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NFT Platform MetEast Launches On Elastos Smart Chain
Developing its platform on Elastos to complement Pasar, MetEast is a decentralized NFT marketplace ready to add value to Elastos’ growing NFT ecosystem. In addition to allowing users to mint and trade NFTs via encrypted asset agreements, MetEast is bringing a suite of new features to the Elastos ecosystem that will provide superior liquidity for NFTs, support autonomous governance functions, and enhance social interactions from within the platform. On the technical side, MetEast is proud to be developing its application on the Elastos Smart Chain (ESC), which opens up a number of opportunities for integrations and synergies with the growing community of ecosystem applications currently operating on the ESC.
Solving the NFT Liquidity Problem
To date, tens of millions of NFTs have been minted across the blockchain space. Unfortunately, the vast majority of these NFTs are never sold, and remain dormant after they are minted. Circulating and monetizing these NFTs is today’s great challenge for users in the NFT space, and MetEast has developed an incentive model on their platform to help users surmount this challenge. A special NFT called a Blind Box plays a major role in solving this problem for users, and MetEast’s value proposition Here’s how Blind Boxes work:
- On MetEast, users can mint customizable NFT packages called Blind Boxes and fill them with their own NFTs. Some Blind Boxes will contain very rare NFTs, and others will not.
- Users may sell their Blind Boxes to interested buyers that are seeking high-value NFTs at a discount, and are willing to try their luck at a game of chance.
- Blind Boxes minted and sold on MetEast’s platform constitute NFTs themselves, which means their contents are immutable, and both buyers and sellers can trust that outcomes are fair and tamper-proof.
- With plans to deploy on Ethereum as well, MetEast will also be able to support most of the NFTs on OpenSea’s marketplace, which will expand the NFT selection in Elastos’ NFT ecosystem.
To build a strong platform around Blind Boxes and form a robust community, MetEast plans to bring a number of key features to market for the MetEast 1.0 release:
- NFT Minting and Transfers: Users will be able to mint their own NFTs on MetEast, or transfer in their NFTs from OpenSea and other NFT platforms.
- NFT Blind Box Capacity: MetEast 1.0 will allow users to package up to 100 NFTs in a single Blind Box, and to exchange their Blind Boxes in an open NFT marketplace.
- Trading Rewards: Users will be rewarded with MetEast’s native token, ME Coin, for exchanging NFTs in MetEast’s NFT marketplace.
- DAO Functionality: MetEast will establish a foundation for community governance via a DAO (Decentralized Autonomous Organization). ME Coins will serve as governance tokens, and will allow their holders to participate in DAO functions.
A Look Ahead: MetEast 2.0
Already hard at work on getting MetEast 1.0 to market, the MetEast team has its sights on future features and integrations as well. The team has already confirmed that MetEast 2.0 will be focused on DeFi credit systems. At present the team has three main objectives for the platform’s second release:
- Deployment on Ethereum: By bringing the platform to Ethereum, MetEast aims to access OpenSea’s NFT marketplace and activate a channel for an influx of NFTs to the Elastos ecosystem.
- DeFi Features: MetEast 2.0 will allow users to collateralize NFTs for staking and loan functions.
- Credit Features: MetEast 2.0 will integrate Elastos DIDs to realize anonymous credit evaluations for the purposes of issuing personalized loans.
The MetEast core team is composed of a global community of thought leaders, professionals, developers, technologists, investors, incubators, and community members that bring diverse backgrounds, philosophies, and life experience to Elastos. The team operates without a CEO, as team members aim to collaborate and add value to the project in a decentralized model. To contact the MetEast team directly and join their growing community, connect with the project on their social channels:
And as always, to remain up-to-date on the latest events and developments in Elastos’ growing NFT ecosystem, stay tuned here on the official Elastos Info Blog.
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