Barter Smartplace’s Velas
NFTs are ready to find new
owners on Polygon
Barter Smartplace’s Velas NFTs are ready to find new owners on Polygon
Mirroring digital collectibles with physical merchandise on marketplaces is a promising trend. XP.NETWORK recently helped such a marketplace, Smartplace, expand from Velas to Polygon.smartplace.barter.company
About Barter Smartplace
Our latest marketplace partner is Barter Smartplace, a platform that sets an ambitious goal of tokenizing all kinds of real-word assets: apartments, cars, paintings, antiques, and even shares in businesses. Thanks to the latest NFT technology and faster blockchains, this finally becomes possible.
Smartplace also plans to sell various kinds of virtual goods as NFTs: for example, digital certificates, artworks, and in-game items. Users can easily register with an email address and conduct not only sales (for cryptocurrency), but also swaps (barter transactions). In the future, it may even become possible to swap, for example, one vehicle for another accompanying them with an NFT transfer.
Wearables are among the easiest categories of goods to turn into NFTs and pair with collectibles. They are easy to manufacture, and adding a unique design printed in just one copy doesn’t create excessive extra costs. In addition, users normally buy such items for their own use or as a gift, so that there aren’t too many secondary sales of the same NFT. This solves the problem of tracking the movements of the physical item as its NFT is passed from owner to owner.
It’s not surprising, therefore, that wearables were the first type of NFT-physical pairing that Barter Smartplace integrated first. This includes hoodies, jackets, shopper bags, and bum bags with colorful designs featuring geometric patterns and even samurai.
Barter Smartplace has also thought about physical delivery. Purchased items are shipped with a reliable courier service. So far delivery is possible across the CIS countries. Payment can be sent both to the seller’s internal wallet on Barter Smartplace or to an external, non-custodial wallet.
As for barter transactions, sellers can swap goods for goods, goods for services, services for virtual goods, and so on. A seller can even combine several tokenized assets (NFTs) into one NFT lot (a batch of NFTs offered for sale together). For real-world businesses, this can help minimize inflationary risks. After all, barter transactions don’t involve fiat money, so relative prices of the two assets can stay the same.
In terms of bartering virtual assets, Smartplace sellers also have full freedom. For example, you can tokenize a basket of several cryptocurrencies or even set amounts of a single token. This is the cheapest way to sell crypto OTC (over the counter), as the platform fee is just 0.02%.
The marketplace also features regular digital art, of course, and most of it is unique to Velas. Thanks to XP.NETWORK, Polygon users will now be able to experience it, too.
Why expand from Velas to Polygon
Barter Smartplace runs natively on BSC and Velas, a hybrid EVM-compatible blockchain that claims to be the fastest among its peers with over 50,000 TPS and a transaction finality time of just 1.2 seconds. Velas uses dPoS consensus and is carbon-neutral. Developers can port Ethereum-based dApps to Velas, though a lot of the chain’s architecture is actually based on Solana.
Velas is very well adapted for NFTs, GameFi, and the metaverse, given that the average transaction fee is just $0.00001 and that a transaction is fully confirmed in less than 1.5 seconds. The NFT ecosystem includes marketplaces like the eSports GameFi platform, Warlands; Velas Domains service; and a few marketplaces, such as Rare Gems. Popular collections include Velas Punks and OG Punks, Sparkies, and Picasso Apes.
That being said, Velas’ NFT ecosystem is still in its very early stages. And as we keep repeating in our XP Talks, the main reason to migrate part of an NFT collection to a big chain like Polygon is user exposure and traction growth.
Sometimes a project can hit a temporary growth limit in one ecosystem simply because the overall NFT community is still small there. Releasing NFTs on Polygon, BNB Chain, or even Ethereum allows the project to gain fresh eyeballs and sales. You can compare it to launching a product in a new regional market.
In Barter Smartplace’s case, it made great sense to migrate to Polygon, as the latter is supported by OpenSea and is also very cheap to transact with (though it doesn’t have such a low finality time as Velas). For us at XP.NETWORK, it was an interesting experience, because it’s not often that we get requests to bridge a collection to or from Velas. As we have experience with 20+ EVM chains, there was nothing particularly challenging about this task, but it’s nice to think that it was another industry-first.
The migration has so far had mostly an experimental character, as Barter Smartplace yet has to promote the bridging opportunity among its own community. Nevertheless, you can already view a Smartplace NFT on OpenSea. Note that, as always with NFTs that have been bridged with XP.NETWORK, you can see the item’s original chain, as well as ID, URI, and nonce. This helps identify the NFT as the original and not a fake copy created on Polygon.
We believe that NFTs on Polygon have a big future, but like with many smaller L1 chains in a bear market, additional marketing exposure is very useful. Collections and games launched in alternative ecosystems can increase sales and reach out to brand-new audiences with very little effort thanks to our powerful NFT bridge.
We also have a bridging widget that you can embed in any site and customize to match your brand and support the chains you need. This makes it easier for the community to bridge their own items and jump-starts a migration.
Integrate bridge to your dApp in less than 60 minGet in touch
If you’d like to move an NFT collection to any of the 25+ blockchains we support, please get in touch at [email protected] And of course, stay tuned to the XP.NETWORK news on Twitter and Telegram, because more case studies are coming!