NFT platform Auctionity to expand DRT usage, adopt fiat payments

DomRaider’s DRT can now be staked on Uniswap; will be used by NFT pioneer Auctionity as governance token.

One of the earliest adopters of NFTs, Auctionity has offered crypto enthusiasts a 100% blockchain-based NFT auction platform since 2017, made possible through implementation of the DomRaider network. Auctionity helped to forge a method for the convenient sale of NFTs in 2018 by building an innovative and secure auction protocol; a model which has been validated via scientific publication.

Today marks a new milestone for Auctionity as it implements staking for the DomRaider Token (DRT). In anticipation of the project’s launch, a liquidity incentive program begins right now and will last one month. To this end, 3 million DRTs are being distributed to DRT/ETH liquidity providers (more details). The new developments mean that token holders can now stake DRTs on Uniswap and be rewarded for providing liquidity to DRT swaps.

Auctionity also announced it has plans to use DRT as a governance token, giving the community the right to vote on how the project should evolve. Staked DRT will also be used to determine the distribution of NFT sales commissions earned on the platform.

Mass market testing to onboard non-crypto users is underway

Auctionity’s R&D and marketing teams have been working on a series of tests to open the platform to the general public. This includes appealing to non-crypto users by giving anyone the ability to purchase NFTs in fiat currencies. The objective of the tests was to determine the level of interest in purchasing NFTs coming from users unfamiliar with cryptocurrency or blockchain technology.

Initially, testing had demonstrated an existing but underwhelming potential. In 2021, however, the NFT market has exploded, thanks to Elon Musk and other celebrities who have helped bring appeal to the development. The meteoric rise of NFT adoption, along with Ethereum network gas fees, spurred Auctionity to focus on developing as simple a user experience as possible, with no ETH wallet necessary.

With a new, fiat-friendly payment system in place, Auctionity believes 2021 will be the year they did for NFTs what Coinbase did for Bitcoin and other cryptos, by introducing a worldwide audience to NFTs in their local currency.

Auctionity will offer option to buy NFTs in €, $, ¥

By removing barriers related to cryptocurrency usage, such as the complexities of wallet management and signing transactions, Auctionity believes the world of NFTs can be made accessible to everyone. To this end, they will offer the option to buy NFTs using one of three fiat currencies, including the euro, U.S. dollar, and Japanese yen.

Auctionity is also working on other ways to improve its platform, including a new smart contract and sidechain iteration that will bring them more speed and accessibility, as well as a greater degree of compatibility with new NFTs.

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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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