To the communities of Pulsechain NFT collectors, traders, enthusiasts, & everyone who breathes life into this ecosystem,
Navigating Our Early Days: Feedback & Action
Ever since Mintra went live on Pulsechain mainnet a bit over a month ago, we've been listening to your feedback & suggestions. Let’s take a moment to reflect on the last month, the feedback we've received, and the steps we're actively taking to ensure Mintra delivers an exceptional Pulsechain NFT experience. One area that has received significant attention & criticism is our current marketplace contract method for selling NFTs.
Adapting Our Sales Approach
In our current sales process, when a user lists an NFT for sale, it is transferred to the marketplace contract for as long as it remains on sale, effectively leaving the user's wallet for that time. Users have the option to delist it after 24 hours if it hasn’t been sold by then.
Our original design for the sales method of our marketplace contract was heavily influenced by the mechanics of our auction system. In the world of auctions, it's crucial that the winning bidder is guaranteed the immediate transfer of the NFT upon their victory. This transfer-based design was implemented to avoid situations where a winning bidder might end up disappointed or require a refund if the NFT's owner transfers it elsewhere during or just before the auction's end.
While effective in maintaining auction integrity, this approach admittedly has its limitations for NFT sellers and the broader Pulsechain NFT market. It does not ideally suit the more general context of NFT sales, diverges from industry standards, and imposes limitations on sellers in terms of listing their NFTs on multiple marketplaces. It has also caused compatibility issues with allow-lists and airdrops, hindering NFT projects in their distribution efforts. Additionally, the idea of "escrowing" NFTs - albeit in a smart contract that is not ownable or controllable by anyone - seems at odds with our core philosophy of self-sovereignty & self-custody, principles that are dear to us, NFT communities, and the general crypto community at large.
I will be upfront: defending our initial contract design was a knee-jerk reaction to feeling attacked by a barrage of criticism, some of which felt unfair at the time. But, in this world of crypto, and in general, humility and adaptability are key. We acknowledge that our first approach, though well-intentioned, wasn't perfect.
Introducing the New Marketplace Contract
We appreciate the community's feedback and we take it seriously. Our team, always committed to improvement, has been hard at work addressing these issues. We've reengineered a new marketplace contract for the new sale method that adopts an approval-based model, aligning with industry standards and providing a more seamless experience for sellers. This change will ensure that NFTs stay in sellers' wallets until a sale is successfully completed, reflecting our full commitment to your self-sovereignty & self-custody of your crypto assets.
Key Improvements in the New Marketplace Contract:
1. Approval-Based Approach
Users will only approve the contract to trade the NFT upon successful sale. The NFT will never leave the user's wallet unless there's a successful sale.
2. Flexible Listing & Delisting
Users will no longer face a 24-hour lock on their NFTs when listing them for sale. They can list and delist their NFTs at will.
3. Flexible Pricing
Sellers can now update the sale price of their listed NFTs without having to create a new listing.
4. Direct Payments
Upon successful sales, the smart contract will automatically & directly send funds to sellers' wallets instead of requiring sellers to manually withdraw revenue from the marketplace contract.
Ensuring A Seamless Transition
It's important to note that regardless of its limitations, the existing transfer-based contract that houses all current marketplace activity continues to work safely and flawlessly according to its original design, and will forever live on the Pulsechain blockchain. To ensure a smooth integration of the new contract into the Mintra marketplace, we will maintain frontend and backend support for the old contract as long as there are assets flowing through it. Users will have an advanced toggle option when listing NFTs for sale, allowing them to choose between the old and new contracts. This transition is about choice and respect for the diverse needs of the community.
Prioritizing Security
In the world of crypto, security is everything. We're taking our time with this update because we want to get it right. Our approach is thorough, not hasty. No shortcuts. No rushing.
We picked ThirdWeb's framework as our starting point because, frankly, it's solid. We forked it directly from their GitHub repo, stripped out some unnecessary admin keys, and mixed in Mintra's existing business logic regarding royalties, trading fees, & so on.
For the smart contract audit, we're teaming up with 0xMacro. They are prime candidates for the task, having already audited over a dozen ThirdWeb contracts. We want this contract to be airtight & user-friendly. It's a big deal for us, so we're taking the time to make sure it's done properly. Thanks for hanging in there with us.
Looking Forward
Excellence is a journey, not a destination. We’re committed to listening to community feedback, continuous improvement, and following the safest & most optimal industry practices. We're learning, growing, and evolving, always with the goal of providing you with a platform that not only meets but exceeds expectations.
I want to personally thank the Pulsechain NFT community as a whole for the support, patience, feedback, and even the memes, during this first post-launch month. We will always do our best to remain rooted in principles, adaptability, and mutual respect.
Here's to many more milestones together.
Best regards,
And happy holidays 💚
Gerardo
Founder, Mintra