The year 2021 has been marked by the rise of the NFT industry. According to a report by Chainalysis, a blockchain analytics firm, the sector crossed the $44 billion mark in valuation during this period. In addition, the enthusiasm for NFTs has enabled it to defend itself relatively well against the economic stress generated by the bear market. This indicates that non-fungible assets still have a bright future ahead of them. That said, despite the strong interest in NFTs, the market remains difficult for new entrants to penetrate. Fortunately, GhostMarket, a marketplace NFT, offers an intuitive platform accessible to all. In addition, the startup recently implemented a very interesting incentive program to help traders optimize their returns over time.
What is GhostMarket?
GhostMarket is a platform specialized in trading non-fungible assets (NFT). It is the first market place that ensures transfers cross chain of collectibles. In other words, it is possible to trade NFTs from different blockchains there.
In addition to buying and selling NFT, GhostMarket offers a wide range of services to enrich the user journey. Therefore, the platform is ideal for both novice and experienced creators, collectors and traders. Also, developers have a whole range of tools (APIs, SDKs, etc.) to create or extract NFTs from the system.
At the moment, GhostMarket supports the following blockchain networks: BNB Chain, Polygon, Avalanche, NEO N3 and Phantasma Chain. However, future developments should include full support for Ethereum and Solana and, later, all other NFT protocols.
Why is this trading platform interesting?
GhostMarket has many advantages. The first is its ergonomics. Indeed, the protocol has the particularity of facilitating the exploration of NFT technology. For example, platform users have a system of self mining. This speeds up and simplifies the process of issuing and listing NFTs. In addition, they benefit from a customizable navigation interface, including the ability to freely set the royalty rate on each sale.
Furthermore, the platform provides users of multi-channel accounts, allowing them to navigate from one network to another without constraints. In the same vein, GhostMarket offers an explorer through which it is possible to consult the different flows of the ecosystem: emissions, listings, transactions, burns, etc.
Another positive point, GhostMarket provides a service non-custodial. Therefore, users have exclusive control of their secret keys. The security of the protocol is thus reinforced.
Finally, the team behind the project is very active social networks and responsive to user needs.
The GhostMarket (GM) token
GhostMarket features an eponymous governance token, also known as GM. This last works on all blockchains supported by the platform. To do this, the startup has created a bridge that ensures the exchange of digital assets between separate networks.
That said, GM tokens are used as incentives to foster community member drive. As such, they can be used to participate in the decentralized governance process and acquire new tokens for free during airdrops exclusive. They also make it possible to limit transaction costs and to promote certain creators.
Currently, there are over 23.9 million GMs in circulation. Additionally, the GhostMarket token is traded on the following exchanges: Uniswap, Flamingo.FinanceMEXC Global, Pancake Swap, Demex, QuickSwap and Trader Joe XYZ. All this for an estimated market capitalization of almost 900 thousand dollars (at the time of writing). Besides, its overall supply is 100 million tokens. It should also be noted that the token is listed on Binance, CoinMarketCap and CoinGecko.
The platform’s incentive program
Last month, the company announced the launch of its incentive program. The goal is to set up compensation mechanisms to distribute 6.5 million GM tokens to the most active users. This depends on parameters such as: transaction volume, community engagement, etc. However, only the networks supported by the GhostMarket are concerned by the competition. Half of the announced incentives will be paid out by the end of October at the latest.
The distribution calendar corresponds to the following dates:
- 07/18/22 – 10/17/22: 3 million tokens (33,333 GM per day)
- 10/18/22 – 01/17/23: 2 million tokens (22,222 GM per day)
- 01/18/23 – 04/17/23: 1 million tokens (11,111 GM per day)
- 04/18/23 – 07/18/23: 500,000 tokens (5,555 GM per day)
To date, GhostMarket provides a more or less satisfactory response to market expectations in the context of NFT trading. Despite this, the startup has definite plans for the future. Recently, she threw an offer of liquidity staking, accessible from PancakeSwap, Trader Joe XYZ and QuickSwap DEXs. By the end of August, the platform is expected to introduce the staking for GM tokens.