Visibility of Teia swaps
One major difference between Web2 and Web3 platforms (such as NFT marketplaces) is the funding model: Web2 sustains through ads, data, or premium services (subscriptions). Blockchains and decentralised applications instead rely on fees paid by their users. On Tezos, most NFT marketplaces charge a 2.5% fee that is applied to each sale on the smart contract.
This results in a money flow dynamic that many participants miss out:
All of the platform fees, captured in the final step, need to fund all the preceding steps.
The sale of an NFT and resulting fees can be independent of where this NFT was created, seen, curated or hosted. In fact, each step of the process can execute independently in various interconnected platforms, tools and services.
Here is a compatibility sheet of cross-platform NFT compatibility documented by community member crdng.
Free choice of many marketplaces is good for users, but it poses a challenge for service providers who typically charge all their fees during the sale step*. This means that only the provider of the listing contract receives the platform fees. This is usually the same platform that the NFT was minted and displayed on, but as Teia gets its own contracts, Versum prepares to index more tokens and Objkt.com being the biggest aggregator of all, it becomes complicated.
*Fxhash has mint fees and Versum has tiny utility token fee.
Showing (indexing) a token, displaying its listings/swaps, and allowing to create new listings are all different things. In the case of objkt.com for example, the listings from hicetnunc swap contract and objkt.com listings are displayed with no visual distinction, it's seamless. As a result it is considered advantageous to list on hicetnunc because the listings will show up on objkt.com and anything that shows hicetnunc swaps, therefore getting more exposure.
On March 20th Teia switched from hicetnuncs v2 marketplace contract to Teias own marketplace contract. This means, marketplace fees collected with these swaps are now going to the Teia community Multisig Wallet, that is controlled by about 15 rotating members of the Teia community, and can be spent on Teias voted on budget. new swaps on teia executed after the contract went live are automatically swapped onto the teia marketplace contract, old swaps need to be reswapped in order to be on the teia swapping contract.
The hicetnunc v2 marketplace contract directs the platform fees of objkts traded through it to crzypatchwork. from crzypatchworks discord statements (already deleted) it looks like he doesn't plan for hicetnunc.xyz/.art to support other marketplace contracts than v2.
teia.art will keep on supporting the hicetnunc v2 swapping contract for now so that the users don’t have to reswap everything to be listed on teia but new swaps on teia will be created onto the new teia smartcontract.
Teia will keep on using hicetnuncs OBJKT minting contract for the time being. that means the OBJKTs minted on teia will show up on all marketplaces that show hicetnunc OBJKTs (i.e. hicetnunc.xyz, objktcom, rarible, hic.af, etc) this won't change no matter which platform supports which swapping contract. This article is only about which “listings/swaps” will appear on which site.
In order for those swaps to appear on other marketplaces like objkt.com, hicetnunc, hic.af, those marketplace need to support and index the Teia swaps. This means the marketplaces and community tools need to change their indexers and adjust their UI a bit and is up to the marketplace owner(s) to decide which swaps they want to index.
if a marketplace X supports the swapping contract of marketplace Y, it means that OBJKTs swapped for trade on the marketplace Y contract will be also tradeable on marketplace X and even though the token got traded on marketplace X the fees will go to marketplace Y (if bought through the Y contract)
for example: currently objktcom support hicetnuncs v2 marketplace contract but the hicetnunc.xyz marketplace does not support objktcoms swapping contract, meaning: swaps from hicetnunc show up and are tradeable at objktcom but hicetnunc OBJKTs swapped on objktcom can’t be traded on hicetnunc.xyz.
The Teia community is currently in touch with other marketplaces that list OBJKT tokens. The general idea is to mutually show swaps from other marketplaces. The OBJKT pages at Teia could become a place where collectors can find all the listing prices from different marketplaces and compare all the available listing prices. We are currently in the process of negotiating with other marketplaces and putting the options we have to a vote.
In the recent community vote for mutual Teia/objkt.com listings the Teia community decided that it wants to show swaps done on objktcom on teia.art as long as objktcom supports teia swaps.
The dev teams of both teia.art and objkt.com are working on implementing each others swaps. Objktcom also told us they have decided to stop showing the old hicetnunc v2 swaps on their marketplace once the Teia swaps are supported on objkt.com.
- teia.art
- nftbiker.xyz/ (live feed and other tools)
- Objkt.com
- hic.af
- versum
- henext.xyz
- others
- teia.art
- nftbiker.xyz (live feed and other tools)
- hic.af
- objkt.com (objkt.com plans to no longer show hicetnunc from April 16th 2022)
- objkt.com
- teia.art
- nftbiker.xyz (live feed and other tools)