Speaking of WAX Labs and NFTs, let’s take a look at AtomicAssets, the first project approved for funding by the WAX Labs Worker Proposal System (WPS) for the creation of the Atomic Assets Hub, a new promising standard and marketplace for NFTs.
Two months ago the proposal submitted by the WAX Guild Pink.Network got approved and the team just gave an update on the progress they’ve made on their road to Atomic Assets 1.0.
During the 1st month, they mainly focussed on designing the most user-friendly user experience possible, so that all the functionalities of the Hub could be easily understood, even by users completely new to crypto and NFTs. AtomicAssets teamed up with Dallas Rushing, CEO and founder of Karma, for this.
The following month was mainly dedicated to the Market Contract, which comes with a couple of unique features:
- Sellers keep ownership until the asset is sold
This means that you can list your assets for sale, and still continue to use it normally in dApps or use it for other trade offers.
- Listing Assets with USD Prices
While payments for NFTs sold on AtomicAssets will be settled in crypto, prices will be set in USD to tackle potential confusion due to the price volatility of crypto. This is made possible by the delphioracle, providing a real-time price feed to calculate how much WAX needs to be spent.
- RAM is paid by the dApps and not the users
Since NFTs use RAM on the blockchain, new users especially could run into unwanted difficulties. One of the core features of AtomicAssets is that dApps can pay for the RAM costs for their users and the same priorities apply for the Atomic Markets.
- Anyone can integrate the AtomicMarket in their app with low base fees and customizable dApp fees.
The market API provided by pink.network can be used by other teams to build their own marketplaces, allowing them to earn the 2% fee taken from each sale. Fees by the seller can be customized individually.
Here it should be said that all the various marketplaces using the AtomicMarkets contract automatically share the same liquidity pool.
In total the team assessed a timeline of 3 months in their proposal, so we can expect the launch of the 1.0 version of the AtomicAssets Hub in a couple of weeks.
We’re very excited about the launch of this first project funded by the WAX community. If you feel the same we suggest you join the AtomicAssets Telegram, because everyone that joins the channel before the product launch will receive a special asset.