The explosion of the cryptocurrency market has spawned a large number of blockchain believers, and the attention to various digital assets has risen. starting in the second half of 2020, NFT has taken off again and is widely seen by the market as the next industry breakout point to take over from DeFi. More and more giants are flocking to NFT and its trading market, including many traditional Internet giants such as eBay.
At the beginning of 2021, the NFT market was on fire with ultra-high transaction amounts such as Uniswap selling a pair of socks for $160,000, Twitter founder’s 5 words fetching $2.5 million, and crypto artist Beeple’s NFT work at Christie’s garnering $9.75 million in bids.
NFT is easily accessible and understood by ordinary people due to its close connection with the physical world. This, coupled with the addition of many artists and celebrities and the official recognition of traditional institutions such as Christie’s, has brought NFT to a wider audience.
The times make the heroes.
A few years ago, the crypto-digital currency exchange Coinan quickly grew into an industry giant by virtue of its cryptocurrency trading.
Now, in the context of the NFT wave, the demand for trading of non-homogeneous tokens NFT corresponding to homogeneous crypto numerical currencies is gradually coming to the fore. the NFT trading track has also become a place where soldiers must compete, and a new opportunity is brewing in the NFT trading market.
NFT market urgent problems to be solved
The hot market has given rise to many NFT projects, and people have gone forward and backward in their exploration of NFT. However, a series of problems have also emerged.
Just like other lucrative things on the Internet, the NFT boom has attracted a bunch of “bad guys” who take other people’s work and make NFT for profit.
On Opensea, for example, artist Weird Undead filed a series of legal notices with OpenSea, asking the platform to block the NFT transactions in question, in Weird Undead’s words, a “wild and senseless copyright infringement. Weird Undead’s copycats have reportedly been using the “Tokenized Tweets” ID to sell their work. Similar problems have occurred not only with Opensea, but also with Raible, Async Art, and other trading platforms. Since the platforms are centralized to review assets on the chain, it is difficult for the relevant NFT trading platforms to completely eliminate the infringement of NFTs.
In addition, the overall NFT sale model led by Opensea is being “disliked” by more and more NFT participants, for example, they only want to temporarily own the right to use NFT, not necessarily permanent ownership. Or game NFTs, where players only want the right to use the game equipment for a short period of time, and the founders don’t want to lose ownership for a long time. This makes the overall selling model need to be expanded to fit the needs of NFT participants.
Most people know about crypto artist Beeple’s NFT piece that received $69 million in ultra-high trade volume to fire up the ring. But what most people don’t know is that this phenomenon is not sending out a healthy signal. The prices of NFT collectibles are currently experiencing huge fluctuations, and the influx of speculators is also causing the prices of the collectibles to deviate from their true value, and there is even the possibility that knock-off transactions could significantly inflate the prices. There is a lack of a unified value assessment standard for how current NFT collections are priced, and it will take the market a long time to conduct price discovery.
With a series of needs in the NFT market, GOATNFT was born. GOATNFT is pulled by the triumvirate of asset trust, asset circulation, and price discovery, and wants to solve the above problems from the current market pain points.
GOATNFT’s vision: Committed to becoming the most professional, credible and efficient NFT decentralized trading platform in the world, providing users with full-link solutions for asset trust, asset circulation, asset value discovery, etc.
GOATNFT’s NFT three carriages
- Asset trust
In the field of asset trust, we have to mention GOAT. GOAT is the pass certificate of GOATNFT platform, holding that represents the core rights and interests of vesting. In the process of achieving asset trust, the platform pass GOAT plays an indispensable role.
There are two traditional forms of credit realization, one is credibility endorsement, such as a person with an excellent reputation, who is more likely to gain trust from others and pledge to get assets, and the other is collateralization, such as we can pledge assets from banks to get cash flow, the latter is an important means of support in today’s financial world. Similar to the latter, GOATNFT uses a pledge of the platform coin GOAT to generate credit.
Anyone, who wants to achieve real assets on the GOATNFT platform and trustworthiness assurance of on-chain assets, then has to pledge platform coins. This process introduces several roles to the platform, forming a complete closed loop of pledge-credit acquisition. The creator, verifier, principal, whistleblower, and consumer are the roles in the closed loop. The creator creates NFT works, the verifier pledges GOAT to obtain verification rights, and the more GOAT the verifier pledges, the higher the credibility. However, if the verifier commits perjury, once discovered by the whistleblower, the verifier is forfeited the pledged tokens and the whistleblower receives the GOAT incentive. Consumers are at the end of this closed loop, with a series of actions such as NFT minting, circulation, forfeiture, pledge revocation, and commission revocation to determine the integrity of this closed loop.
Through the “verification” process created by GOATNFT, the assets are on the chain and the trustworthiness of the assets on the chain is guaranteed, so that the NFT makers can really achieve “real assets” on the chain and the infringement phenomenon will not happen again.
- Asset circulation
In order to solve the problem of free asset circulation, GOATNFT creatively introduces the concepts of leasing and fragmentation on the basis of the traditional overall sale represented by Opensea, and empowers the liquidity of NFT in a new way.
The platform will automatically generate a token contract based on NFT, and NFT ownership will be divided equally according to the number of tokens. Fragmentation is a permanent possession approach, as long as one holds NFT tokens, one owns a portion of the NFT. Token fragmentation lowers the market entry barrier, and fragmentation increases the liquidity of NFT, allowing ordinary people to participate in NFT transactions at a lower cost, so that NFT art is no longer the privilege of high-end NFT collectors, fragmented tokens can be freely circulated in the secondary market, any token holder can use NFT ownership while enjoying the secondary market premiums.
GOATNFT is pioneering in supporting users to lease NFT assets. The lease has a statute of limitations, during which the lessee owns the NFT and can use the ownership to exploit the market value. When the lease expires, the NFT ownership is automatically reclaimed, and the NFT ownership is eventually rolled back to the maker. Just like in the real world, not everyone has the need to buy a house, the leasing model satisfies some of the needs of those who want to own NFT assets for a short period of time.
GOATNFT creates several models: the lease model reduces the cost of circulating NFT, the joint model enables risk sharing, and the sublease model enables risk transfer, allowing NFT participants to take what they need and choose the appropriate ownership model. Unlike fragmented tokens, the leasing model also improves liquidity while retaining the ownership of the mint.
- Value Discovery
GOATNFT is currently the leader of the NFT market breaking circle, and its value lies in the first real sense of allowing owners of traditional IP assets and related non-standardizable types of assets to discover that through blockchain technology, they can link to a new world of discoverable asset values. The ways of value discovery include: quantitative pricing, English auction, Dutch auction , LBP auction, radical auction, etc.
In addition, GOATNFT will accelerate the trend of digital assetization. Compared to traditional assets, NFT digital assets have many new advantages, including transparency and trustworthiness, cryptographic security, programmability, reducing the cost and time of transactions, simplifying rights management, and allowing partial ownership.
In the past, digital items such as game equipment and virtual gifts were stored in the servers of game service providers, and players did not actually own them, and faced problems such as damage, theft, and black market transactions. With GOATNFT, developers can create rare virtual items and ensure the discovery of their NFT’s transaction value.
GOATNFT Empowers GOAT Value Discovery
As mentioned earlier, GOAT, as the only core equity pass for the GOATNFT platform, assumes the role of a series of rewards and punishments for the platform. 1 billion GOATs in total, with tokens allocated as follows:
The direction of asset trust in GOATNFT is the secured credit obtained by pledging GOAT, a pass-through that enables the security of the entire ecosystem and is used to deploy various resources in the network. Anyone can make a share in the network and receive revenue, which is proportional to the amount of work completed and the number of tokens pledged.
Only by holding GOATs can one pledge GOATs to act as verifiers, delegate GOATs to verifiers, increase the credibility of verifiers, and use them to participate in NFT minting, circulation, forfeiture, pledge revocation, delegate revocation, etc., as well as participate in community management transactions, voting and campaigning, and other operations.
Most critically, the destruction mechanism of GOAT is bound to be an important factor that drives the value of GOAT tokens to cash in. For example, during the asset uplinking process, there is a thawing period for the GOAT pledged by the verifier in the network. If the verifier commits evil and provides wrong guidance to consumers during the period, then the GOAT of the verifier may be forfeited and destroyed; if the verifier revokes the pledge during the period, then the GOAT pledged by the verifier will be destroyed 5‰. The GOAT of the principal is not at risk, but in order to reduce the discretionary behavior of the principal, the GOAT entrusted by the principal will be destroyed 1‰ when the principal revokes the pledge. GOAT, as the core pass of the GOATNFT platform, all behavior reward guidelines are enforced in the form of passes.
A portion of the commission from network transactions goes into the rebate pool, while the remainder is completely destroyed. The manual fees, penalty fees, and unclaimed reward fees created by validators and principals will also be destroyed, resulting in a token economy model where supply decreases to a limited extent.
The result is that GOATs become increasingly rare. With the continued empowerment of GOAT by the GOATNFT platform, and the future creation of various application scenarios around GOAT, its value will be gradually reflected in the future.
In the end
From the NFT world of asset trust, asset circulation and price discovery created by GOATNFT, we see the potential of blockchain beyond a single digital currency such as Bitcoin. In the future, the changes brought by NFT in the form of assets, digital assetization, and asset pass-through are expected. Perhaps it won’t be long before people become accustomed to digital ownership and no longer find it difficult to understand holding digital assets, and by then perhaps we will have entered the era where everything is NFT-able. By that time, GOATNFT will be one of the most everyday tools people use.
People will also naturally accept GOATNFT – just as we accept Bitcoin today.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-rising-star-of-the-nft-track-goatnft-how-to-bend-the-road-to-overtake-the-car/
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