Boxverse company overview
The box verse platform is the NFT marketplace of BOXTradEx. Users are allowed to mint, buy & sell, store, host auctions, and trade NFTs on BOXTradEx mobile apps. After a sit down with the team, they illustrated that their NFT marketplace has a broad competitive edge due to their experience in cryptocurrency exchange. These aspects include the lowest fees, easiest to use, and backstop by different blockchains compared to existing NFT marketplaces. This means box verse supports multiple blockchains to mint and trade NFTs. The platform is meant to offer an easy-to-use trade and NFT in one place. The team also really projected how web 3.0 scenarios and web 2.0 user experience are promising features of their functionality.
The platform has an interesting feature, the NFT box, where you can create major imaginations into digital material that lives in a novel world. It offers an NFT launch pad and marketplace. The team and its platform are committed to the vision of being the most user-friendly crypto exchange. The platform assures content creators and buyers of personalized and diversified experiences based on high-level security and regulations. Boxverse wishes to integrate NFT marketplaces with its mobile apps to ensure a crypto-exchange platform is available for all. The NFT box is also integrated with several public chains. The NFT box additionally provides API services to traditional online game operators.
Key Features
Minting
NFT launchpad
NFT marketplace
Problems faced by Boxverse and NFT Box
However, as Boxverse crypto-exchange immersed themselves into the NFT niche, they raised concern with us that the market for NFTs is not very fluid. NFTs are not widely understood. This means that the potential number of buyers and sellers is a worrying trend for Boxverse. They indicated that, particularly during periods of distress, NFTs could potentially be very difficult to trade, which also translated to the same price volatility. Therefore, the valuation of NFTs was the main problem that Boxverse encountered in the marketplace. None of the traditional metrics are applicable for NFTs. Naturally, the value of an NFT is based on a third-party transaction between the buyer and seller. Boxverse presented that they were concerned about how factors such as sentimental value led to the volatility of NFTs.
Solutions for problems faced
We suggested to them that they use their strong crypto exchange platform to create stability and verification in NFT marketplaces and launchpads. When using a cryptocurrency that is actively traded to buy an NFT, the value of the asset is determined by the value of the cryptocurrency used in the transfer at the time of the transaction. We recommended for Boxverse use of ascertainable fair market value.
We also suggested a dollar cost averaging approach for calculating NFTs. This is because Boxverse indicated they were in the niche for the long-term, and thus the approach would be better than the buy and hold approach. Over decades of value growth in NFTs, we predicted that Boxverse should expect greater returns.
Technology stack used
The technology stack of choice was Geth. Geth was built using the Go programming language. It is useful for this particular case as it could be used to transfer tokens, generate smart contracts, and explore history.