Ava Labs has teamed up with non-fungible token (NFT)-focussed investment firm Polyient Games to launch a decentralized exchange (DEX) for crypto collectibles.
Polyient’s NFT exchange will be powered by Avalanche blockchain and will exist within the forthcoming Polyient Games Marketplace.
We've teamed up with Ava Labs to bring a NFT-focused decentralized exchange to @AvalancheAVAX.https://t.co/BCjmPnDKUJ — Polyient Games (@PolyientGames) July 29, 2020
The exchange is slated to host exclusive NFT auctions and peer-to-peer trading, with plans for “more liquid NFT trading products” and “NFT-adjacent tokens” in the future.
Polyient’s native utility and rewards token, PGFK Particles (XPGPs), will be used to power the decentralized exchange.
It will be the base currency for all NFT sales, pairings, and auctions on the platform, as well as a membership token that yields rewards for users of the Polyient Games Ecosystem.
Moving forward, Polyient Games and Ava Labs will work closely together to further develop the bridge between Ethereum and Avalanche to facilitate the next generation of blockchain gaming projects, while exploring unique DeFi use cases for the NFT asset class. — Polyient Games (@PolyientGames) July 29, 2020
Meanwhile, Polyient has opened pre-registration for its PGFK token sale.
Polyient’s chief executive, Brad Robertson said that Ethereum’s congestion informed the firm’s decision to build on top of Ava’s Avalanche blockchain:
“By building on Avalanche, we are able to leverage a scalable infrastructure while maintaining bridges that facilitate the seamless transfer of ERC-20 and -721 assets.”
The announcement follows Ava Labs’ public raise of $42 million a week ago.
Coupled with the firm’s initial private raise of $12 million last month, the firm has issued $54 million in AVAX tokens.
The first market to be hosted on the new DEX will be a swap market for trade between XPGP and Ava’s AVAX token.
Tokenholders will also be able to provide liquidity to pools and Polyient’s DEX to reap a share of the platform’s transaction fees.
Source: Cointelegraph | Image: Unsplash