Sumit BeraWed, Oct 6, 2021 12:21 AM
Entrepot Marketplace Bringing NFTs to the Internet Computer Blockchain
In August of 2021, the first NFT marketplace on the internet computer went live only three months after ICP genesis. Entrepot was developed by Toniq Labs, through their NFT platform Exponent, which is comparable to Enjin (ENJ) on Ethereum.
Toniq works with artists in the ICP community to bring weekly new collections to the marketplace, which has seen over three million USD in trading volume over the last six weeks. We expect to see an exponential increase in volume with self-minting tools being rolled out in the near future.
Exponent - The infrastructure of Entrepot
Native exchange is a core attribute of Exponent. Toniq believes an exchange should not require the movement of tokens, but rather be built into contracts just like the ability to “transfer”.
Users can create an order for exchange from their wallets, which is then matched against existing orders or stored for a future swap. This removes the middleman from the exchange and allows for on-chain settlement without the need of separate frontends. DEX’s and liquidity pools can still exist, but instead, act as more of a vanity service than a utility service. This is a big advantage of EXT, the token standard that Toniq is building.
Top collections available now
At the time of writing, there are ten collections available on Entrepot. The following are a few that we wanted to highlight for having unique utility and representing the type of projects Toniq is interested in onboarding.
1. Cronic Critters - The first NFTs on the ICP. To be used in Cronics, a play-to-earn NFT economy being developed by Toniq Labs. Cronics incorporates a “breeding” mechanic, wearable NFTs and a P2E minigame ecosystem, and more.
2. IC Drip - Modeled after the Loot Project on ETH, IC Drip are randomly generated meta-commerce shopping carts for outfits and personas stored on chains. Stats, images, and other functionality are intentionally omitted for others to interpret.
3. ICmojis - These early 2000’s style emote NFT collectibles can be used to play ICMoji Origins, a strategy browser game and winner of the 2nd DSCVR Hackathon.
Supported Wallets & Fees
Entrepot supports 2 ICP wallets, both of which are self custodial:
1. StoicWallet - Web app, developed by Toniq Labs.
2. PlugWallet - Browser Extension, developed by FleekHQ.
You can login to the Entrepot.app with a supported wallet from any web browser. ICP in your wallet is needed to purchase. Entrepot acts as a front end that allows users to manage their assets, which Entrepot never takes custody of: they are always stored in the wallet.
The internet computer utilizes a reverse gas model, so gas fees are paid by the developers instead of the users. The only fees you will encounter are:
- 0.0001 ICP transfer fee
- 0.5% marketplace fee paid by the seller
- 1% - 2.5% creator fee paid by the seller
Upcoming features for Q4 2021
- Self Minting Tools - Currently, Toniq assists artists with the minting and listing process. In the coming weeks self minting tools will be made public and anyone will be able to mint an NFT at super low costs.
- Auctions & Bidding - The internet computer NNS recently voted in favor of removing a restriction that kept ICP from being stored in canister smart contracts. Once this is executed, bidding and auction functionality will be deployed.
- Advanced Filtering - Toniq plans to build out advanced sorting and filtering functionality comparable to what you see on OpenSea. The incredibly low cost to mint an NFT will drive a lot of artists to the ICP and user experience is a priority.
Connect with Toniq Labs