November Update

NFT DEX Development, Staking Success & New Team Members.

NFT Protocol Update - Friday 27 November

The team at NFT Protocol is pleased to provide an update.

1. Staking Success!

Our Stakenomics program has been wildly successful, closing 93% in under 48 hours.

Here’s how it went:

  • The web3 app for staking was completed with a new web3 front end engineer who whipped up the page in no time.

  • Staking is open for everyone until:

    • 7.5M NFT deposit limit is reached, or

    • 60 days elapsed

  • After the limit is reached, or 60 days are elapsed, there can be no more deposits.

  • Staking rewards are broken down into time periods. Stake for X days and get Y rewards:

    • 30 days, 1% rewards

    • 45 days, 2% rewards

    • 60 days, 5% rewards

    • 90 days, 10% rewards

  • There is no lock-in period. You can withdraw your entire stake at any time.

  • The original proposal and design for the staking system was proposed by a community member on our off-chain governance snapshot page: https://snapshot.page/#/nft/proposal/QmPxcWrWvcUL8ijAV2ArVHpgcCzoZBYNgsjSKqBusiQVYk

  • There are 39 days remaining in the staking program and 500,000 NFT still available to be staked.

You can track the staking program at: staking.page/nft

2. DEX Progress

The development team is pleased to provide a brief update to the NFT DEX roadmap!

The core DEX has been architected and smart contracts are currently in development. With the recent addition of two highly experienced front-end/Web3 developers to the NFT Protocol team, we expect to quickly accelerate our development of the front end.

  • The NFT DEX will be similar in design and UX to Uniswap, however, instead of an automated market maker for ERC20 tokens it will be an automated order book / auction platform for NFT sales

  • The DEX will support any ERC721 compatible NFT

  • The entire site will be decentralized having no central lists or points of failure

  • The DEX will contain a re-sell mechanism for other centralized exchanges to use for secondary market activity

  • Multiple different order book and auction types should be implemented eventually, but at the start, a standard order book is planned

  • Royalties will be built-in to the DEX and proposed as a standard for Ethereum

  • Fees will be paid directly in NFT Protocol tokens

  • NFT Protocol tokens will be used to propose and decide on future DEX features via governance voting

3. Team

We’re super excited to welcome two respected blockchain engineers to the NFT Protocol team:

  • John D. Storey: John is an experienced Web3 and front-end engineer, formerly at ConsenSys and Wayfair. He’s excited to come onboard after meeting our team and hearing our future plans. He has experience building web3 dApps while at Consensys and with his passion project DaoHaus, and is keen to see how NFTs play out in DeFi while he builds out and deepens the ecosystem.

  • Ray Engelking: Ray is an experienced engineer with years of inventing, coding, and hardware design behind him. He’s an intense code ninja who’s good in a sprint or a marathon or getting your team out of a bind. Ray brings to the team his excellent engineering skill along with rationality and creativity. His most recent work with us was building the NFT Protocol staking page which was completed in record time.

Please visit www.nft.org for more information.