We are excited to announce the upcoming testnet launch of ‘Oases’, a truly decentralized NFT marketplace. Oases represents the ‘Metaverse’, the new Oases of blockchain native assets and communities. It aims to be the first non-custodial, on-chain NFT marketplace built on Ethereum that supports truly decentralized trading and facilitates the transfer and trade of NFTs between traders, investors, creators and brands.
The NFT Wave
Non-fungible tokens (NFTs) have taken the world by storm in 2022, with creators and brands leveraging the blockchain and using NFTs to represent ownership or access various digital assets and collectables in the realm of art, metaverses, games, Decentralised Autonomous Organizations (DAOs) and more.
NFTs began percolating into mainstream adoption at the start of 2021 with the rising popularity of PFP collections such as Cryptopunks and Bored Ape Yacht Club (BAYC). Many famous personalities like Garyvee, Beeple, Logan Paul and others also jumped on the bandwagon by either launching their own NFT collections or becoming NFT collectors. Since then, we’ve seen the market hit higher trading volumes and the top NFT trends rotate primarily between PFP collections, generative art, NFT games, Music, and Metaverse Land NFTs.
OpenSea, Rarible, and other NFT marketplaces have primarily benefited from this NFT ‘Bullrun’ which was powered by mainstream adoption, but how has the user experience been? Well, the simple answer is- It could be much better. Oases will provide the cleanest and most optimal user experience available in the market currently, destroying the pain points that existing users face.
Users of most NFT platforms today face issues relating to centralisation and censorship, delayed royalty payments, over-saturated marketplaces, and limited functionality in placing trades. Governments around the world are cracking down on crypto and platforms that facilitate the exchange of such tokens, often resulting in services being withheld to certain jurisdictions and forcing users to jump between platforms frequently.
Under the current ERC 2981 royalty standards, the royalty information can be coded at the token level, however, the enforcement, collection and distribution of such payments are left completely at the hands of such marketplaces. This means that most NFT Creators are kept waiting for long periods of time before the exchange initiates the transfer of the royalty funds collected. This creates an environment of ‘trust’ in a decentralized world built on the concept of ‘trustlessness’.
Oases solves all these problems with its design, innovative set of features, and tools for creators and traders. Users of Oases can mint, buy and sell NFTs on the platform in a safe and secure manner. Oases does not charge any platform fees to Creators when minting an NFT using the platform. There is only a standard 2.5% platform fee that is charged on successful trades via the platform.
Oases uses a self-designed modular smart contract system, which means that we can upgrade and iterate it independently to realize product functions under the premise of ensuring safety. The modular smart contract system also makes it possible for Oases to implement a range of different features not available on most other NFT marketplaces.
Some of these features are:
1. Advanced NFT Trading Mode – Users can use the advanced NFT Trading mode on Oases to trade NFTs minted on Oases directly with any wallet across the Ethereum chain. Through this feature, sellers on Oases can list their NFTs on Ethereum and buyers can trade directly by calling a smart contract. This means that users can submit and fulfill orders without using any graphical interface.
2. Batch Order Cancellation – Sometimes traders change their minds and want to cancel listings. On most platforms, these traders are provided with two options, either canceling each listing individually or canceling all active listings together. Either way, this means that traders have to spend quite a lot on gas unnecessarily to delist or relist items. However, on Oases users can use the batch order cancellation feature to pick and choose which orders they wish to cancel and delist them all in one transaction, saving significant gas fees.
3. Instant Royalty Payment – Unlike other platforms, Oases distributes royalties to artists via on-chain transfers immediately after a deal closes. There is no waiting time.
4. INO Launchpad (coming soon) – Oases will bring forward a variety of Initial NFT Offering (INO) events together with partners. The Launchpad will provide visibility and discovery to new artists and projects and also provide the community access to such projects ahead of other platforms.
Oases aims to be a leader in the ongoing NFT revolution, constantly innovating and designing new products and tools to provide its community with the best user experience. It has a comprehensive roadmap planned for 2022 with many features in the pipeline. Some of the most anticipated features on the roadmap are NFT crowdfunding and NFT Deposit features. NFT crowdfunding will lower the barrier of entry for users to own an NFT by allowing them to participate in a decentralized lottery system. The NFT deposit feature on the other hand will allow users to actively gain value from their NFT holdings by depositing their NFTs and farming rewards from the platform.
Oases aims to be a community-first product and as a part of that initiative, it has various activities planned to reward early adopters. The first activity in a list of many is the ongoing ‘OG Role Campaign’. This is an exclusive role that we are giving out to early supporters (OGs) on our Discord. The role will be claimable on a first-come-first-served basis and we plan to place a hard cap on the number of OG members at 1,000. Discord members with the OG role will have a shiny yellow name displayed in the server, granting them perpetual bragging rights of being one of the first 1,000 adopters of the platform.
To collect precious feedback from you and reward our early supporters, we will kick off a 1000 USDT Oases Testnet Campaign shortly!