Metaplex has partnered with Strata Protocol to integrate its Dynamic Pricing Mint tool into the Metaplex Program Library. The partnership between Metaplex and Strata Protocol is a significant step toward improving the community, creators, and collectors.
Bots have been a severe issue in the NFT marketplace, and they tend to sell a collection within seconds, affecting price and denying others fairness. Metaplex is now to deal with bots in a dignified technological manner. Metaplex will deploy the Dynamic Pricing Tool by Strata Protocol to allow the community to determine the price of an NFT.
Additionally, the pricing tool will function as a real-time dutch auction to create fluctuations that will be hard for a bot to crack. A real-time dutch auction begins with a high price followed by a lower price, and the price of an artwork increases according to the demand.
In other words, it creates equilibrium to settle the pricing of a product or a non-fungible token. Bots lose the luxury of spamming a transaction in the network, further enhancing the performance on the Solana Blockchain.
When it comes to the betterment of the community, creators, and collectors, the partnership strikes a pretty good deal in that department.
Advertisement
Collectors would rarely be able to get an NFT at a fair price despite minting it for hours. The chances were low as they had to compete with bots who were more than active to grab a piece for quick selling.
That would comically disrupt the ecosystem and take away a fair chance for minters to get access to the white list. The entire activity was against the ethos of Web3, which stands for more inclusive participation. A dynamic pricing tool allows minters to purchase the NFT at a fair price.
Solana has a grip on the market that it can lose any time if creators are dissatisfied with their compensation. The partnership ensures that creators are compensated equitably for their work in developing the artwork.
Holders can have a short-term vision or a long-term vision. The NFT community grows majorly with the support of those looking to take a long shot with their holding. The reason is that creators receive more funding with a higher ability to draw a future roadmap according to their vision.
Metaplex and Strata Protocol make it possible for long-term holders to incentivize their holdings while protecting those passionate about the art. A seamless minting process is a good option that finds a superior hand only if long-term holders are given incentives for their efforts.
Advertisement
The update was announced by Metaplex Foundation, the fastest and the most affordable NFT ecosystem for games, marketplaces, collectibles, and art. Solana powers strata. A social token protocol enables a tokenized economy to be built and monetized around an idea, a person, or a collective.
