LUXY.io Dev Update

Hey, LUXY community!

You probably remember our recent announcement about LUXY using smart contracts. Here is the most recent dev update from the team at LUXY!

WEEK ENDING 16/07/2021

  • NFT Creation: The creation process works for several file types and uses IPFS to store the files and metadata accordingly to the ERC-721 and ERC-1155 standards.
  • Internal marketplace: The internal instance of LUXY Marketplace is up and running for private testing of the basics leading up to our alpha release.
  • Real-time web updates: We want LUXY users to receive real-time client updates to keep up with NFT listings and data. It involves a broad scope of considerations. We are testing different solutions involving WebSocket-based approaches and beyond to identify the best means of app-layer scaling and fast + reliable updates.
  • Search and Browse: We are also working on an intuitive search and browsing interface that helps you quickly and easily find any asset on the marketplace.
  • Royalties: We are researching different models for royalties to identify which structure will best serve the community. We plan to initially provide a royalty feature for any asset on the LUXY marketplace in a way that follows ERC721 and ERC1155 standards. We also want to go a step further; our bigger goal is to make LUXY royalties recognizable and universally functional across many platforms. We have been keeping our eyes open for new Royalties standards and solutions. There have been a lot of ongoing discussions within the NFT creative industry to solve this!
  • Next Steps: Listings and auction flow and functionalities!

WEEK ENDING 25/07/2021

We have been working on the core functionalities of the marketplace.

  • On our frontside, we’re adding filters on the browsing page that will boost your search for the NFT you have interest in, also rounding up some details in the UI to make it look great!
  • To keep up with all the bids, listings, and sales you’ll be doing at LUXY, we need an order book that is updated every time a transaction happens in one of our collections. Since each Collection in LUXY will be an ERC721 or ERC1155 Smart Contract on-chain, we are testing our collections and listening to the events to guarantee we will provide you the best and faster experience!
  • We started working on our listings and auctions UI. It is simple for a listed asset: you will be able to buy instantly with Metamask or make bids and wait for the owner’s approval.

Regarding auctions structures, we are building two classic formats:

  • the English style: the owner sets a timer, the higher bid takes the prize at the end. If there is a bid in the auction’s last 10 minutes, another 10 minutes get added to the auction timer
  • the Dutch style: The owner sets a higher initial price, a final price, and a timer. The price declines from the initial price to the final price while the item receives bids. If a bid meets the current price, the sale will proceed!

Other than that, our team will stay focused on the market mechanics this week.

Most of you might not be aware of what’s involved in creating an NFT Marketplace, but that’s alright! We’re building LUXY so you can experience NFTs in a fun and light way, without any worry about gas costs.

Just to let you know a bit more about what goes on behind the scenes, we’ll tell you a bit about our team. We have Clause taking the lead in the smart contracts for the NFTs and Marketplace. That is the part that uses blockchain technology to enable the transactions to happen in a trustless way!

Another part of the team is connecting the Smart Contracts to our databases, providing LUXY with all the information needed. On the web app application, we have our web3 and frontend developers bringing the design to life. They implement all the functionalities to create, list, and trade the NFTs on our marketplace!

We will be making this a weekly event, keeping you all up to date on LUXY!

💗 Team LUXY

The only #NFT Marketplace that is — Green , Scalable, Cheap, Fast! Check us out now: luxy.io