Recap of AMA: How does NFT+Crosschain bridge give power to Web3

1、What’s Web3.0? How does Bytom Blockchain’s strategy of Web3.0?

There is no very unified statement about what Web3.0 is. According to various explanations, we have reached the following consensus:

1. Unified identity authentication system

2. Data confirmation and authorization

3. Privacy protection and anti-censorship

4. Decentralized operation

One of the most important points is decentralized operation and ownership of data. With Web 2.0, user data is actually in the platform or server of service providers, and most of the content created has no autonomy. But of Web 3.0, you can create something that you own, and you can also get benefits, regardless of the middlemen who make the difference.

The Bytom blockchain has been running stably for more than 3 years, and its performance can reach tens of thousands of TPS. As a decentralized infrastructure, it is ready for the large-scale application of Web3.0. At the same time, we built the Maze platform on the upper layer and released the CryptoSanguo NFT. The project is also a case project of Web3.0.

2、Why create the Maze platform and what are the advantages of the Maze platform? What can Maze platform bring to Web3.0?

MAZE is a platform that integrates NFT minting, trading and gifting. It is the first platform in the world to adopt an innovative trading model. The NFTs on this platform are in the state of being auctioned 24 hours a day. In order to solve the problem of NFT circulation, the platform has registered more than 40,000 people, and the transaction volume has reached 400,000$BTM. Many well-known artists have settled in.

Advantages of Maze:

  1. Improve Transaction Efficiency

The traditional NFT market uses the method of bidding for transactions. Sellers put high prices and buyers offer low prices. Both parties need to repeatedly play games to reach a transaction, and the transaction efficiency is low.

Through innovative transactions, NFTs are in transactions all the time, and sellers invest a certain cost in exchange for better liquidity

  1. Rationalizing NFT Prices

In traditional NFT pricing, sellers tend to increase the price, while buyers tend to get it at a low price. For a piece of NFT whose pricing is ambiguous, its market value cannot be formed quickly.

Bytom’s innovative trading model introduces a margin model. For sellers, setting an excessively high price means paying more margin, and the margin can’t actually be profitable, which means paying time and opportunity costs. Of course, if the price is too low, it will be quickly taken away by buyers, so sellers will tend to choose a more reasonable price.

  1. Creators can get copyright multiple times

In the traditional market, creators only get the revenue of the first issuance during the transaction process, and no amount of subsequent transactions will give creators a share.

Of innovative transactions model, each transaction can distribute a royalty to the creator, so that the creator can continue to receive income from subsequent transactions, thereby incentivizing the creator to create better and more works.

  1. Low Transaction Fee

Compare with OpenSea’s 2.5% transaction fee,Maze just asks for 1%.And compare with Etherium’s gas fee, the gas fee of Bytom Blockchain is low to negligible.

  1. Crosschain technology makes NFT more exposed

As a holder and artist, more attention is paid to the sales and exposure of NFT. Currently, BMC, as the side chain of Bytom, has completed cross-chain technical testing, including cross-chain with Ethereum, polygon, and MAZE in the future. It will be migrated to the BMC chain, when the NFT of the MAZE platform will be displayed on more chains, which also promotes the transaction of NFT.

Of Web 2.0, most of the creator’s income was taken away by the platform, and it was difficult to make money from subsequent derivatives. On the Maze platform, in addition to one sale, creators can also receive a second royalty. All transactions can allow creators to obtain huge benefits, which is very consistent with the concept of Web3.0, which is readable, writable, ownable, and profitable.

3、What is Innovative Transaction Model? What does innovative trading have to do with Web 3.0? How is Bytom Innovative Trading NFT different from other NFTs?

Based on innovative market theory, there is no monopoly private ownership, all items are permanently in the state of fixed price auction, the highest bidder wins, and there is no end. This kind of item that gathers value in “ideology” greatly simplifies the friction of value transfer, making innovative transactions more suitable for the pricing, auction, transaction, and circulation of NFT assets. The closed-loop and contract attributes of the encrypted economy give an easy way to implement the Harberger tax on the chain. Any assets on the chain can be enforced, giving NFT-type encrypted collectibles efficient auction activities, sacrificing investment efficiency in exchange for distribution efficiency, thereby bring huge benefits.

Innovative trading is another sublimation of Web3.0 ownership. In the innovatiove trading market, the ownership of assets only belongs to individuals at a certain time and can be quickly traded. This has a lot of significance for Web3.0 privacy protection and anti-censorship. At the same time, innovative transactions also require that they operate in a decentralized manner.

Define a new NFT standard based on Bytom Blockchain — Innovative State NFT. Under this model, NFT becomes a non-permanently occupied asset, and the holder has the freedom and right to price the asset arbitrarily, but cannot refuse anyone’s bid at any time, and the asset is in a public auction state around the clock.

Based on the innovative state NFT, the specific transaction steps are:

1. The original NFT user deposits 10% of the selling price as a security deposit, and the NFT is in a public auction state

2. New users who want to buy need to deposit “payment” + “new deposit” into the deposit account at one time; the original user will receive payment from the new user, and the original deposit will be returned to the original user, and the NFT assets will be transferred to the new user holder.

3. The NFT asset obtains a new excited state under the stimulation of the new user deposit, generates a new price, and waits for subsequent bidders.

4、Free talk

(Q)#loven_bayu_narasua (BAYU NARASUA) :

Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?

> Andy:

yes,We will launch a lot of gameplay for NFT, include:practical NFTs, join games, socialize, etc.

(Q)2in our dictionaries?:

Do you have a whitepaper? If yes, please share it with us.??.

> Andy:

yes,you can go to our official website to check, pull down to the bottom, you can see this information, URL:https://maz.network/

(Q)Penny Brynlee:

What is your strongest advantage that you think will make your team leading the market?

> Andy:

I think there are many, for artists to settle in, we will have operational support and publicity channel support;

At the same time, there will be about 10% of the royalties for artists to settle in;

For players, we have lower fees than other platforms, At the same time, the aggressive trading model will also ensure the reasonableness of the price of NFT, and users can buy with confidence

(Q)Genevive:

Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?

> Andy:

the tutorial: https://support.maz.network/en/maze/maze-bycoin-guide.html ,our official twiitter chanel is@Bytom_Official

(Q)Cataleya Alani

Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field future?

> Andy:

As a senior blockchain company, we have been deeply involved in the blockchain industry for many years, with rich experience and a strong development team. We can provide faster transaction speeds and lower gas costs, supporting more Metaverse applications. Now we have application support in NFT, DeFi and other fields, which can give developers and users a more convenient and professional experience, and will expand applications in more fields in the future.

(Q)LabelMen@LabelMen:

Some #NFT platforms allow buyers (collectors) to use fiat currencies to pay. I also know that China is starting to introduce the digital yuan. I want to know if #MAZE plans to accept fiat or digital yuan for payment?

> Andy:

In this regard, we are actively investigating the market to assess whether users’ needs are urgent and necessary. In the future, we are likely to support a variety of payment methods one after another to lower the user threshold and provide users with greater convenience.

(Q)MEHID ROY@mehid_t0:

After seeing the Roadmap, your project vision is very good. but it needs a large user traffic to be sustainable over time. What marketing strategies do you have planned to increase the validity of your brand? Are you planning a strategic partnership to level up your project?

> Andy

First of all, we are actively looking for excellent artists and NFT project parties. We believe that excellent NFT is the key for the platform to attract users and retain users. In addition, we have a comprehensive support program for artists to help them produce more perfect works. Third, we are actively cooperating with the outside world and constantly expanding the market scale and field. In the future, many project parties will settle in, bringing a steady stream of vitality to the platform.

(Q)MUKIT SHA @mukit333:

I’m not a professional player,and I hardly ever play. Bytom, on the other hand, has caught my curiosity, and I intend to start playing it as soon as possible. Do you believe yours will be easy to understand for someone who isn’t a frequent or professional gamer like me?

> Andy

The answer is yes. We have detailed support documents and a complete operation team. If you have any questions, you can ask them in the community, and our staff will reply you in time. The platform is very friendly to new buyers and artists, and you are welcome to experience it.

(Q)Theresa Kumazah@TKumazah:

With the explosion of NFT projects on almost all working blockchains, how will Bytom design and deliver a more viable value proposition than numerous competing NFT projects?

> Andy

We always believe that NFT is not just a picture, there should be richer gameplay and stronger empowerment behind it. We have been working hard to discover new gameplay and new value of NFT. On the other hand, we have comprehensive support measures for buyers and artists to lower the threshold for users to participate.

(Q)Ioana Motoc@IoanaMotoc7:

NFT is a very hot keyword at the moment, many projects have started cooperating with NFT platforms. So is you planning to cooperate with NFT projects and develop your project towards NFT in the future?

> Andy

Our Maze platform is focused on the NFT trading market. We have signed a number of artists and the platform has a large number of active users. In the future, we will continue to develop in the NFT field and innovate more ways to play. Your attention is welcome.

Nazmul :

Nowadays, NFT and Metaverse is booming & popular. Market follows the hype of them. Do you have any plan related to NFT & metaverse?

> Andy

As a senior blockchain company, we have been deeply involved in the blockchain industry for many years, with rich experience and a strong development team. We can provide faster transaction speeds and lower gas costs, supporting more Metaverse applications. Now we have application support in NFT, DeFi and other fields, which can give developers and users a more convenient and professional experience, and will expand applications in more fields in the future.

BOBSTON :

Security aspects is important so can you please talk about us security adopted by your platform? What are your Audit credentials and has there been any audit for security and trust?

> Andy

Maze is an NFT platform developed based on Bytom. Bytom has been running safely and stably for more than 5 years. I believe that you can get a better experience based on Maze platform

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