CoinMarketCap takes a deep dive into an upcoming project focused on building a more accessible NFT marketplace.
If you’ve been involved in the cryptocurrency space for any length of time, then odds are you’ve heard about non-fungible tokens (NFTs) — a type of provably scarce digital asset that can represent practically anything.
The last year has seen interest surrounding NFTs explode, as a huge number of renowned artists, celebrities and brands threw their hat into the NFT ring and began innovating in the space.
But as demand for NFTs and their capabilities continue to grow and evolve, there remains an obstacle to mass adoption — NFTs just aren’t all that accessible to everyday users. But HoDooi.com, a new all-in-one hub for NFTs, has its sights set on changing that.
What Is HoDooi.com (HOD)?
HoDooi.com is a multi-chain NFT marketplace that looks to address some of the shortcomings of competing platforms by providing an environment where both buyers and sellers can extract the maximum value for their NFTs and easily begin building their NFT collection.
The platform looks to empower creatives with an outlet to showcase their digitized art and find a buyer for their content, while providing powerful resell features that help speculators and NFT connoisseurs perform best on the secondary market.
The platform is backed by the HOD utility token, which can be used to pay for advertising and purchases, and also unlocks a variety of perks for users — such as staking rewards, increased minting limits and fee discounts through the platform’s membership program.
How Does HoDooi.com Work?
As a marketplace for NFTs, HoDooi.com provides a platform where NFT buyers, sellers and creators can come together to make secure transactions. Designed to make the process as intuitive and pain-free as possible, HoDooi.com looks to cut fees down to a minimum and boost transparency in the space by leveraging a range of novel technologies.
By providing an eBay-style NFT marketplace, HoDooi.com will empower sellers with a range of listing options, such as fixed-price and open auctions, while providing an NFT creation module, helping users select files to tokenize, set a range of parameters and preview their creation.
The platform will initially be based on Binance Smart Chain, due to its speed and low fees, but will eventually be integrated with a variety of other chains — such as Ethereum and Polkadot. The team behind HoDooi.com eventually aims to provide a cross-chain NFT ecosystem, leveraging the unique properties of each chain to add further value to the end-users.
HoDooi.com will feel much like existing digital marketplaces, such as eBay and Etsy, providing a familiar experience to users. Users will be able to buy and sell on their individual accounts, where they can go on to verify to earn reputation and unlock further benefits and improved visibility.
The platform will use a membership program to offer a variety of benefits and perks to members — such as reduced fees, NFT rewards and more. Membership is divided into four tiers (1 through 4) and is available to those that stake at least a fixed minimum number of HOD tokens.
The token-generation event for the HOD token is scheduled to occur on June 14, 2021 — shortly following initial DEX offerings (IDOs) on PAID Network's Ignition platform and DuckSTARTER. Not long after, HoDooi’s first NFT collection, made in collaboration with heavyweight boxing champion Tyson Fury, is scheduled to drop on July 12, 2021.
First conceptualized in Q1 2021, HoDooi.com is still in the earliest stages of its development roadmap. Most main features are scheduled to launch in Q3 2021, including the BSC-based marketplace platform and Ethereum integration.
What Makes HoDooi.com Unique?
As a platform designed to make creating, buying, and re-selling NFTs as accessible as possible, HoDooi.com implements a number of unique features. Some of these include:
Multiple revenue streams
HoDooi.com will earn revenue from sales conducted through the marketplace platform. Depending on the membership level of the users involved in an exchange, fees will range from 0.5% to 5%. Beyond this, HoDooi.com will earn fees from advertising costs and integration fees for other cryptocurrencies looking to integrate as a payment method.
This ensures it has the revenue to continue development and expand its feature-set over time with the growing popularity of NFTs.
Support for multiple chains:
Though NFTs are primarily bought, sold and traded on the Ethereum blockchain at present, other platforms like Binance Smart Chain and Polkadot are now seeing the beginnings of their NFT ecosystems.
HoDooi.com wants to provide a cross-chain solution that supports NFTs and users of various popular blockchains, giving users a single place to transact and collect NFTs.
Copyright protection
With NFTs becoming increasingly recognized as attractive investment options, investors are increasingly looking for ways to not only protect their rights as an NFT-holder, but also ensure that the content they are purchasing is authentic.
In line with this, HoDooi.com is building a copyright protection system that will help users ensure duplicate listings are not submitted while providing a report function for content that violates its rules.
Resell market
HoDooi.com is looking to provide a platform where both collectors and resellers can access an assortment of NFTs. The platform will include a dedicated resell vertical, which helps users easily resell tokens bought from HoDooi.com or elsewhere, regardless of which blockchain they are issued on.
Exclusive NFTs
The platform will be partnering with a range of highly sought-after talents, which may include well-known digital artists, influencers, celebrities and sports stars.
The HOD token
The HoDooi.com platform is enhanced by the native utility token known as HOD. It’s designed to provide additional value to platform users, such as by unlocking fee discounts and exclusive NFT airdrops.
How Does HoDooi.com Compare With OpenSea?
HoDooi.com is the latest in a growing list of platforms looking to bring NFTs to the masses through an interactive marketplace solution. As a result, it is competing with a number of both direct and indirect competitors, including the likes of Rarible, SuperFarm and Nifty Gateway.
However, OpenSea is arguably the platform’s largest competitor, due to a handful of similar features and partially overlapping audience demographics. For example, both HoDooi.com and OpenSea support NFTs that represent a variety of assets, such as works of art, domain names, in-game items, trading cards and more.
The two platforms also provide a streamlined marketplace where users can search for NFT using a range of parameters, create their own listings, and browse offerings from their favorite sellers.
But though HoDooi.com and OpenSea share several surface-level similarities, HoDooi.com is looking to forge its own path with a range of additional tools and features, which it hopes will help position it as the premier place to create, trade, and collect NFTs. These features include support for multiple blockchains and payment methods, a built-in utility token, emphasis on reseller capabilities and more.
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