About a fortnight ago I wrote about an emerging NFT Marketplace on the Terra (Luna) Network which if you'd like to read you can do so ONEPLANET: The Next Iteration in NFTs. In summary the protocol is unique because it aims to be the one stop shop for all your NFT needs. Building on all current models and merging them into one place.
I have since reached out to the OnePlanet team and been provided early access to their Litepaper which hasn't been released to the public yet. To maintain confidentiality I will not be uploading it or sharing it. But I will give a brief overview and run down of the protocol from their Litepaper. All information in this blog will be sourced from the Litepaper.
OnePlanet is focusing on addressing core issues within the NFT space where Ethereum was the catalyst for NFTs GAS fees associated with minting and trading NFTs can range from $US50 to $US100.
Furthermore, with the expansion of NFTs on other blockchains such as Terra (Luna) Network another issue has emerged where NFT creativity is being trumped by mass production of 10k NFT releases. This is hampering NFT production and reducing the quality and advancement of the sector which OnePlanet wishes to address.
Since the launch of NFTs the sector has mainly been driven by centralised exchanges which profit off fees and listings. These Crypto companies have created a market selling art which goes against the fabric of Web3 mantra which focuses on decentralisation and providing economic opportunities for all.
Further barriers exist when DMCA's are issued to centralised exchanges challenging the use of art with the current legal process requiring the centralised service to remove the artwork until the claim is withdrawn which has impacted many artists and cost projects 10s of thousands of dollars in lost revenue.
OnePlanet will be establishing a DAO which will be driven by the community that will develop proposals on the governance of the protocol and terms of engagement.
100% of the profits from the protocol will be redistributed to parties within the ecosystem and a series of Governance NFTs will be created for participants to hold and be able to utilise to participate in protocol voting.
To incentivise and support new artists in the sector OnePlanet will be offering a No-Code-Minting service to enable more people to develop and launch their own NFT lines.
A significant barrier preventing people from mass producing their own NFT series is a lack of coding knowledge and experience which is why the recently developed No-Code-Minting service that will be provided by OnePlanet will change the game with how people not only engage but utilise NFTs within the sector.
With many NFTs developed on the Terra (Luna) Network able to be sent through wormhole to other protocols I think we will start to see Terra (Luna) Network become the new home of NFTs especially if the development and launch of new projects is streamlined and ease of use is increased.
OnePlanet will also provide each artist with their own social media account on the platform to be able to not only share their designs but also engage with their community and keep people updated on up and coming NFT artworks. This enables the broader community to stay up to date and not miss out on pieces of work that are valuable and becomes less reliant on mainstream social media platforms.
OnePlanet has some really big plans for the future and in how they will support up and coming artists and incentivise people to try new collections with the ability to earn rewards and extra profits derived from the protocol.
OnePlanet is driving sector reform amongst the NFT community bringing with it a number of key changes that will increase utilisation, promote decetralisation and reward participants and artists alike.
The added feature to be able to mint and deploy your own series of NFTs will be of great benefit and will surely provide a more fair and equal playing field amongst artists and developers a like.
No doubt it will better support the industry and help drive mainstream adoption that will bring more verified artists to the NFT space and usher in a new age of digital art.
We look forward to the launch of OnePlanet and are excited that the protocol further redefines Web3 on the Terra (Luna) Network which will greatly benefit everyone already utilising the network.
What are your thoughts of OnePlanet? will you be using them to launch your own NFT series in the near future?
Images developed and sourced from Canva Pro Subscription and OnePlaney LitePaper. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
