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GhostMarket: NFT platform for the Multi-chain era

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GhostMarket aims to break the limitation of traditional NFT market that can only support a single public chain and realize one-stop NFT solution.

On December 10th, Vincent Geneste, founder of THE NFT trading platform GhostMarket, held an online conversation in the official community with the theme of "NFT platform in the Multi-chain Era". We shared solutions to cross-chain security issues, NFT liquidity issues, and thoughts on where NFT is headed.

GhostMarket is a cross-chain NFT marketplace. Through the support of smart contract and NFT specification, users can cast, browse and trade NFT works from different public chains and different projects freely in GhostMarket. GhostMarket aims to break the restriction that the traditional NFT market can only support a single public chain, link the original isolated island of NFT value, aggregate the scattered NFT isolated points into a three-dimensional value network, and realize a one-stop NFT solution.

The following is a transcript of the online conversation

BlockBeats: Please briefly introduce yourself. How did you learn about blockchain and NFT?

Vincent Geneste:I have been personally involved in the blockchain space since 2014-2015, first and foremost as a user, because I am very interested in the technology itself and all the new use cases it offers. Then I stumbled upon ethereum and the concept of smart contracts, which allow projects or protocols to be built on top of it in a trust-free way. Then around 2017, I started working on many different projects in this field, mostly for study and fun, but I soon realized that this was a more interesting field than I had imagined and THAT I could work in it full-time.

In the middle of 2020, FOR my own purposes, I started to quickly explore the NFT market, which was pretty cool, so I contacted 3 close friends to see if they would be interested in doing something together to make a high-quality NFT market.

BlockBeats: Can you briefly describe the Ghost Market platform?

Vincent Geneste:GhostMarket is a cross-chain, cross-project marketplace for NFT products that aims to be one of the top competitors in the field. We are agnostic to blockchain, which means our infrastructure doesn't run on a specific blockchain, but is connected to different blockchains.

Our goal is to be compatible with all blockchains, as long as the blockchain has smart contract capabilities and appropriate NFT standards. We currently support 5 different blockchains: Phantasma Chain, BSC, Polygon, Neo N3, avalanche. There are also two blockchain support efforts under development, and we are also trying to give users the opportunity to coin/trade NFT in any blockchain, we don't want users to be limited to one blockchain.

BlockBeats: Ghost Market features multi-chain NFT platform, why do you consider multi-chain Market?

Vincent Geneste:In recent years, the trend has clearly shown that there will not be a "perfect" blockchain, and users will need to access different ecosystems through interoperability/Bridges. These operations are fine for regular fungible tokens, but very rare for NFT tokens.

So we decided very early on to design the market completely from scratch, and we are doing our best as a blockchain agnostic to add new blockchains to support it, which also allows us to grow horizontally because we are able to reach a larger audience by integrating the audience of each blockchain.

BlockBeats: Cross-chain security is a topic of great concern to users. How do you solve the cross-chain security of NFT?

Vincent Geneste:It needs to be explained from two perspectives, one is standalone blockchains that we support, and the other is the ability to connect them together, such as our upcoming NFT switching feature. For the first part (individual blockchains), there are no special considerations, because all of these blockchains are handled individually on our side.

For the second part, we will rely on partners and proven protocols and tools/Bridges to add this functionality to swap from one blockchain to another so that we can continue to work with the NFT we know best and let other platforms do the cross-chain functionality they do best.

BlockBeats: Will Ghost Market benchmark OpenSea? What do you think are the advantages of Ghost Market over OpenSea? How do you calculate the revenue for Ghost Market?

Vincent Geneste:OpenSea is the first and largest NFT market, and it is also our biggest competitor. While we don't have the same user base or deep pockets as they do, we have a very small and agile team that can adapt quickly and adjust/tweak what needs to be done at lightning speed.

Also, it was a huge advantage for us to decide to be blockchain agnostic from day one, because everything was designed for that purpose, rather than trying to add more blockchain after it was built.

On top of that, we have some really cool unique features that no other platform has, like being able to log in to an unlimited number of wallets from any blockchain and bring them all together without having to log in individually.

We also spent a lot of time replicating a true "e-commerce shopping cart" system, where users can now simply browse the site, click a simple button to add all the NFT they want to the cart, and then process all the cart items at once. While this sounds simple, it's not easy to do in the NFT world, and it's rare.

As for our income, it's simple: we take a 2% commission on every sale made in the market. In addition, we charge a small fee for each NFT cast on the platform, and we offer white label solutions for artists or big brands who want to sell NFT but don't have the technical knowledge.

BlockBeats: It is difficult for NFT platform to solve the liquidity problem. The liquidity of some small projects is very poor. Is there any way for Ghost Market to solve this problem?

Vincent Geneste:Attracting collectors and sellers to the NFT market is the only major problem. To this end, we will introduce market liquidity incentives as part of our governance of Token supply allocation, in which people will receive weekly rewards from the Token pool based on their activity on the platform. The more you interact/use/help the platform grow, the more rewards you'll get.

Pulsation BlockBeats: Can you introduce the Token economy of Ghost Market governance Token?

Vincent Geneste:Our governance Token will have different use cases: first it will be used to reward users who are active on the platform, as explained in the previous question. It will also be used for all governance-related things, such as voting for new features/currencies to be added to the platform.

Another interesting use case we'll deploy is that by having a certain number of tokens, you'll qualify for select artists' high-end airdrops, meaning you'll only qualify for certain NFT airdrops if you meet the Token number requirement. Finally, you will be able to reduce transaction fees based on the number of tokens you have.

BlockBeats: Do you think there is a bubble in the NFT industry? What direction should the NFT industry follow?

Vincent Geneste:Although NFT is highly speculative in nature, I think we are just beginning to find NFT use cases. Recently, almost every major brand has started using NFT in one way or another, and I don't think this trend will stop anytime soon as people are now starting to understand just how powerful they are.

BlockBeats: What are the plans for Ghost Market in the near future?

Vincent Geneste:As our team grows, we are very excited about the future and we are about to launch our governance Token. We have a lot of cool features like the V2 version of our user configuration section, social features, internal switching, mobile apps, NFT pledge, etc. We're eager to look back in a year's time and see how much we did that year.