The DigiRack Features Explained
It’s been a couple of interesting days after we announced the DigiRack NFT Marketplace project on our medium blog (Read Here), with Milkomeda launching on the Mainnet.
You might be wondering, what the heck is Milkomeda?
Milkomeda is the name given to the galaxy that will be created when the Milky Way and Andromeda galaxies merge.
Opps!! Lol, just kidding
There is another Milkomeda that we would explain briefly.
The Milkomeda protocol is a Layer 2 side chain that will offer the most popular smart contract programming language, Solidity on Cardano while enhancing inter-blockchain interoperability, user experience, and developer traction all at the Layer 2 level.
In other words, Milkomeda would bring EVM protocols and contracts on Cardano.
So it’s like the collision of the Andromeda and Milky Way galaxies 😀 EVM+Cardano
The team is excited about this news and what we could do with it and what that has been developed with the ability to make Digirack NFT marketplace a multi chain interoperable ecosystem.
We are thrilled about what the future hold for the DigiRack NFT Marketplace.
The aim and mission of DigiRack is to build a Multi-Chain, Interoprable & sustainable Non-Fungible Token & digital Collectible Marketplace on the Cardano Blockchain while also rewarding Creators, Artistes & Developers for their efforts.
We will be explaining in a broader details of some of the features that is being developed along with the DigiRack NFT Marketplace.
DigiRack Features
Mint
You can create an NFT in just 5 clicks using the Digirack Marketplace
Connect Wallet
Click On Create
Select Image, Fill In Details
Mint
Sign Transaction
Your NFT will be minted for the fraction of the cost on other blockchains
Creator Profile
There will be two user types on the Digirack NFT Marketplace, Creators and Traders
Creators can be able to mint NFTs and also set a two tiered royalty system and also apply to become a verified creator.
Traders can only buy, sell and Auction NFTs.
NFT Staking and Launchpad
Staking can be defined as a way of earning passive income from holding a certain cryptocurrency as you earns rewards while the cryptocurrency is staked is because the blockchain puts it to work.
The DigiRack NFT staking isn’t any different to this, you put your NFT’s to work and it will earn rewards of you for just holding them.
The Digirack NFT Launchpad will accelerate and incubate some up and coming NFT projects voted on by the community.
DigiRack will find ways to increase the utility for its tokens and also will focus the task of constantly developing unique features for its NFT marketplace and ecosystem in general.
Bidding & Timed Auctions
This is a smart contract powered functionality which will temporarily store an NFT and interested buyers can view and bid for the NFT at an amount they can afford, the bid amount is stored in a smart contract.
This could be timed auction as well, this takes place where at the end of the time countdown, the last highest bidder that has reached the sellers/creator’s reserve gets the NFT, the smart contract send the NFT to winner of the bid and sends ADA to the creator and buyers who didn’t make the bid will receive their ADA once the bid is closed.
NFT Live Tracking
The DigiRack Marketplace will boast of another very distinctive feature which will utilize Blockfrost and Tangocrypto APIs to track live NFT prices, volumes, price fluctuations and plot it on a live trading chart showing its price against time.
You could also monitor the Movements of Valued NFTs as it’s Traded
This will work just like tokens/crypto price charts are displayed to show price movements, minutes, hourly, daily and weekly trading volumes.
NFT Swap / Loan
NFT collateralised loans are a new use case to NFTs, Digirack in a later feature will introduce NFT swaps whereby people will be able to swap NFTs with or without additional ADA.
This can be done when users put up NFT’s they own up for a swap, this can be easily described a d a P2P NFT market place.
This type of trade doesn’t need ADA or any other cryptocurrency to change hands, the assets are traded by exchanging one for another.
Multi / Cross-Chain Capability
One can can simply say that the end goal for blockchains are to be come interoperable, that is to be able to talk to each other which is basically to allow for shared information and data exchange between different blockchain ecosystem.
This is achieved by a Cross-Chain Interoperability Protocol (CCIP), this enables developers to easily build secure cross-chain services and decentralised applications on the blockchain.
The possibilities of CCIP opens up a new category of DeFi applications that can be built by developers for multi-chain ecosystem.
However, this can be achieve in different ways that highlight their unique goals through Cross-Chain and Multi-chain technology.
With this in mind we can deploy our contracts on Cardano and utilise EVM and Solidity for Milkomeda while utilising NFT bridges to facilitate multiple chains being able to communicate with one another.
As we edge closer to the Rack token Pre-Sale, there will be subsequent posts highlighting the utility of the Rack token and how to join the Pre-Sale.
Join the Digirack Whitelist Contest for a chance to be selected to join in the Highly Anticipated Digirack Token Pre-sale and also be able to become one our early beta testers.
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