NFT: Coming Soon

In DeFi space NFTs are the hottest assets since last summer (2020), however, this wasn’t the first time NFT was introduced in the crypto world. NFT was first made a buzz with crypto kitties during the BTC rally in 2017. Since then a lot many things have been improved and creators are looking for more convenient marketplaces to place their arts and creations.

In a nutshell, NFTs are virtual tokens that represent ownership of something inherently distinct and scarce, whether it be a physical or digital item, such as artwork, a soundtrack, a collectible, an in-game item, or real estate. Unlike regular cryptocurrencies like ETH or fiat money like the U.S dollar, these special types of digital assets cannot be mutually exchanged for one another because each token has a specific value based on its unique traits and attributes.

Thus these NFTs can’t be traded on regular trading platforms, due to their uniqueness, these tokens need to be considered as a unique asset or product and a custom marketplace is needed for their exchanges. Like amazon for the goods in the real world.

Barn’s Finance project will provide the dedicated marketplace for the project however NFTs blockchain will be created for its operation and further NFT tokens will be developed within it.

BFP is looking to seek a balance between protecting the interests of all participants and the sound development of the system. Following are the stakeholders/ users of the marketplace.

Validator

The validator is responsible for the nodes that package and generate blocks in the marketplace and maintain the operation of the entire blockchain network. Like Polkadot's validators, validators need to pledge Marketplace tokens and need to stay online continuously. The validator nodes participating in the network can obtain separate package rewards and the reward sharing of each cycle of the blockchain, but they also need to bear the risk of being fined and confiscated.

Guarantor

The guarantor is an account that provides guarantees for any one or more nodes in the Marketplace network. An account with a token pass can become a guarantor, and the guarantor provides a guarantee for the stability and integrity of the node's service with the tokens held by the guarantor. The guarantor can share rewards with the guaranteed nodes (the specific ratio is determined by each node). If the node is punished, the guarantor will also bear the penalty according to the proportion of the guarantee.

Merchant

Merchants are the core users of the Marketplace, and they provide product mobility. In addition to the GAS fee, other costs will be incurred during product listing and product management. Merchants can also pay tokens to purchase ecological third-party services (such as storage, display rankings, etc.).

Collectors

These are the buyers who will buy and hold the NFTs over the marketplace, collectors may trade the NFTs whenever needed.

Apart from this as mentioned the marketplace has a different tokenomics, fee structure, and blockchain consensus. It will be defined as per the requirement during further development.