NFT Mainnet Feature Update
our dedicated NFT chain is powered by vee and provides a frictionless entry point for blockchain novices
Introduction
After the successful completion of the testnet phase and the launch of the Mainnet earlier in November following an extensive testing period, today we are happy to share with you further details about the Mainnet’s new functionality, our vision for how these features will continue to grow the use of the ecosystem, as well as details on how highly requested functionalities such as the introduction of a new BLOCKv Mainnet staking pool to complement the existing Ethereum Staking Pool are being delivered to provide additional options for token holders.
Bridging VEE tokens to the BLOCKv Mainnet
As an EVM (Ethereum Virtual Machine) based blockchain, the BLOCKv Mainnet was designed to support the use of Ethereum based NFTs and tokens. The new blockchain uses VEE as its native token to cover emission costs and gas fees for transactions. Running the blockchain using VEE provides a number of benefits, including the ability to abstract the payment process to be unreliant on any external token and the removal of any financial implications potentially associated with this, an increase in the current and future utility provided by token holders, and added options for liquidity generated by the use of the token. For more details on why we believe that this independence is important for not only future proofing the platform but also allows for the introduction of new features at speed that benefit the platform’s stakeholders you can check out our last update.
To facilitate functions powered by VEE we needed to provide a token bridge to move VEE from Ethereum Mainnet to the BLOCKv Mainnet, and vice versa. To provide the smoothest possible user experience and encourage widespread adoption of the BLOCKv Mainnet we have constructed a web-based UI that functions as a one stop shop for users to connect their wallet, bridge their tokens to the mainnet and start benefiting from the platform’s new features simply and speedily. To start bridging their tokens, users should head to https://bridge.blockv.io and connect their Metamask wallet.
Staking Pool
Following on from the success of the Ethereum VEE staking pool launched at the end of Q3, which currently has over 200 million of VEE staked, one of the communities’ most requested features has been to introduce staking functionality to the BLOCKv Mainnet. We’re pleased to announce that users are now able to stake and unstake their tokens on the BLOCKv Mainnet without incurring the significant gas fees associated with Ethereum. To stake their VEE tokens on the BLOCKv chain, users simply need to head to the existing staking interface and add the BLOCKv Network to their Metamask wallet. It is important to note that users will still incur gas fees when bridging their tokens from Ethereum to the BLOCKv Mainnet.
The BLOCKv Mainnet
Since 2017 we’ve built the BLOCKv technology stack with the overarching goal of providing an accessible user interface for blockchain and NFT technology. Over the course of the platform’s development we’ve added a lot of features that are designed with this in mind: platform generated Ethereum addresses, global user wallets and dynamic minting to name a few. Whilst NFT may have quite literally been the word of the year, the technology itself is still a long way from the kind of widespread adoption that will fulfil its world changing potential. One thing that is undoubtedly hindering this adoption is the industries’ perceived high barrier to entry.
With this in mind, we’ve focused on building a blockchain that provides the simplest and most intuitive user experience possible - combining the practical security and ownership benefits of traditional blockchain minting with the platform’s pre-existing UX features to provide a customisable framework anyone can adopt as a frictionless entry point for blockchain novices that’s user friendly enough to take non-fungible technology to the mass market. We’ve also implemented a number of features that make it easier than ever for people to fund their on chain transactions, including the ability for publishers to fund transactions that are incurred as part of their campaigns or projects. We’ll also be enabling users to fund transactions from within their wallets in their near future, thanks to integrations with fiat payment providers like Stripe and Apple Pay, to provide end users with a completely seamless method of minting on-chain NFTs almost instantaneously.
The ‘app like’ design philosophy
The BLOCKv Mainnet will ultimately provide a user experience that’s most akin to the instantly recognisable ‘App Store’ every smartphone owner instantly recognises and understands intuitively. In 2021 three projects built on the BLOCKv platform; Costa Coffee's BURT (Borrow, Use, Reuse, Take back), Nifty World and the DDP’s Million Doge Disco have shown us what the future of NFT technology may look like: app-like user experiences that are familiar enough for anyone to pick up and use, whilst being powered by NFT and blockchain type technology under the hood.
The BLOCKv Mainnet has been built to augment these kind of activations - providing an additional layer of enterprise grade security to those who are looking to tap into the underlying utility of non-fungible and blockchain technology whilst remaining free of external dependencies. Previous campaign such as For The Love Of Your Local, a BLOCKv powered initiative that enabled Australian pubgoers to buy a virtual beer online from their local pub of their choice, that they could then redeem for actual beer once lockdown was over and the pub opened up again. It raised $2 million AUD in revenue for closed venues and showed how NFT technology can be used as a tool for creative problem solving in a manner that brings numerous benefits to both clients and consumers. In the near future we envision that there will be numerous NFT powered activations on the BLOCKv Mainnet that offer users the familiar UX of a traditional app, with the additional benefit of their digital assets being secured by blockchain technology.
Minting NFTs on chain
Minting on BLOCKv Mainnet works in a similar fashion to minting on other chains like Ethereum or Polygon, an approach prevents experienced developers from unnecessarily having to relearn a proprietary method in order to use the network. To mint an NFT to BLOCKv Mainnet, users will have to head to the network config field, which defines on which network the NFT will be minted. Here, the value for the network field needs to be set to blockv_mainnet. The Mainnet provides those looking to create NFTs or NFT powered products with a low gas, high speed offering that enables them to have complete creative control over their NFT offerings.
UPDATE ON VALIDATOR NODE PROCESS
The new NFT blockchain operates on a hybrid proof of authority and proof of stake mechanism to ensure transactional validity, and validator nodes operate a key part of this process. We are currently in the process of deploying validator nodes to all the operators on the BLOCKv Network, and once this is complete we will move to the second phase: opening the network to additional external validators.
Building Marketplace environments
As NFTs have continued to explode in popularity and usage, the topic of marketplaces has become increasingly popular. Today prospective NFT collectors can choose from a litany of great sites created for NFTs of all shapes and sizes. In Q3 we introduced marketplace functionality to the BLOCKv platform, allowing creators to set up their own customisable NFT marketplaces which they could sell their NFTs within. Businesses, creatives and developers are now increasingly recognising that the true power of NFT technology lies in its ability to enable consumers to remove items from the space they acquired them within without losing the ability to prove their ownership, a concept that will have far-reaching impact in industries from gaming to legal documentation, beyond the traditional use case of NFTs within one time type activations. One field that is leading this innovation is the sports industry, as clients look to build out from the success of previous NFT campaigns and create long term NFT powered virtual environments that function as multifaceted fan engagement spaces. The BLOCKv platform’s new marketplace functionality allows industries like these to create and host custom spaces for end-users to engage with their content. These spaces combine traditional marketplace functionality, namely the ability to buy, list and trade NFTs, with a host of new abilities.
custom marketplace functionality
Clients can distribute collectible NFTs through the marketplace
Consumers can buy, sell and trade NFTs they collect on the marketplace
Clients can create their own customisable NFT tokens consumers can pick up and spend in the marketplace
Consumers can enter contests and sweepstakes from within the marketplace
NFT sale proceeds can be distributed as equity amongst the artist or individuals who are featured within the NFT
NFTs created and sold within the marketplace do not have to be locked to the BLOCKv ecosystem or marketplace, and can be sold on other leading marketplaces if desired
This new functionality allows creators to totally immerse their audience in their brand ecosystem, providing consumers with a one-stop shop for the content they’re interested in, as well as instant access to a community of like-minded people they can interact with and the financial benefits associated with this environment for creators and consumers alike. All this is achieved without keeping end-users in a walled garden that leaves them unable to remove their virtual goods from the environment they were bought in, a problem that many historical branded marketplaces have struggled with prior to the introduction of NFT technology. With the marketplace infrastructure already implemented in a multi-year deal with American sports company Professional Bull Riders under the PBR Stockyard moniker, which is scheduled to launch at the start of the 2022 season, we’ll be introducing marketplace functionality to the mainnet and wider BLOCKv ecosystem over the next few months. Nifty World also recently launched market functionality at NFT.BAZL, a crypto/NFT conference in Miami, where users can purchase a variety of photo frames and other NFT products. In the future users will be able to use the marketplace to share, trade and sell photo Nifties and other NFTs that they have created with other users and this addition will help foster a community of content creators. In the future we'd love to see creators take commissions for custom frames and even host their own custom marketplace spaces, like a metaverse compatible Etsy store!
Purchasing nfts using vee
Finally, one of the upcoming marketplace features we’re most excited to introduce as a result of the Mainnet launch is the ability to use VEE to pay for BLOCKv NFTs in a marketplace environment. Abstracting the payment process to VEE gives creators and end-users an alternative to fiat currency for purchasing methods, provides more utility for current token holders and is a major step towards fulfilling our vision of VEE as a true multi-purpose utility token.
Conclusion
2021 has been a busy year at BLOCKv, with the platform playing host to a wide variety of international campaigns for household names including the NBA, Selfridges and Doritos/Call Of Duty, as well as forging new partnerships with Accenture, WPP and Lonsdale Saatchi & Saatchi. We even created Dogecoin infused NFTs! Now, with the introduction of intuitive bridging tools, the native charging of fees in VEE and the rollout of purchasing options for VEE holders, we’re excited for what the future holds.
