Overview of Craft Network
Craft Network is a community-owned NFT marketplace operating on the ICON blockchain. This platform enables users to create, buy, and sell collectibles in the form of NFTs (Non-Fungible Tokens).
Creation and Sale of Collectibles
Users can mint their own NFT tokens on Craft Network by logging in and following simple steps to create collectibles. These creations are permanently recorded on the ICON blockchain, ensuring authenticity and ownership. Creators can set royalty fees, list items for sale, and add attributes to the NFTs.
Marketplace Dynamics
Once collectibles are minted, they can be listed for sale on the Craft marketplace. Successful sales result in automatic transfer of collectibles to buyers and crediting of funds to the seller’s wallet, minus applicable fees and royalties. Creators earn royalties from secondary sales of their collectibles.
$CFT Token and Governance
The Craft Network aims to evolve into a DAO (Decentralized Autonomous Organization) ecosystem. The native governance token, $CFT, empowers holders with voting rights on various proposals, including development directions and governance decisions.
Financial Incentives and Fees
The platform incorporates marketplace liquidity mining, rewarding users with $CFT tokens proportional to their activity. Additionally, the concept of “fees sharing” is implemented, where a portion of the platform’s service fees (2.5%) is allocated to $CFT stakers. This allocation is split between direct staker rewards and a DAO fund.
Collaboration with Neutron
Craft Network has announced a collaboration with Neutron, a smart contract platform in the Cosmos Ecosystem. This partnership focuses on cross-chain NFTs and leveraging interchain security to provide comprehensive support for NFT trading needs.
Implementation on Neutron
The integration with Neutron involves two main milestones. The first includes redeploying most of the smart contracts on Neutron and establishing a full-fledged NFT marketplace. The second milestone targets multi-chain integrations and fundamental upgrades to Craft’s marketplace, including multi-currency support and multi-chain governance.
Timeline and Development
The development phase has begun, with some contracts deployed on the Pion testnet. A testnet version is planned for the near future, followed by thorough testing and a final mainnet release. This collaboration aims to expand Craft’s presence in the Cosmos and IBC ecosystems.
Conclusion
Craft Network represents a significant step in the evolution of NFT marketplaces, emphasizing community ownership, decentralized governance, and cross-chain integration. The collaboration with Neutron marks a pivotal moment in its expansion and adaptation to emerging blockchain technologies.
