Non Fungible Tokens, or NFT for short, has been around since 2015. Without loss of generality, an NFT records a unique and non-interchangeable unit of data on a blockchain. The lack of interchangeability (fungibility) distinguishes these tokens from blockchain cryptocurrencies, such as BTC or ETH. The concept first came to the spotlight in 2017 with blockchain games such as CryptoKitties. And by 2021, it is really at the center of the world stage’s attention.
NFT markets have exploded dramatically, observing record-breaking trading volume. In 2020, the global NFT market just did about $338 million in transaction volume. The number exceeded $2 billion during the first quarter of 2021, which is a 20x growth in comparison with the previous quarter.
Industry names such as Binance, FTX, Houbi have launched their NFT marketplaces. Coinbase recently announced they are going to launch a peer-to-peer NFT marketplace this year and has already opened a waiting list for it. It is now clear that the biggest crypto players are going to fight for NFT market share. Every NFT marketplace is unique in its own way, the concept however remains the same. Some have a focus on art, others do collectibles only, but they are all mediated by a centralised party.
Just as the dynamics between centralised exchanges and decentralised counterparts are playing out, one may ask if there is any decentralised platform for the NFT marketplace. To this end, MFTDEX is presenting itself as a competent contender. The team behind the project claims that they are striving to provide a complete suite of decentralised products for NFT issuance, trade and auction. Furthermore, the platform allows NFT-owners to transfer their assets across various ecosystems, thereby enabling the concept of metaverse, which is arguably the largest trend in tech for the upcoming years.
The MFTDex team is clearly inspired by Elon Musk and Tesla in picking their titles. Their Technoking (which is an equivalent of a CEO) – Liam Keller – is a Fintech veteran from ETH Zurich, with strong prowess and a close network of influencers in the field of DeFi. Another key team player holding the Game-of-Thrones-inspired title, the so-called Master of Coins is Andrew Moore. He is a Princeton-brewed ambitious economist, with rich experiences in investment banking, and now in charge of MFTDex’s finance matters. The technology department is headed by the Grand Maester Eric Hofmann, who is described as a computer wizard from TU Darmstadt – one of the best technology and engineering universities worldwide.
The roadmap of the project reveals many interesting and ambitious goals. Their most basic product is an NFT marketplace that supports both Binance Smart Chain and Ethereum. Coming March-2022, they will provide NFT Auction capability, where artists can issue NFTs on their platform and put them into auction. MFTDex also has plans to dive into DeFi as well, as they are to offer NFT-based Loans by the second quarter of next year. While this already sounds amazing, their ambition goes even further into Metaverse and SocialFi. It will take a full year for them to realise these later parts.
All activities on the platform are fueled by their native BEP-20 token, called MFT. The token has a total supply of 12,000,000; among which 3,600,000 are to be offered to the public. Once MFTDex goes live, the token will be used for trading fee, medium of payment for loans and auctions, as well as service fee in their Metaverse NFT-GameFi products.
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