Will Chair Pilot the Mass Adoption of NFT
first DEX for utility NFT
In 2012, a blog post by Yoni Assia titled “bitcoin 2.X (aka Colored Bitcoin) - initial specs” described Color Coins as unique and identifiable from regular bitcoin transactions. In 2017, CryptoKitties, a blockchain-based simulation game, promoted the broad application of NFT in the gaming industry. In 2021, the jpg file of “Everydays: The first 5000 days” by artist Beeple was auctioned for $69 million, marking the skyrocketed popularity of NFT and the further integration of the blockchain industry into the real world. The latest trend heralds a new era of NFT.
NFT stands for Non-Fungible Token. It is indivisible, irreplaceable, and unique. These features enable NFT to be the anchor of goods and services in the real world. Hence people start to realize that encryption can be applied in real life scenarios. Instead of major cryptocurrencies like BTC, NFT is the best candidate for bridging the gap between the blockchain industry and the real world.
However, there are plenty of issues to be solved in the current NFT industry. These issues have been hindering NFT's mass adoption.
1.Highly homogeneous NFT asset category. The current NFT industry is flooded with artworks instead of physical assets. Furthermore, the value of many NFTs reaches millions of dollars, placing a high entry barrier for average users and limiting the transaction and liquidity of the NFT market.
2.Isolated development. The NFT industry is of limited influence and the existing NFT platforms are in excessive competition and involution.
3.High gas fees. As Ethereum has the largest user ecosystem, most NFT projects were built on it in the early stage, making it home to NFTs. Nevertheless, the low performance of Ethereaum results in high gas price and latency and a lack of liquidity of NFT assets.
4.Too many counterfeit products. The absence of a review and penalty mechanism makes it hard for users to distinguish whether the minted NFT is original or not, leading to the emergence of lots of NFT counterfeits.
CHAIR leads the mass adoption of NFT
As the world’s first decentralized NFT trading platform for rights and benefits, CHAIR has a powerful developer team consisting of elite professionals who have immersed themselves in the blockchain industry, financial industry, technology industry, and marketing industry for over a decade. They each bring their own strengths and resources to the CHAIR project. CHAIR platform is devoted to helping its users tokenize any right and benefit into NFT assets that can be publicly traded and auctioned.
Diverse NFT assets
NFT can function as the proof of digital assets ownership, so CHAIR believes that the application of NFT will by no means be limited to artworks. As everyone is unique with their own personal rights and benefits, everyone can create customized NFT on the CHAIR platform. Relying on blockchain technologies, CHAIR manages to achieve users’ ownership and management of their own privacy, identity, data, assets and other rights and benefits, enrich NFT assets by tokenizing broad rights and benefits into NFTs. As a result, ordinary users can be involved in the revolution of recording ownership of physical assets on the blockchain, breaking down barriers between the two worlds on and off the blockchain. With simplified procedures of minting, trading, and auctioning NFT on CHAIR, average users can enjoy a low entry barrier and NFT liquidity will be greatly boosted. This also helps to achieve the privatization and free circulation for multiple types of utility NFT.
Explore NFT 2.0
Bitcoin and the distributed ledger technology are widely recognized as blockchain 1.0 by the industry while Ethereum and the smart contract technology are regarded as blockchain 2.0. Both of them are milestones for the crypto industry.
The NFT asset category of current NFT platforms is highly homogeneous. It is still a niche market with limited influence but excessive competition and involution.
CHAIR has taken a unique approach to develop new NFT market potentials. On one hand, CHAIR has the capability to attract or invite a large number of KOL users with the platform’s profitable business model and the founding team’s high-quality personal resource. On the other hand, those KOLs will join the CHAIR platform with their own internet traffic and large groups of loyal fans. CHAIR is dedicated to helping KOLs monetize their internet influence. In turn, KOLs will utilize their own resources to attract more fans to spread the word about CHAIR, such a positive feedback loop will bring more attention to both the KOLs and the CHAIR platform. The platform will allocate more support and business development resources for high-quality KOLs. The platform, KOLs, and fans will work together to make the cake bigger and achieve a multi-win situation, facilitating NFT’s viral spread.
A liquid market that units the buyers and sellers will accelerate NFT transactions in the secondary market and add more value to NFT assets.
Binance Smart Chain (BSC) with low gas fee
CHAIR is based on BSC where the gas fee is lower and the confirmation time is shorter. The fair value of NFT will be more distinct as more transactions are conducted on the CHAIR platform. Then sellers can monetize their rights and benefits more easily while newbie buyers can enjoy low entry barrier to the NFT market. Both sellers and buyers will be free to quit at any time as long as they are willing to.
How does CHAIR solve the issue related to counterfeit
The security provided by CHAIR platform's blockchain technology can guarantee that selling fake NFT tokens is virtually impossible.
First of all, CHAIR has a complete audit and punishment mechanism that requires NFT creators to provide proof of their ownership of goods and services. Secondly, a certain amount of handling fees are charged for both creating NFT and storing NFT so that the cost of producing counterfeits will be increased and the number of counterfeit products will drop. Lastly, NFT will be registered on the public blockchain ledger so that the digital ownership ('source')can be tracked and verified. The NFT's previous sale prices and the number of existing copies will also become publicly available.
The imagination behind NFT is boundless. CHAIR is well-positioned to make the imagination come true and facilitate the mass adoption of NFT. Lets’ see how far CHAIR can go!
About the author
CHAIR is the world's first decentralized trading platform for utility NFTs. CHAIR tokenizes "rights and benefits" into NFTs and establishes a brand new NFT trading system to improve asset liquidity and economic efficiency.