• Thu. May 23rd, 2024

Zoracles Develops UniBond

 The First Marketplace Dedicated to Uniswap V3 NFTs

NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) — Recently, the developers from the Zoracles project have entered a private beta by creating the first marketplace dedicated to price discovery and sale of Uniswap V3 NFTs. The platform will launch under the UniBond brand and is scheduled for a mainnet in the coming weeks.

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UniBond will become the project’s flagship product to sell Uniswap V3 NFTs in a trustless platform that doesn’t retain user data like OpenSea. These income-producing assets will have value due to their concentrated liquidity position underlying each asset and the fees generated over a certain period of time. This is similar to the traditional financial world’s global bond market.

The team plans to use Zoracles DeFi Oracle Platform to present data that will help drive a decision for a buyer or seller that wants to acquire Uniswap V3 NFTs. In addition, The Graph has been used for additional data needs.

Data is key to acquiring a fair price for these NFT assets.

Uniswap V3 introduced a concept called concentrated liquidity. Liquidity providers are tasked with giving a price range for their pairs. These positions translate into NFTs due to the unique parameters underlying each asset. Zoracles’ plan is to use as much data as possible to help buyers and sellers assign a value to the position based on the percentage of time spent in range and other factors currently being considered by the team.

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Zora Score will also be implemented into the marketplace to serve as a buyer and seller reputation data point. Hacks are frequent within DeFi and this metric will protect UniBond marketplace participants from engaging in transactions with individuals with poor DeFi reputations or associated with banned wallets or hacks within the DeFi ecosystem.

Uniswap V3 NFTs is currently an underserved market while art & collectibles have done over $1.2B in sales during 2021. The team projects UniBond will help close the gap between financial NFTs with real utility and art & collectibles that do not produce any consistent income.

Token holders of Zora will be especially interested in a 1.75% fee that will be redistributed. Initially, it will be aggregated in a treasury that will be under a governance contract. Team fully supports a fee redistribution and a proposal for an exact amount can be altered with a community vote.

It is important to note Zoracles does not consider itself as a direct competitor to OpenSea since that platform does not provide any data to assign value to Uniswap V3 NFTs. Another project spearheaded by SushiSwap recently has seen the value in Uniswap V3 NFTs and recently stated, “As something that has been suggested by the community on more than several occasions, the recent release of Uniswap V3 NFT LP tokens created an even more exciting opportunity in the scope of NFT assets.”

This recent development by the team at SushiSwap validates the importance of this new financial asset class within the NFT ecosystem. UniBond will help bridge the gap between understanding the value of these NFTs with oracle technology (“Powered by Zoracles) and the sale of these assets worldwide.

As we conclude our private beta, we will release UniBond v0.1 to community members interested in providing feedback. Development has been slightly ahead of schedule so we expect this opportunity to be announced in the coming weeks.

About Zoracles

Zoracles is building a marketplace dedicated to Uniswap V3 NFTs. Our platform will redistribute fees to Zora token holders and will be completely decentralized. Transactions are built on trustless smart contracts and users info is never stored. A NFT marketplace solely for Uniswap V3 is a first of its kind and the team is focused on building around this solution for other DeFi opportunities.

Media Contact

Company: Zoracles

Contact: Leonard

E-mail: [email protected]

Telephone: +1 647 930 9319

Website: https://zoracles.com

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.