CoinMarketCap takes a deep dive into an upcoming project focused on building a more accessible NFT marketplace.
If you’ve been involved in the cryptocurrency space for any length of time, then odds are you’ve heard about non-fungible tokens (NFTs) — a type of provably scarce digital asset that can represent practically anything.
But as demand for NFTs and their capabilities continue to grow and evolve, there remains an obstacle to mass adoption — NFTs just aren’t all that accessible to everyday users. But HoDooi.com, a new all-in-one hub for NFTs, has its sights set on changing that.
What Is HoDooi.com (HOD)?
HoDooi.com is a multi-chain NFT marketplace that looks to address some of the shortcomings of competing platforms by providing an environment where both buyers and sellers can extract the maximum value for their NFTs and easily begin building their NFT collection.
The platform looks to empower creatives with an outlet to showcase their digitized art and find a buyer for their content, while providing powerful resell features that help speculators and NFT connoisseurs perform best on the secondary market.
The platform is backed by the HOD utility token, which can be used to pay for advertising and purchases, and also unlocks a variety of perks for users — such as staking rewards, increased minting limits and fee discounts through the platform’s membership program.
How Does HoDooi.com Work?
As a marketplace for NFTs, HoDooi.com provides a platform where NFT buyers, sellers and creators can come together to make secure transactions. Designed to make the process as intuitive and pain-free as possible, HoDooi.com looks to cut fees down to a minimum and boost transparency in the space by leveraging a range of novel technologies.
By providing an eBay-style NFT marketplace, HoDooi.com will empower sellers with a range of listing options, such as fixed-price and open auctions, while providing an NFT creation module, helping users select files to tokenize, set a range of parameters and preview their creation.
HoDooi.com will feel much like existing digital marketplaces, such as eBay and Etsy, providing a familiar experience to users. Users will be able to buy and sell on their individual accounts, where they can go on to verify to earn reputation and unlock further benefits and improved visibility.
The platform will use a membership program to offer a variety of benefits and perks to members — such as reduced fees, NFT rewards and more. Membership is divided into four tiers (1 through 4) and is available to those that stake at least a fixed minimum number of HOD tokens.
What Makes HoDooi.com Unique?
As a platform designed to make creating, buying, and re-selling NFTs as accessible as possible, HoDooi.com implements a number of unique features. Some of these include:
Multiple revenue streams
This ensures it has the revenue to continue development and expand its feature-set over time with the growing popularity of NFTs.
Support for multiple chains:
With NFTs becoming increasingly recognized as attractive investment options, investors are increasingly looking for ways to not only protect their rights as an NFT-holder, but also ensure that the content they are purchasing is authentic.
In line with this, HoDooi.com is building a copyright protection system that will help users ensure duplicate listings are not submitted while providing a report function for content that violates its rules.
HoDooi.com is looking to provide a platform where both collectors and resellers can access an assortment of NFTs. The platform will include a dedicated resell vertical, which helps users easily resell tokens bought from HoDooi.com or elsewhere, regardless of which blockchain they are issued on.
The platform will be partnering with a range of highly sought-after talents, which may include well-known digital artists, influencers, celebrities and sports stars.
The HOD token
The HoDooi.com platform is enhanced by the native utility token known as HOD. It’s designed to provide additional value to platform users, such as by unlocking fee discounts and exclusive NFT airdrops.
How Does HoDooi.com Compare With OpenSea?
The two platforms also provide a streamlined marketplace where users can search for NFT using a range of parameters, create their own listings, and browse offerings from their favorite sellers.
But though HoDooi.com and OpenSea share several surface-level similarities, HoDooi.com is looking to forge its own path with a range of additional tools and features, which it hopes will help position it as the premier place to create, trade, and collect NFTs. These features include support for multiple blockchains and payment methods, a built-in utility token, emphasis on reseller capabilities and more.