Zoracles Developers to Build Uniswap V3 NFT-Focused Marketplace

Zoracles project developers have entered a private beta to create the first marketplace dedicated to the 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.

UniBond will become the project’s flagship product to sell Uniswap V3 NFTs in a trustless platform that doesn’t retain user data. The developers believe 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. 

The team plans to use Zoracles DeFi Oracle Platform to present data to help investors make decisions about Uniswap V3 NFTs. 

Uniswap V3 introduced a concept called concentrated liquidity. Liquidity providers give a price range for their pairs, and 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.

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 are currently an underserved market while art and collectibles have generated more than $1.2 billion in sales so far this year. 

Zora token holders will share in a 1.75 per cent fee that will be redistributed. Initially, it will be aggregated in a treasury that will be under a governance contract. 

Zoracles made a point of saying it 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.”

Published By : Crown Funder Insider

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