What's Catfish Market?
Last updated
Last updated
Catfish Market is an NFT trading platform that uses public voting by collectors as a pricing mechanism, helping NFT collections establish automated market makers and solve the liquidity shortage for non-floor NFTs caused by large gaps between listing and bid prices.
How to achieve it?
Battle to earn scores
NFTs within the collection will battle each other one-on-one, with the public voting (especially collection holders' voting) to determine the winner. The higher the number of net wins and win rate, the higher the score and ranking of the NFT.
Score-based pricing AMM
Eligible collections will be able to establish a "Collection AMM Pool" (Automated Market Maker), offering individual bids for each NFT participating in battles, allowing the collection to break free from the current situation where only floor-priced NFTs have liquidity.
The unique bid for each NFT is calculated automatically based on its battle score as a variable, combined with the collection's Ceiling Price provided by the AMM pool's LPs (Liquidity Providers), following a predefined function.
LPs earn trading spreads and mining rewards
LPs can choose collections they are optimistic about and deposit ETH into the collection's AMM pool to provide liquidity, earning trading spreads from NFT price differences and token rewards from the Catfish platform.
However, LPs must also bear the potential losses caused by a decline in the collection's price or difficulty in selling NFTs they bought, similar to the risks faced by market makers on most platforms.
Then, non-floor prise NFTs will have buy orders available for immediate sale.
Bringing comprehensive liquidity to the NFT market
Catfish Market aims to comprehensively solve the liquidity issues for outstanding collections and high-quality NFTs, breaking free from the current situation where only the 10% of NFTs at floor price have liquidity. It seeks to help the NFT market identify and highlight higher-quality NFTs and collections.
