Kryptomon — A Marketplace Update
Hello trainers, welcome back to the wonderful world of Kryptomon. Hopefully the new Lore Challenges announced earlier this week has gotten everyone excited about helping Professor Koa solve the mystery of how Kryptomons came to be. If you haven’t already, make sure you check out the article soon or risk losing out on the chance to win your very own Kryptomon egg!
While our resident world builder Carter has been busy helping Professor Koa discover the origins of all Kryptomon, the rest of the team haven’t been idle either! Today, we’ll dive into a topic that the the community has asked for on many occasions — Our Kryptomon Marketplace!
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The Kryptomon Marketplace
You’ve asked for it, theorized it might happen, seen teaser images from the team but today we’re excited to finally announce, yes our very own Kryptomon marketplace is being built!
Now everyone calm down. The key thing to note is that I said “is being built”, which implies that work for the marketplace is still ongoing and we are not in any place to release the marketplace just yet. Building our very own marketplace is huge endeavor and with something that will be handling tens or hundreds of thousands of dollars, we would much rather take the time to get it right.
We don’t have an approximate time for a launch just yet, but we’ll be releasing another announcement once we do. For now, just know that the safety and security of your funds and Kryptomon eggs are our top priority. We’ll triple check everything looks solid before even considering a launch.
With that out of the way, let’s get down to the more interesting details. What features will we be implementing to make your lives a little easier?
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Buy and Sell with KMON and BNB
Upon launch, the marketplace will allow trades in both KMON and BNB. In the future, we might consider rolling out support for trading in more cryptocurrencies but the main marketplace currency will always be KMON.
To encourage the use of KMON (more use cases for KMON!), the marketplace will be released with an additional feature where trainers will receive a discount on the trading fees if completing the trade in KMON.
Why pay more than you have to? Use KMON!
Detailed… Detail Page
A common piece of feedback we received from many of our trainers currently buying and selling on Mochi Market was the fact that not all information about the eggs was displayed on the website. Trainers would often need to look through Bscscan before making a decision to buy a specific egg, which can be a hassle.
To rectify that, we’ve designed a brand new detail page packed full with all the data you might want to know about a particular Kryptomon so that you can make an informed choice before buying.
Not only will you be able to easily see the breakdown of the Kryptomon’s elemental and physical traits, we’ve also included a trade history and price chart function for all you traders and breeders out there. This will give you an understanding of the demand in the market and will help inform your decision on which Kryptomons to buy and keep or breed.
For example: You’ll now be able to easily understand the sale history of the Kryptomon and thus infer which Kryptomons are “more liquid” (large volume of trading history suggests that many people are willing to buy a particular Kryptomon) or “more stable” (consistent sale prices would suggest that the Kryptomon has genes that everyone is looking for, while drastically varying sale prices would indicate speculation or trends in future battle “metas”)
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Transfer Eggs For Free
A large barrier to entry is the current inability to transfer Kryptomons between wallets. Let’s assume that you’ve convinced a friend to give Kryptomon a go and you’d like to give him one of your Kryptomons to start him off.
At the moment the only way of doing this is for you to sell him your Kryptomon on Mochi Market for a high price (so that no one else snaps it up immediately) and then return to your friend the funds used to “buy” your Kryptomon. Not only do you have to pay gas fees for 2 separate transactions, you also pay a fee to Mochi Market for buying an egg.
To curb this, egg transfers between friends or people you trust in the future will be free while using the Kryptomon market. You’ll still have to pay gas fees once (since those go to the BSC and isn’t something we can control) but it’ll be a much more streamlined process compared to what it is now.
The problem described above is not specific to Kryptomons, but rather NFTs in general! Our amazing devs have identified this pain point in the market and that’s why we’re also considering extending this trade functionality to non Kryptomon based NFT trades while on the Kryptomon marketplace. Whether or not it’ll be completely free… is a decision we have yet to make.
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Search And Bid On Kryptomons
At the moment on Mochi Market, the only eggs you see are those that other trainers have made available for sale. But what if you’re looking for a very specific combination of physical and elemental genes and can’t find it on the market?
With the Kryptomon market, we wanted to make it such that trainers could find any Kryptomon/Kryptomon egg when using the filters, even if that Kryptomon wasn’t available for sale. Trainers will be able to place a bid on the Kryptomon they have their eye on, and it’ll then be up to the owner to decide if he wants to accept or reject that bid.
Note that being able to search for all Kryptomons using specific filters and see if they’re available for sale also gives the ability for interested breeders and traders to quickly determine where there might be an oversupply of a particular type of Kryptomon, or where there is low supply but high demand. 😉 This will once again act as a signal for breeders to determine what type of Kryptomons they should breed and sell.
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Why Build Our Own Marketplace
“That’s a lot of work! Why not focus on the game instead of building a completely separate marketplace instead of just using Mochi?”, is what some of our trainers might be wondering. It’s a very valid question!
There are various benefits to having our own marketplace instead of being completely reliant on our partners. We won’t list every benefit here (as that’d take far too long) but here are the 2 main reasons.
A higher degree of control
Having our own marketplace gives us the freedom to make our own decisions and build features that will benefit our community. Community feedback is now easier to deal with and implement since we can make changes after a community vote instead of having to wait for and rely on partners who might have to consider the needs and wants of all the different other communities that they partner with.
Independence also means controlling our own fate. What if one day Mochi Market is taken offline for a few hours? Or if we needed a specific piece of functionality ASAP but we’re unable to reach the Mochi team for some reason? There will be absolutely nothing that we can do on our end to help Mochi rectify the issue so the Kryptomon team would be just as worried and in the dark as all of our trainers if we didn’t have our own marketplace.
Keeping funds within the community
Not only will we be able to give KMON an extra use case, but when you buy or sell Kryptomons on the Kryptomon marketplace, the fee you pay will stay within the Kryptomon community.
Every trade you make indirectly supports the game development, our ability to host giveaways/competitions like the Lore Challenge for our community and potentially even getting Umberto a semi decent microphone so that he can do Founder Talk sessions a little better! (a little inside joke for all of those who turn up to the Founder Talk sessions 😂)
We’ll also offer a lower fee when trading on the Kryptomon marketplace, so if you didn’t care about everything above, this reason alone should suffice. After all, why would you choose to pay more when you didn’t have to?
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Building our own marketplace is a lot of work, both upfront and to maintain in the future. Even so, the benefits far outweigh the negatives and we hope that you’ll see this (like we do!) as a worthwhile investment into Kryptomon’s future.
In addition, having our own marketplace does not mean we’ll be neglecting our partnership with Mochi Market. They’ll continue to work with us and trainers will still be able to buy and sell Kryptomons on their platform if you choose to do so!
A final request for our trainers before signing off today. You’ve been using the Mochi Market interface for a while now? What are YOUR thoughts on the system and what do you think is done well and could be done better? Are there any specific filters that you think could be implemented to make your life easier? Let us know on our social media channels! Help us make Kryptomon the best NFT blockchain gaming experience it can be!
See you in game, fellow trainer.