Decentralized NFT issuance and auction platform CROSS function analysis
CROSS Website: https://cycross.io
CROSS is the world’s first decentralized NFT issuance & auction platform, and it is also the most abundant type of NFT issuance and trading platform. It supports ERC-721 and ERC-1155 agreements. It is currently listed on the Huobi ecological chain Heco.
NFT is essentially a digital asset model that allows countless digital assets to be used and confirmed (it can also be encrypted art, digital photography, digital music, digital-based videos, movies, etc.). The current NFT projects on the market are all focusing on consumers, and CROSS has also extended the business clients, which is the first in the industry, filling and opening up the enterprise market, and accelerating the popularity of “DeFi+NFT”.
CROSS has developed three major functions: NFT issuance, NFT auction and Game Theory
NFT issuance:The NFT issued by the B-end user will be supported by the real data provided by the PISR database obtained by Chainlink, and the DAVE Alliance will provide various types of support for the DAVE Collection;In addition to using the CROSS smart contract with extremely low handling fee for NFT issuance, Consumer users can also create their own custom smart contracts to achieve one-click NFT issuance.
NFT auction: The use of BDN technology and layer-0 solution to optimize network transmission and segmentation block size greatly optimizes the decentralized auction experience.
Game Theory: NFT’s Game Theory is highly playable and rewarding. In the first phase, there are 4 Chinese NFT paintings provided by Lei Chi, each of which is equipped with a blind box, but only one blind box contains a CVT Bonus worth 0.5 BTC. Within the specified time, after the winning user obtains the NFT works, they can choose to auction again, or they can choose to open the blind box to see if they have won the prize.
The decentralized auction model in CROSS is implemented by smart contracts, supporting Vickers auctions, English auctions, and Dutch auctions:
English auction: Also known as an increase-price auction, the seller can set a reserve price and a limited time before the auction. The buyer’s bid must be higher than the reserve price. When the auction deadline is reached, the highest bidder becomes the winner of the bid. It is often used for items that are not easy to determine the value. Maximize the value of items.
Dutch auction:Also known as a reduced price auction, it refers to an auction in which the bidding price of the auction target decreases from high to low until the first bidder bids (reaches or exceeds the reserve price). The closing process was particularly rapid.
Victory auction: Referred to as second price auction, it can also be called blind auction. The difference is that the price that the winner needs to pay is the second highest price, not the buyer’s own price, which can maximize the reasonable intrinsic value of the lot.
Why participating in CROSS?
Higher asset turnover and value: NFTs are powerful because anyone can issue, own and trade them. Therefore, the interaction efficiency between users and NFT is significantly higher than other traditional platforms. Just as the payment efficiency of cryptocurrency is higher than traditional payment, the borderless transaction and convenient transfer make the circulation efficiency of NFT higher than traditional methods. Because of the frequently circulation, digital art can easily verify its ownership (circulation) history, and some digital objects may be more valuable because someone once held it. Value realization is also more convenient.
Extend more application scenarios: NFT makes it easier to realize partial ownership. For example, it is difficult for individuals to buy a very expensive item, but at least part of the ownership can be bought. Although the physical object still needs to be kept by a reliable person or institution, it can be issued, held and traded in the form of encrypted assets to extend more application scenarios. It is only a matter of time before NFT becomes as popular as the leading cryptocurrency.
Asset confirmation on the chain: All digital assets are transparent, and assets are completely personal assets of users. With the development of on-chain NFT, game ecology, encrypted art market and NFT financial derivative certificates, the underlying technology is constantly improving, the circulation model is convenient, the ownership is personal, the issuance is open and transparent, and the development of community development will change the model of the NFT industry.
Social trends: Some people will question the scarcity of digital art , because it is easy to copy works in large quantities by taking screenshots or copying. But the real object also has similar problems. Anyone can take a photo of the Mona Lisa or make a copy of it, but these are not genuine products of the artist. There are always people willing to buy original works.