PaintSwap NFT Marketplace 2.0
We are very happy to announce that the #1 open NFT marketplace on Fantom has just had a major upgrade! The community response we got from our launch 1 month ago has been amazing, and we listened to you and have added the most requested features.
Let’s dive in!
Moving to native FTM
When we started this project we had a clear goal of creating something unique and fun for the whole Fantom community. The BRUSH token has been one piece of the puzzle all from being used in the first-ever game on Fantom, Ross Studio, to staking, farming, and later as the main NFT marketplace token. It’s served the community well, having recently reached a new milestone of 35M BRUSH volume in NFT trades.
As much praise and love as we get from the Fantom community, the largest piece of feedback we receive is that to be inclusive, we should have FTM as the main currency. We heard you — you want to use PaintSwap but would rather not use BRUSH for NFT sales (even though you love our farms) — this one is for you.
With 2.0, all listings are now in FTM, including artist royalties. Yes, you heard it right, no wrapped FTM (wFTM) but pure native FTM!
This is an exciting change for us, as it will enable quick, easy, and seamless NFT trading for everyone on Fantom and allow us to stay competitive! Our doors are now wide open for a larger audience and we’re going ahead full-throttle on this project.
What about BRUSH?
Don’t you worry, BRUSH lives on and is still a central part of existing and upcoming features on PaintSwap. On the marketplace specifically brush is still used in the following areas:
- Marketplace listing fee
- Minting NFT fee
- Collection fee (when released)
We have however implemented a zap feature, so users can still use FTM in these places! It will automatically buy BRUSH through our exchange behind the scenes.
With the NFT sales occurring in native FTM, we are also providing additional benefits for our BRUSH painters.
50% of all sale fees are used to buy and burn BRUSH!
This will increase the value for holders by leveling the BRUSH supply against the current emissions.
More on sale fees and why they are necessary: https://nonfungible.com/blog/wash-trading-and-why-its-negative-for-non-fungible-tokens
BRUSH will still be the main token for staking in PaintSwap and for the continuously increasing set of farms. You can find them all here with highly competitive Annual Percentage Yield (APY): https://paintswap.finance/farms
We also have more exciting features for BRUSH yet to be revealed!
Marketplace 2.0 Features
For those who like the details, here’s a list of the main features we’re bringing.
- All in native FTM
Sell, bid, offer, and receive NFT royalties with the native Fantom token. Converting to BRUSH is no longer needed! - Edit the sale price at any point
Did you enter the marketplace too low or too high? No worries, you can just change the sale price or auction reserve price in seconds without re-listing or paying any extra fees (except the minimal network gas)! For auction, you are allowed to change as long as no bids have been placed.
- More freedom to cancel ongoing auctions
No more complicated rules and limitations. Cancel your listing at any time! … Unless it’s an auction with existing bids. However, even in this case, you are allowed to cancel during the initial 2h cancellation grace period.
- Delay your listing to another time
In most cases, you want to start your sale directly, no problem, but this new feature allows you to define an exact start time, for example, next Monday at 7.30 PM. Could come in handy when releasing your next collection all at once! Not yet activated in the UI but will be soon.
- Auto extension for close bids
Ever been in a situation where you make the perfect bid close to the end but got outbid by someone else and ran out of time? Maybe not, but as you can imagine it can be quite frustrating. Any bids made during the final 5min of an auction will now auto-extend the auction by another 5min, allowing anyone to compete in a fair bidding game and maximize the profit for the seller! - Custom fee currency
When minting or listing NFTs you can choose to use FTM or BRUSH. The fee is fixed at 50 BRUSH per mint/listing, which is equivalent (as of today) to 1.3 FTM. When using FTM, it’s auto-zapped into BRUSH and sent to the PaintSwap DAO fund. - Sale fees will burn BRUSH
As mentioned earlier, there is a 2.5% commission fee on any successful sales. The new feature is that 50% of those will now be used to buy BRUSH and burn it! The other 50% is sent to the DAO fund so we can continue to support development around BRUSH and the marketplace, with new features planned. - The landing page is now a marketplace
As we are bringing PaintSwap to the next level it was natural to make the marketplace stay in focus and being the first thing you see when navigating to the site. You will find the farming and stats dashboard as a link in the menu.
- Improved dark mode
Displaying NFTs is sexier than ever and will save your eyes during late night’s exploration! If you haven’t seen it already, there is a toggle for dark mode on the platform’s main menu.
What will happen to marketplace 1.0 NFTs
All NFTs that were listed on the 1.0 marketplace will continue to function as normal. They will be hidden on the 2.0 marketplace but accessible (and redirected from old links) to
https://brush-marketplace.paintswap.finance/nfts
There you can buy, offer and bid as before. You can also see your 1.0 sales on “My Sales” even on the new site but the price will be displayed in BRUSH instead of the new FTM. If you happen to land on a 1.0 NFT listing on the new site there will be a button leading you to the old site as well so you don’t miss out on any sales!
Listing on the BRUSH marketplace will eventually be disabled.
Why PaintSwap is THE best place at supporting artists
Ever since we started we have supported the artists to an extraordinary level, accepting anyone to fill in a form to get featured on the marketplace, with little delay, and at zero cost. We are spending a great deal of time looking up projects, helping them to create contracts, solving bugs, and getting started with NFTs. Just ask around and the community will attest to this.
This is something we will keep doing by continuously enhancing our tools. We will soon have a dedicated page for submitting collections instead of a Google form, with an instant 1:1 preview of your personal page with banner design, links, and the whole deal!
Further down the road, we will have an NFT launchpad for any project to set up minting directly on PaintSwap, without the need to even create your own page. Saving time and money on web development and web domains.
Only recently, we also launched a sales bot on discord, currently being used in some well-known Fantom servers. You may have seen it around, but here’s a sneak peek at what it can do!
PaintSwap and the future
While exploring 2.0, don’t forget that our team is still committed to the task of creating the best NFT/DEX/AMM on Fantom. We have already started the work on the next version with a lot more exciting things to show you.
Stay tuned and keep painting!
