Week Ending 29/07/2021
Hey LUXY community!
The team has decided to launch the test application on Mumbai Network! Mumbai Testnet is a test network for protocols on Polygon (previously Matic). The first Network on which LUXY will launch is Polygon Blockchain. This way, testing on Mumbai will be a preview of how LUXY Marketplace will function once deployed on mainnet.
A reason for this choice is that Polygon Network can readily offer essential aspects of the experience we are going after. It has a considerably lower gas fee than Ethereum Network, fast transactions, ongoing NFT projects, and adoption. These are essential features of our vision for LUXY and we’ll be preparing LUXY to be a Multi-chain marketplace that uses faster and low fee networks.
But our main goal is to launch on Syscoin Network Enhanced Virtual Machine (NEVM) once it goes live! The marketplace will need the NEVM in place to deploy and run smart contracts on Syscoin. They are the engine of the mechanics of the sales and are also essential to keep up with the NFT standard protocols.
This week events on development:
- The developers deployed the ERC721 contract using Mumbai Testnet.
- We have made some advances in our backend design. We are separating our backend services into split services adjusting our architecture to a microservice style which will enable more robust updates and better services in the years to come.
- We have reviewed our item page design. We felt that important information about the assets was missing or had the wrong weight and emphasis. The new NFT page design will make it easier to find details about the collection, properties of the item, past activity, and interaction with the sale events.
- We are working on Listing an item for a fixed price, instant buy, and receiving offers!
The Core of a Marketplace
Regarding the Sales mechanics, we dived deep this past week and have some considerations to share with you. The sale types most used by our competitors are Listing for a fixed price, English Auction, and Dutch Auction. Each one has a different mechanic and a different outcome for the seller and buyer.
Listing for a fixed price
The owner approves the sale of the NFT for a fixed price that he wants to receive for the item, and the buyer can instantly buy for that price.
For the owner, it is applicable for items that have a known price on the market it can also be used to sell quickly at floor prices for liquidity or to simply set a price and forget. If an item is listed at a higher price than the audience is willing to pay at the moment, it might not sell instantly, but someday the seller can receive a surprise!
For the buyer, it shows the currently available pieces to buy instantly. That’s nice considering that time is something essential in this market!
English Auction
The owner approves the sale of the NFT for the highest bid at the end of the timer. For the owner, it is a mechanism of price discovery to see which amount the buyers are willing to pay for the piece.
It works better If you have a highly anticipated drop or a unique item in high demand that can benefit from this competitive method.
Dutch Auction
The owner approves the sale of the NFT with a starting price that decreases until an offer meets the price or reaches the minimum amount the owner is willing to sell the item.
This is another price discovery method useful to determine the higher amount the buyers are willing to pay for the item below the initial price. It works well for assets with an unknown demand.
We will launch with fixed-priced listings from the beginning, and auction modalities will be added in sequence. We want to develop the Auction events, taking some extra consideration regarding the user experience and the demand for the NFTs. It would require more development time, and we don’t want to delay the LUXY launch any further!
~ Connect with LUXY ~
Send your project here: https://luxy.io/
Twitter: https://twitter.com/Luxy_io
Telegram: https://t.me/luxyio
Instagram: https://www.instagram.com/luxy_nft/
Medium: https://medium.com/@luxy.io
Discord: https://discord.gg/UqRPfhsBKF
