Solution
Last updated
Last updated
TLDR: Few and Far will be the first DeFi NFT marketplace on NEAR Protocol.
Some platforms have implemented simple and closed-source type of NFT marketplace where there is only one primary function for end-users to swap and auction. These products represent a minimal viable solution for NFT marketplaces on NEAR, and have not achieved significant adoption, especially when considering the massive opportunity within the DeFi network, specifically in the realm of staking, rewards and liquidity providing.
Few and Far is the community-first NFT marketplace on NEAR Protocol with rewards for participating. The platform features an all-inclusive platform available to carry out almost everything related to NFTs seen on leading layer-1 blockchains. Few and Far also enables users to earn rewards for trading NFTs. This combination will create exponential growth in creators, collectors, and traders within the network. Few and Far is reimagining rewards, creativity, and community.
FewandFar will explore the concept of lazy minting. With its lazy minting framework built on NEAR Protocol, FewandFar seeks to offer a feasible solution to minting "just in time" at the moment of purchase. Instead of creating an NFT directly by calling a smart contract function, NFT creators will prepare a cryptographic signature with a limited amount of data using their NEAR Protocol account's private key. The signed data will act as a "voucher" or ticket that can be redeemed for an NFT. The voucher will contain all of the information that will goes into the actual NFT, and may optionally contain additional meta data that isn't recorded on the blockchain, enabling creators to issue new NFTs at no up-front cost. FewandFar aims to be a fully licensed marketplace that enables creators to maximize their income and unleash their full potential. In addition to lazy minting and collection creation, creators will access flexible profile customization to tailor their pursuit, even without technical knowledge.
Additionally, FewandFar will implement an NFT Royalty Standard, modeled off EIP-2981, to facilitate the seamless transfer of royalties on the platform. This will enable creators to set a specific royalty amount that a creator or any right holder should receive anytime anyone sells or re-sells their asset creations. Adopting this standard, FewandFar will allow creators to hold their ownership right of their artworks and creations, and access a resale royalty that will range up to 10%.
Using FewandFar, collectors will be allowed to exchange one NFT for another (i.e. swap). For instance, as a user, let’s assume that you want to exchange an NFT with a lesser value than another NFT you'd love to have. In this case, all you need to do is back your current NFT with added value, which could be in the form of a token. As a user, you can always propose NFT swaps with another user, and when you first initiate this proposal for a certain collection, you need to allow FewandFar to access your NFT, so when the user accepts the swap it gets processed automatically. FewandFar saves this request into its database and tells the other user that there is a pending swap proposal. The other user may decide to either reject or accept the swap. And once rejected, the platform cancels the swap, which becomes invisible and inaccessible to either of the users, if there are no other matching NFTs that you want. Conversely, suppose the other user accepts the swap, you or the other user can then initiate the swap process through the smart contract.
For every NFT sold, FewandFar collects a basic sales fee of 2% (in NEAR) on all NFT sales. Rewards will be distributed fairly in the form of NEAR. You will be eligible to earn NEAR rewards in the following ways:
Earn by staking
100% of FewandFar's trading fees are redistributed proportionally to FAR stakers
Staked FAR will earn NEAR and extra FAR
Earn by trading
Users earn FAR every time you buy or sell an NFT on FewandFar.
Rewards are calculated and distributed once daily in FAR
FAR will be available as trading pairs FAR-NEAR on a NEAR-supported DEX
Earn by providing liquidity
Provide liquidity to the FAR-NEAR pair on a NEAR supported DEX to earn additional FAR rewards.
Later on, FAR will be the governance token in FewandFar's future DAO, but users can benefit from FAR as an incentive for participating in the FewandFar ecosystem initially.
