People have been conducting trade since the dawn of civilization. The most fundamental activity in regards to exchanging goods & services underpins modern global economies.
Crypto is a mirror of the real world. Centralized exchanges were important early gateways to allow crypto users access to a range of cryptocurriences. Since the Summer of 2020 and the Rise of DeFi, decentralized exchanges (DEXs) such as Uniswap have significantly grown in importance with their ease of use and lack of KYC to trade.
Zoracles (ZORA) was launched on Uniswap last November and the process to list the Zora token was seamless. This allowed the community access to liquidity that normally would come at a high listing fee with a centralized exchange.
This experience inspired our development team to create a platform that can leverage our existing product lines and deliver value to the wider crypto community.
New Product
We believe the next great economic growth engine will occur virtually. Digital art, gaming & financial tokens represented on blockchains as NFTs are positioned to become the most valuable and desired digital assets. Our development team is building the necessary infrastructure to drive global trade of NFTs while powered by Zoracles Technology.
Our new NTF Swaps product will be the first to allow ANY ERC-721/ERC-1155 along with ERC-20 tokens to be swapped seamlessly and with confidence.
We believe this product can evolve into the “Uniswap of NFTs.”
A few NFT marketplaces exist but none offer a complete platform for supporting trades of all the aforementioned ERC token types and our innovative wallet reputation feature. Our Zora Score will be calculated and displayed as a trust metric along with price data gathered via APIs from various NFT platforms.
Since by design NFTs are non-fungible and unique, our development team decided to include a wallet rating to give users more data on their counterparty. This is an exciting opportunity for the Zoracles Team to integrate our Zora Score into a new product and have buyers and sellers informed of the wallet reputation similar to eBay Powerseller ratings.
Use Cases
NFTs have exponentially grown in popularity and utility this year and Zoracles feels there are several key areas in which we expect traction for our new product.
Collectibles
An area of interest that has seen significant traction is NFTs as collectibles. Organizations such as the NBA have posted record breaking sales for their content.
Also, artists such as Beeple have penetrated the mainstream zeitgeist with selling their artwork as NFTs for record amounts. We believe our product will see interest from collectors that want to swap art or entertainment NFTs and our initial target market will be this audience.
Gaming
Worldwide gaming is a multi-billion dollar business. Virtual currencies and game credits are a natural fit for blockchain technology. Special items or rewards fit nicely into a NFT for some of the largest gaming publishers.
We will approach gaming studios and offer our platform as a way for their users to swap special prizes and NFT giveaways. Also, our development team can support integrating NFT Swaps into their existing tech stack.
Financial Assets
A very promising area of research by our founding team is Uniswap V3 Liquidity Provider NFTs. We believe the real innovation with this update is the concentrated liquidity feature that will enable LP tokens to get issued as NFTs.
This breakthrough functionality will open a lot of opportunities for secondary markets to form similarly to what we see in today’s traditional financial system.
We are working hard to provide an innovative solution for Uniswap V3 LP NFTs and will keep the community updated as funtionality is determined.
Next Steps
Our team of developers are aiming to release a beta version of NFT Swaps to an Ethereum Testnet in April. With integration of Zora Score & NFT price data powered by Zoracles Technology, we will proudly have a product that is a first of its kind.
Needless to say, The Zoracles Development team is extremely excited to share this new product with our community and the crypto community at large.
Feel free to review our NFT Swaps Github that was just made public and join our community at the links below.
About Zoracles
Zoracles partners with DeFi projects using zero-knowledge proofs to provide confidential data to smart contracts. Our product lines include confidential credit, price feeds and a “Snarks-As-A-Service” software platform.
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