, but the integration of the Oracle for external parties might not be. It is likely that the NYA token would be used to power the Nyanswop Oracle queries for external parties integration.

Sustainability = Support Artist

Artists are the key to the NFT industry. Without them, there won’t be any NFT art. Supporting the artists means supporting the entire BSC NFT ecosystem.

Follow us on Twitter and Telegram for the latest updates.

Twitter: https://twitter.com/nyanswop
Telegram: https://t.me/Nyanswop
Telegram (Indonesian): https://t.me/Nyanswop_ID
Telegram (Announcements): https://t.me/Nyanswop_ANN

Nyanswop is a decentralized protocol for automated liquidity provision on the Binance Smart Chain