✨ Introducing our own NFT exchange (+ GFARM2 pool 🌱)
Everything began when I received the following answer from Opensea after contacting them to verify the NFTs:
We’ve reviewed the project as a team and decided that in its current state we won’t be able to support trading of the NFTs on OpenSea due to our understanding of existing regulations.
First, I thought this was bad news. But after thinking about it more, it’s giving us the best opportunity to bring even more value into our ecosystem.
The world wasn’t ready for the first DeFi NFTs with a real use case. Let’s build the exchange ourselves!
💱 Running our own NFT exchange
I have finished working on the smart contract and unit tests. I just need to make the front-end and we can open the exchange!
It works with a bidding system. You put your NFT for sale with a minimum bid and a bidding duration.
For example, if you don’t want to sell your NFT for less than 5 ETH, you put this amount as the minimum bid.
Since the NFTs are so scarce, hard to obtain, and useful, having a bidding system is really relevant!
Remember, art NFTs without any use case are already being bought for $50k+
⚙️ How does it work precisely?
- You put an NFT you have in your wallet for sale. You have to precise a minimum bid and the duration.
- Your NFT is sent to the exchange contract.
- The first bidder makes a bid (above the minimum), he sends his ETH to the exchange contract.
- If someone else outbids him, it sends him back his ETH, and the new highest bidder sends his ETH to the contract.
- It goes on until the bidding period ends.
- After that, the highest bidder can claim the NFT. It sends the ETH from the smart contract to the seller automatically when he claims it.
- If no bid was made before the end, the seller can claim his NFT back and keep it or put it for sale again.
🌱 Stake GFARM2 and receive ETH rewards!
The goal of this pool is to reduce the circulating supply, and to give back rewards to GFARM2 holders.
You will be able to stake your GFARM2 tokens and receive passive rewards in ETH!
🛠️ How does it work?
- 5% fees are taken on each bid of the NFT exchange
- 25% fees are taken to the highest bid once an NFT has been sold
These amounts are in ETH, and will be shared between everyone staking their GFARM2 in this specific pool!
Also, if you exit the pool, it will burn 10% of your tokens staked. This is an additional incenvitize for stakers to stay in the pool.
⏳ Both features will be implemented soon (≈ 7 days)
Thank you for reading :) Join our community! 💬