Entrepot NFT Marketplace Update 2/1/2022
With one month in 2022 already complete, we wanted to take this opportunity to share more information about what Toniq Labs has been working on. In January, we focused on building major infrastructure improvements within Entrepot to ensure the entire experience is as smooth as possible for creators and collectors. Today we are excited to announce we have successfully deployed this first round of updates to Dfinity Space Apes, and are now preparing to roll out these updates across all canisters.
This round of updates takes advantage of the ability for a canister to hold a balance of ICP and Certified Asset Provenance (CAP) integration. Not only will this allow for a lot of amazing functionality for Entrepot immediately, but it also prepares us for growing the marketplace and adding many other features.
New features this release
Automated Creator Payments
Creators will no longer need to wait for us to extract funds from escrow for royalties or sale proceeds. Everything is handled on-chain through the canister code. This removes Toniq Labs as a trusted intermediary for collections and allows creators to access their funds immediately. It’s your money and you should get it right when you need it!
Automated Peer-to-Peer Payments
Users will no longer need to click ‘Check Payments’ in order to receive funds from a sale. When an item is sold ICP will be sent directly to your wallet. However, everyone should log-in and click “Check Payments” for a few weeks because there are still some funds pending, meaning you may have money waiting for you! Over time we will remove the “Check Payments” button as it will no longer be necessary with the upgrades.
Multi-address Royalty Distributions
We now have the ability to programmatically send royalty fees from a single collection across multiple addresses. Some of the potential use cases for this include: sending a percentage of sales automatically to a neuron, donating automatically to charitable organizations (such as Infinite Charity Project), easily distributing funds across team members, etc. How we implement this and what options are available to creators is yet to be finalized. Please note that automated distribution of royalties to NFT holders is not a recommended use case for this feature due to US securities laws concerns.
NFT Transaction History
Every transaction on every NFT on Entrepot will be traceable and publicly available with our integration with the CAP Motoko SDK. NFT collectors will be able to view NFT transaction history from the CAP explorer right away. NFT histories will also be added directly to Entrepot in the future so you can view the transfer, transaction, and mint history of any NFT on the marketplace.
Previously some users purchased an NFT but did not receive it for a few hours. This occurred because the settlement failed (final transfer process) on purchase, and it would not try again until the next time the script looped through. We now use the new Motoko heartbeat function to settle payments on Entrepot every few seconds, effectively eliminating this problem and ensuring super fast transactions.
We are really excited about our upcoming releases and we can’t wait to roll them out for you all!
Self-minting is our top upcoming priority. Creators should be able to plan and launch their projects without the need to rely on Toniq Labs to complete airdrops, minting, sale pages, or content updates. Creators should have complete control over their launch details including date/time, price, bulk buys, whitelists, airdrops, and trait distribution. All of this is in progress and we will cover self-minting in much greater detail closer to when we go live.
Metadata filtering in Entrepot
A standard feature of NFT marketplaces is to allow users the ability to filter by individual traits in a collection. This is implemented for a few collections in Entrepot (e.g. BTCFlower, Cronics), but for the most part is not available. This feature includes expanding Entrepot to show trait data for all collections, as well as allowing granular filtering for improved search experience. The metadata will be stored in the canister and will be available for other developers or technical folks looking to compute rarity scores.
We have been working on a new front-end experience for both Entrepot and Stoic Wallet. We believe Entrepot can be one of the greatest marketplaces in the world and we want our design and user experience to reflect that. The currently deployed designs are minimally sufficient, but we want to make sure we have a top tier product that shows off a fantastic user experience for anyone exposed to NFTs on the Internet Computer. A major focal point of this design upgrade will be enabling a fantastic mobile experience.
In the future (work under development right now), users will be able to place an offer to purchase any NFT as long as they have a sufficient balance of ICP in the connected wallet. By providing a set of tools to manage offers we will make it easy to maximize trading opportunities and increase liquidity across the marketplace.
Stolen artwork and rugpull projects plague the NFT industry across all chains. The industry standard is not sufficient, it is reactive and inefficient. Our team has been thinking a lot about how we can be proactive in preventing fraudulent actors from using our platform rather than banning them after a violation. We are not ready to share specific details at this time but we can say that leveraging the combined launchpad and marketplace we will be able to provide much more than a blue check only given to the 1%.