Creaticles is a BSC-powered blockchain platform that facilitates the creation of customized NFTs, connecting consumers and content creators to match prevailing demand with supply.
There are a lot of artists these days that seek to create non-fungible tokens (NFT) that represent their digital or physical artworks, expecting a quick profit. However, not all creators find success in selling their work in the market. Creaticles wants to change that by facilitating a peer-to-peer NFT market that ensures the presence of demand before supplies come out.
Table of Contents
Background
The leaders of Creaticles saw the need to establish a market for NFTs. Right now, according to the team, the project should be able to resolve issues from both the creator and buyer sides of the market. To optimize content creation, Creaticles made sure that artists don’t have to play the guessing game in making pieces anymore, trying out which works and which sells.
To optimize purchasing, Creaticles also makes sure that buyers can make specific requests on the NFT that they wish to buy. This way, the demand for an NFT comes first and content creators can then work on the art that would be able to meet that market.
What is Creaticles?
Creaticles is a blockchain platform built on the Binance Smart Chain (BSC) that facilitates and allows the creation of customized NFTs, connecting consumers and content creators to match prevailing demand with supply. It features a contest with multiple game modes where NFT buyers post their needs which creators compete to fulfil.
The contests shall have important information that creators could refer to. These are:
- Description – a brief explainer about the NFT that the buyer wants to purchase
- File formats – a list of the file formats which the buyer can accept
- Contest duration – the length of time that the buyer wants the contest to run and accept NFT entries
- Judging duration – the length of time the buyer takes before a winner is selected
Game Modes
There are three different bidding modes for creators whenever joining contests, each of them has different purposes and incentive structures. This ensures that while there are requests from buyers, the creators would have an idea as to how much time they have to create an NFT if they wish to join a contest. They are the following:
Single Winner Mode
Single Winner Mode allows the NFT buyer to entertain an unlimited number of creator submissions. Throughout the duration of the post, the buyer has to be able to determine the winner of the contest. Then, only the chosen NFT will be transferred to the buyer and the funds released to the winner.
Multi Winner Mode
Multi Winner Mode allows the NFT buyer to entertain an unlimited number of creator submissions, similar to how the Single Winner Mode works on the aspect of contest creation. However, the difference is that the buyer can select a number of winners for the contest. The buyer also has the freedom to determine how the rewards ought to be distributed to the winners.
Social Mode
Social Mode allows the NFT buyer to set a limitation as to the number of entries that can be submitted. Here, entries get rewarded equally according to the amount the buyer has set. For example, if a buyer places 10,000 CRTL (Creaticles native token) rewards, it will be distributed equally to all the creators. If the cap for the number of submissions are reached in this mode, the contest closes regardless of the defined contest duration.
If in case there are no creators chosen for game modes such as the single or multi winner, and only less than five submissions have been posted, the funds marked for the rewards get returned to the buyer’s address.
If there are more than five submissions, however, and no winner has been chosen until the expiration of the contest, the funds are transferred instead to the Community Chest. The buyer also does not get the NFTs from the contest in such cases. This system is in place in order to ensure that the buyer is responsible in selecting winners for the contests they launch.
Why BSC?
Their choice of blockchain network is also worth discussing. Many NFT platforms are based on Ethereum. However, the problem with most of them is that transactions can be extremely expensive and slow at times. This is caused by Ethereum’s issues with gas fees and network congestion.
With BSC and its smart contracts backing the platform, Creaticles can efficiently and quickly settle peer-to-peer transactions between creators and buyers. More than that, they also don’t have to pay expensive gas fees anymore. This means that they can focus more of their resources on content creation while also conducting instantaneous transactions between each other.
CRE8 Token
CRE8 token is the platform’s native utility token. It can be used to pay for platform fees, mining, rewarding, voting, as well as a medium of exchange and store of value. There is a total supply of 1 billion CRE8 tokens which can be mined via creator and buyer interactions on the platform. A portion of those tokens is also earmarked for the platform’s war chest. These are funds allocated for the activities of the project, including grants, events, creator communities, and the like.
But primarily, CRE8 is used in order to pay winners of contests. There is a 0.5% transaction fee for each contest launched by users. And as soon as the platform is launched, the contest prizes can be paid via CRE8 or BSC’s native token, BNB.
Mining CRE8 Tokens
CRE8 mining is done automatically via user interactions on the platform. There are new CRTL tokens released to circulating supply on a weekly basis.
Creator Mining
NFT creators are given a portion of the CRE8 tokens in proportion to their activity on the platform. This is to incentivize creators to deliver good NFTs to platform contests. Creaticles also has a system to ensure, however, that content spamming, and low-quality submissions, are not going to be rewarded.
Buyer Mining
NFT buyers, or those who open contests, also receive CRE8 rewards on a weekly basis, depending on their platform activity. This is to incentivize buyers to continuously publish good quality contests. Much like creators, buyers who also spam and post low-quality NFT requests are not going to be rewarded.
Governance
Platform governance is decentralized to the community. CRE8 tokens are required for users who want to participate in the protocol’s governance functions. This is where they can vote on platform parameters such as fees, trigger thresholds, and other game mode-related functions.
Conclusion
While there is a hype around NFTs right now, it also creates a false sense of security among many other artists as to how successful they can be when they dabble in this industry. Some artists become successful, some artists experience failure. Often, the problem is the fact that an artists’ work sometimes does not sell. Creaticles’ solution to this is to facilitate the whole market ecosystem in such a way that there is sure demand.
The concept behind the mechanics of the platform is simple but effective. It ensures that there is enough incentive for creators and buyers to ensure a healthy relationship within the network, while also ensuring that quality NFTs pass through their interactions. The project appears promising and the next step is to look at how its mainnet launch would go in the future.
