NFTease is back with another huge development update.
Our largest development update yet has just been deployed and launched on the https://nftease.app platform! With many new additions, functionalty, looks, and upgraded infastructure.
Whats New
Among the large variety of additions that have been included, we’ll break down the most important as going over each and every individual change will be out of scope for this article.
EIP2981 Compliant
This is the fancy term given for Ethereum’s EIP-2981 proposal. We have implemented this technical modification to our ERC721, ERC1155, as well as newly designed marketplace smart-contracts — basically, this means that creators now have the option of adding royalties and commissions directly into their NFT.
Unlike most marketplaces and NFT minting platforms, NFTease allows creators to choose their royalties percentages. The power and abilitiy to earn a certain revenue from resales is entirely up to a creator (up to a maximum of 80% commission).
By using this new and compliant protocol on NFTease, we have opened the door to allowing creators content to be re-listed and re-sold by the purchaser all while the creator is able to maintain revenue from their work.
Secondary Marketplace
A large portion of this development update implemented technical modifications to allow for a secondary-sellers marketplace. This is an entirely new feature to the NFTease platform that will allow fans, and NFT enthusiasts to resell a creators content if the creator has enabled resales. This allows for a more liquid flow of content purchased on NFTease, and introduces our start of some DeFi features to the platform.
How It Works:
When a creator creates an NFT, they are provided with the option of enabling resales for their content. Once enabled, any subsequent buyer will be able to resell the creators content on the NFTease platform, while the creator of the original content receives royalties & commissions on their work, for life.
The reseller of the content is able to directly set their listing price in the same token the creator sold it for. This ensures creators royalties are paid-out in the same currency.
Bidding System:
Users are now able to submit bids and offers for content on resale. Once a bid has been submitted, it will be held in escrow for a period of 24 hours, until the seller accepts/rejects the bid, or until the user is outbid. Upon the successful sale, the funds will automatically be distributed to the seller, and creator, while the NFT is transferred to the new owner who can then re-list the content!
Blockchain History & Accumulation of Historical Data
Each individual NFT now features specific history to the NFT with aggregated data and transactions directly taken from the blockchain. This data can be used to see the history of trades, price action, as well as individual transactions per NFT. In the future, this data will be shown on custom graphs to show a historical price floor and trade volume per NFT!
ERC1155 Collections
Another major accomplishment reached in this update is collections! Creators can now create a collection with up to 1,000 items per collection. Each collection represents the same piece of content, but in a semi-fungible fashion. This means that a creator is able to “drop” a single collection and instead of having 1 item available in it, they can choose to sell multiple copies of the same content, at the same price point. This is largely different from the NFTease content pre-update, which exists strictly as a 1 of 1 ERC721 token.
What’s so special about this?
Aside from allowing creators more freedom in how to distribute their content, our collections are 100% gasless & free to create. Creators need absolutely 0 funds in their wallet in order to create content on NFTease, no matter the blockchain, and no matter the type of content they wish to distribute.
We have always stood by the accessibility design decision of NFTease, and as so we have chosen to implement gasless erc1155 eip2981 smart contracts 😆 — quite the mouthful, right? All this means is that creators can create free collections, allow individual copies to be resold, as well as define their own royalties per content.
More Currencies
A large talking point among the community and team was to allow the platform to become more accessible and truly cross-chain (after all, for the non-crypto savvy setting up a wallet and adding a custom RPC is hard!). In our mission to address this need, we have introduced payments in the following BSC tokens:
- BNB — Non wrapped (WBNB).
- BUSD
- TEASE Token
To encourage the continued utility of $TEASE, we have deliberately set the fees for any transaction on the platform to be the lowest with the $TEASE token. This encourages users to continue using this token to execute trades and transactions as not only are the fees the lowest, but the reflection mechanism also gives a small kickback on every platform transaction!
In the very short-term future, we will also be integrated a fiat on-ramp to the site which will allow users to directly purchase BNB, and BUSD on the site without having to leave.
Design Changes & More
Among the described above changes comes a new look to the content pages, creator profiles, marketplace page, as well as some touch ups across other areas (and a better login design!). There is much that hasn’t been covered in this article, such as our newly built notification system, changes to our built-in management suite, and much, much more! There will be many more updates to come with exciting features and new ways to use the platform, we’re just breaking the ice.
CONCLUSION
That’s a wrap. There is still some final polishing touches to include with this update that will be pushed over the course of the next few weeks. As always, please report any bugs or strange behavior to the developers, as the build of the site is still in it’s beta stage.
Until Next Time!
