XIRCUS: REVOLUTIONIZING THE CREATION OF NFT MARKETPLACES

5 min readAug 20, 2021

It is without a doubt, a fact that non-fungible tokens (NFTs) are gradually taking over the scene in the world of collectibles. NFTs are basically data; digital assets created and stored on a blockchain. They are unique and cannot be interchanged hence the term, ‘non-fungible’. It should also be noted that NFTs are unique representation of already existing ‘’tangible’’ assets; anyone who purchases an NFT automatically becomes the owner of the real asset.

NFTs are quite useful to several industries. In real estate, with the use of smart contracts, ownership rights are easily stored on a blockchain and property purchase as well as transfer of ownership is smoother and easy to verify with NFTs. The music industry is another major beneficiary of the NFT ‘’explosion’’; quite a number of musical artistes all around the world have begun to mint NFTs of their works and put them up for sale. A Nigerian rapper and superstar, M.I. Abaga, revealed sometime in march 2021 that his next album would be released as an NFT.

The NFT market has experienced astronomical growth. In 2020, the market experienced a surge, it grew by 299%. In 2021, things started to get a little more interesting; by February 2021, the amount of NFTs traded per day exceeded the amount of NFTs traded throughout the year 2020 put together! Quite an impressive record.

NFTs are mostly sold on digital market places. As a matter of fact, market place owners make huge amount of money from the business because of the heavy trades that take place there. Unfortunately, NFT creators might not say the same for themselves as they don’t make as much profit as they should when they sell their NFTs in these marketplaces. NFT creators pay high listing fees to get their NFTs listed and still pay huge commissions to these third party market places on every sale they make.

XIRCUS PLATFORM

Xircus is a gamified DAO platform where NFT creators and DApps can create and launch their own personalized market places where they can auction their NFTs directly to potential buyers and create an NFT ecosystem within their control. With the xircus platform, the whole process of selling NFTs becomes much easier and at little or no cost since there are no intermediaries to demand for ridiculously high commission fees and the NFT creators can easily create market places just by carrying out easy steps even without having an understanding of any programming language. The website and whitepaper would have the information needed. Using a DaaS (Decentralized Software as a Service) model, the xircus platform provides easy access to groups, individuals and organizations enabling them create NFT market places or engage in transactions as it appeals to them .

HOW XIRCUS IS BENEFICIAL TO NFT CREATORS

As far as NFT creators are concerned, xircus is definitely a lasting solution and an answered prayer to many challenges associated with NFT trades.

· First and most importantly, the xircus platform would save NFT creators loads of money as they wouldn’t have to pay third party market places to get their NFTs listed or share a relatively large percentage of their profit with these third parties as commission fees. All they have to do is follow a step by step procedure to create their own market place (which can be done within a few minutes by the way), auction their NFTs and sell directly to the highest bidders. NFT creators don’t have to worry about building an NFT trading platform from the scratch as that may involve expenditures running to thousands of dollars.

· Although most third- party market places permit NFT creators to earn royalty fees for their work, the royalty fees are usually small and not encouraging. Xircus on the other hand allows royalty fees for NFT creators up to as much as 15% on resale. The collectors/buyers are not left out as they also receive at least 1% royalty reward after the NFT is sold a third time.

· NFT creators don’t have to carry the burden of having to figure out what blockchain is compatible with the xircus platform; xircus is designed in such a way that smart contracts can be deployed to any blockchain as long as the blockchain is Ethereum Virtual Machine (EVM) compatible.

UNIQUE FEATURES

Blockchain compatibility: as mentioned earlier, the xircus platform was brilliantly designed to accommodate smart contract deployment to all EVM compatible blockchains. The platform can interact with any such blockchain smoothly as long as it can run smart contracts. Polygon, Moonbeam, Fatom, Ethereum are a few amongst many others that xircus can interact with.
2. Accepts a wide range of tokens: almost any kind of token can be used as payment to mint and purchase NFTs be it a deflationary token, an ethereum-based token, a BEP20 token or any other utility token as long as the token can be swapped or traded for a stable coin on an automated market maker (AMM) or any other decentralized exchange.