Why should you join CHAIR, the decentralized trading platform for utility NFTs
The COVID-19 pandemic has cast an economic shadow over the whole world. Due to the “money printing frenzy” in many countries and the weakening dollar, the traditional financial world is seeking safe-haven assets. Decentralized digital assets that are not controlled by any single country became the best choice for investing. As a result, mainstream financial institutions are starting to acknowledge and accept decentralized digital assets. This lies the foundation for the current bull market of digital currency.
Throughout the long human history, scientific breakthroughs always lead to sweeping changes in the human social structure. Rags-to-riches myths are happening almost every day in the traditional internet industry. These myths are even more frequently seen in the world of blockchain. For the blockchain sector, liquidity mining took DeFi to new highs in 2020, and 2021 will definitely be the year of NFT. The blockchain industry is still relatively isolated from other business sectors although blockchain and cryptocurrency are in full swing. A dilemma has formed: Outsiders try hard to involve themselves in the industry while insiders struggle to integrate blockchain into the mass market. Fortunately, NFT, featured with indivisibility and uniqueness, builds a bridge to connect physical goods and services with the blockchain industry, raising numerous expectations for the mass adoption of blockchain.
I have been keeping a close eye on the NFT market recently, noticing that opportunities and challenges go hand in hand in this market. A new project called CHAIR caught my eye. CHAIR positions itself as an NFT decentralized exchange platform for rights and benefits. It is quite novel to tokenize rights and benefits into NFTs. Let’s take a look at CHAIR and figure out if it is worth joining.
A decentralized NFT trading platform for rights and benefits
The needs for physical assets to be recorded on the blockchain are increasing with blockchain technologies’ development, are current NFT applications able to meet the demands? There are still a few problems existing in the current NFT industry.
1. Highly homogeneous NFT asset category. The current NFT industry is flooded with artworks instead of physical assets. Furthermore, the value of many NFTs reaches millions of dollars, placing a high entry barrier for average users and limiting the transaction and liquidity of the NFT market.
2. Isolated development. The NFT industry is of limited influence and the existing NFT platforms are in excessive competition and involution.
3. High gas fees. As Ethereum has the largest user ecosystem, most NFT projects were built on it in the early stage, making it home to NFTs. Nevertheless, the low performance of Ethereaum results in high gas price and latency and a lack of liquidity of NFT assets.
4. Too many counterfeit products. The absence of a review and penalty mechanism makes it hard for users to distinguish whether the minted NFT is original or not, leading to the emergence of lots of NFT counterfeits.
CHAIR is here to solve the problems mentioned above.
Diverse NFT assets
As the world’s first decentralized NFT trading platform for rights and benefits, CHAIR is devoted to helping users to tokenize any right and benefit into NFT which can be publicly traded and auctioned.
NFT can function as the proof of digital assets ownership, so CHAIR believes that the application of NFT will by no means be limited to artworks. As everyone is unique with their own personal rights and benefits, everyone can create customized NFT on the CHAIR platform and participate in the trading and auctioning of NFT. In this way, average users can enjoy a low entry barrier and NFT liquidity will be greatly boosted. This also helps to achieve the privatization and free circulation for multiple types of utility NFT.
Explore NFT 2.0
Bitcoin and the distributed ledger technology are widely recognized as blockchain 1.0 by the industry while Ethereum and the smart contract technology are regarded as blockchain 2.0. Both of them are milestones for the crypto industry.
The NFT asset category of current NFT platforms is highly homogeneous. It is still a niche market with limited influence but excessive competition and involution.
CHAIR has taken a unique approach to develop new NFT market potentials. On one hand, CHAIR has the capability to attract or invite a large number of KOL users with the platform’s profitable business model and the founding team’s high-quality personal resource. On the other hand, those KOLs will join the CHAIR platform with their own internet traffic and large groups of loyal fans. CHAIR is dedicated to helping KOLs monetize their internet influence. In turn, KOLs will utilize their own resources to attract more fans to spread the word about CHAIR, such a positive feedback loop will bring more attention to both the KOLs and the CHAIR platform. The platform will allocate more support and business development resources for high-quality KOLs. The platform, KOLs, and fans will work together to make the cake bigger and achieve a multi-win situation, facilitating NFT’s viral spread.
A liquid market that units the buyers and sellers will accelerate NFT transactions in the secondary market and add more value to NFT assets. By providing such a liquid market, CHAIR has taken further steps to NFT 2.0, leading to a promising future.
Binance Smart Chain (BSC) with low gas fee
CHAIR is based on BSC where the gas fee is lower and the confirmation time is shorter. The fair value of NFT will be more distinct as more transactions are conducted on the CHAIR platform. Then sellers can monetize their rights and benefits more easily while newbie buyers can enjoy low entry barrier to the NFT market. Both sellers and buyers will be free to quit at any time as long as they are willing to.
How does CHAIR solve the issue of counterfeit
The security provided by CHAIR platform’s blockchain technology can guarantee that selling fake NFT tokens is virtually impossible.
First of all, CHAIR has a complete audit and punishment mechanism that requires NFT creators to provide proof of their ownership of goods and services. Secondly, a certain amount of handling fees are charged for both creating NFT and storing NFT so that the cost of producing counterfeits will be increased and the number of counterfeit products will drop. Lastly, NFT will be registered on the public blockchain ledger so that the digital ownership (‘source’)can be tracked and verified. The NFT’s previous sale prices and the number of existing copies will also become publicly available.
In the future, more than 90% of NFTs will represent rights and benefits including financial assets, data, and digital identification. As the first NFT exchange for rights and benefits, CHAIR enriches the category of NFT assets and infuses much vitality into the NFT market.
CHAIR’s governance token
The governance token of CHAIR is BNCH.
BNCH token represents users’ rights and benefits on the CHAIR platform. BNCH holders are entitled to in-depth participation in the governance and future development of the CHAIR platform. BNCH can also be used toward the purchase of goods and services on the CHAIR platform. All BNCH holders are entitled to share the revenue generated from CHAIR’s development.
The total token quantity is 70 million. CHAIR has decided that there will be no private placement for CHAIR’s platform tokens. All BNCH will be distributed to CHAIR backers by NFT purchases. The locked portion of the CHAIR team will be released over 14 quarters, which reflects the founding team’s confidence in the project.
BNCH is expected to be listed on decentralized exchanges at the beginning of June. Earlier participation in a promising project like CHAIR will result in higher profits for users.
INO, an innovation by CHAIR
INO stands for Initial NFT Offering.
10% of the total token quantity, that is 7 million BNCH, will be tokenized into NFT for purchase. CHAIR NFT holders are entitled to the following rights and benefits: Earn a higher proportion of revenue generated from BNCH liquidity mining; Be given priority to get access to airdrops from other KOLs and project owners; Obtain CHAIR’s initial investment quota that will be locked for 5 quarters and released in 6 batches.
The cryptocurrency market is currently in the midst of a bull run, so a long lock-up period is not in favor of investors. The innovation of INO perfectly solves the issue for it optimizes the circulation of locked assets. For instance, 5% of the locked portion is released in the first quarter and the price of BNCH is expected to soar by at least 20 times. If an investor sells the unlocked portion, his investment is recouped immediately. The rest of the locked portion can be tokenized into an NFT. Then the investor can trade the NFT on CHAIR platform at a price three or five times higher than the initial value to earn the price premium.
INO allows locked assets to be freely traded and circulated, which perfectly reflects the core value of the digital economy.
How do users participate in CHAIR
For KOLs: Relying on the founding team’s high-quality resources, not only can KOLs monetize their rights and benefits fast, but also they can receive continuous royalties by creating their personal NFTs and selling them on CHAIR.
For KOL fans: KOL fans can trade NFT on the CHAIR platform. NFT liquidity providers will receive platform rewards. NFT holders can also speculate on future price increases and resell the NFT at a higher price to earn the price premium.
Participation in NFT auctions: Unsuccessful bidders will receive an auction dividend. Successful bidders will receive the platform rewards.
Participation in mining: Users can take part in liquidity mining, PoW mining and single-token locked position mining to earn platform mining rewards.
BYP (Build Your Planet) program is estimated to be launched in CHAIR 3.0 in September, 2021. Please refer to CHAIR NFT White Paper for details.
The low entry barrier to CHAIR almost allows everyone to participate in this NFT project, which is not common in the industry.
In general, CHAIR takes the lead in multiple fields, accelerating the integration of blockchain into the real world. The constant explorations and attempts of the outstanding team on this excellent project have brought the next round of financial asset revolution on the horizon. Stop FOMO and join the new crypto market landscape!