It was only this time last year that Opensea was the only NFT marketplace in town. Then in January ‘22, LooksRare launched to huge fanfare and big name endorsements. Since then, various other marketplaces have spawned – such as X2Y2, Blur and Gigamart – all shooting their shot to try and dethrone the NFT king, Opensea.
What is naffles?
Now with 2023 fast approaching, a new contender has entered the ring – Naffles. Unlike the aforementioned marketplaces who operate in the standard fashion you expect, ie. NFTs are listed by sellers, buyers browse collections and then purchase, Naffles has a completely different set up previously unseen in the Web3 space.
The Naffles platform is a unique NFT exchange protocol that allows sellers to create customizable, verifiably fair raffles to sell their assets. This raffle system does away with two aspects of the NFT space which arguably cause the most problems for people trying to buy and sell their JPEGs.
cascading floor prices and undercutters
Within reason, the floor price doesn’t affect how much a seller should set their price at anymore. Taking a floor Bored Ape for example – with the floor of the collection sitting at 69ETH – the seller could set their raffle at a 2000 ticket allocation with a cost of 0.04 per entry. When all tickets are sold and the winner is drawn, the Ape would have sold for a price of 80ETH; 11ETH more than what they would have got on a standard marketplace. An added bonus, nobody can undercut in a raffle – hallelujah!
Illiquidity in nfts
As we know, illiquidity is a major issue in the NFT market. This is down to a few factors, namely the pool of active participants being reasonably low compared to other asset classes. Compounding that is the amount of those active participants who have double digits worth of ETH to drop on a purchase. Naffles low cost of entry theoretically goes a long way to solve that, as ticket prices to win blue chip NFTs could be the cost of a cup of coffee in some cases – rather than the cost of a house.
A marketplace like no other
Essentially, Naffles is aiming to be a marketplace like no other, appealing to the thriving degen culture of Web3 where (responsible!) gambling is lauded, giving sellers a new way to offload their assets without having to lower their desired price, and even innovating the way flippers can conduct their business with the opportunity of low cost buying entries and subsequently higher profit margins for sales.
What’s more, there’s no risk to list. If your raffle doesn’t sell out its allocation of tickets, you can decide to sell anyway or just cancel the listing. The raffles are executed on L2 scaling solution, zkSync, to minimize gas fees, and all winners are selected using Chainlink VRF so anyone can verify, not just trust, the results of each raffle.
🎫 NAFFLES 🎫
(N-nft || r- AFFLES)
What could get better right?
Everybody loves raffles
Everybody here loves NFTs
Let’s see how yet another project coming out of the cyberpunk metaverse of Neo Tokyo is optimising this space👇 pic.twitter.com/W4P5DML7Fp
— Mr Gunnar (@MrGunnar_) December 13, 2022
Naffles is closing in on its initial mint, 300 Omnipotent Founders Keys, going live on 1/18. The Beta platform launch will follow soon after the Omnipotent mint.
To find out more about Naffles, you can visit the links below. As always, DYOR.
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