Hodooi is a multi-chain marketplace built for NFT creators and collectors, enabling users to buy, sell, and resell NFTs.
The word non-fungible toke (NFT) is no longer strange to people outside the crypto industry. Many NFT projects have been deployed on the blockchain network in recent times. While these projects are numerous, only a few of them stand out.
Hodooi is an NFT project that stands above the noise in the crypto ecosystem as the project aims at solving real-world problems related to e-marketing, giving buyers, sellers, and NFT creators the best possible experience.
The idea was born early in 2021. Matt Luczynski and Bryson Warsap are the co-founders of the project. Matt is a business genius who founded Travala.com at the age of 22. The company which he founded a few years ago is now a globally recognized brand with a monthly revenue growth of over $1.5 million.
Bryson on the other hand also has a broad background in business development. He previously worked in the aerospace industry where he achieved various career milestones. At the moment, he is in charge of the business operations at Hodooi.com and manages the company’s operations.
Other members of the team have also worked with leading companies like Samsung, Manchester United, Sota Tek, and Leonardo.
Hodooi’s team of advisors include David Schwartz, Gabby Dizon, Justin Bercik, James Seibel, and Chris Dawe. This team comprises blockchain and business experts. They jointly combine their expertise to make tactical and sound decisions for the progress of Hodooi.
What is Hodooi?
Hodooi is a multi-chain marketplace built for NFT creators and collectors. The platform enables users to buy, sell and resell non-fungible tokens. The platform also makes it easy for users and newbies in the crypto ecosystem to create or mint NFTs.
One of the goals of the Hodooi marketplace is to feature the most outstanding NFT collectibles and to unite the best creators around the globe.
Hodooi has some set of unique NFTs that will only be available on the platform. One of such is Tyson Fury‘s NFT collection which will be released on the 12th of July, 2021. The NFT was made in collaboration with Goldstar promotions and it comprises five different sets. The Diamond, the Platinum, the Gold, the Silver and the Bronze set.
Additionally, the platform aims at helping everyone easily utilize cryptocurrencies. Despite the explosive growth the e-commerce space has experienced in recent times, there is still room for more developments. Synchronizing crypto assets with the e-commerce model will drive adoption. At the moment, e-marketplaces have numerous problems that could be fixed by Hodooi.
Problems of E-commerce Platforms
E-marketplaces have failed to adopt cryptocurrencies and implement decentralized finance systems despite the attention this niche or ecosystem seems to have gained. Also, NFTs have not been explored to their fullest.
Sellers usually pay high fees on e-marketplaces to sell their goods. The model is also restrictive when it comes to sellers interacting with other sellers and e-commerce stores. Most sellers have also failed to offer crypto payment options for users.
On the part of buyers, since almost anyone can list a product for sale online, buyers are faced with the issue of trust and reliability. The buying processes are most times outdated too and there can be high price margins on goods.
Hodooi’s Proposed Solutions
To solve the problems highlighted above, Hodooi has a solid framework that will benefit buyers and sellers.
Sellers will be able to present various listing options for buyers. The seller may choose to open an auction or implement rational pricing. Also, sellers will be able to gain the trust of more customers by building a verified account on the platform. Tokenized rewards and blockchain smart contracts can be leveraged by sellers and exclusive membership options.
Buyers also benefit from this solution as buyers can trust 100% of the ratings and store reviews. Also, buyers can easily spend and earn rewards, without experiencing any unnecessary setback. The multiple payment options that will be made available for buyers will ease the friction in transactions.
On the part of creators, the platform will make it easy for creators to mint and market their own NFTs. Unlike many other NFT platforms, Hodooi offers zero fees for NFT creation. Creators can also define scarcity options for their tokens. This can attract a better price. Additionally, creators will be able to store private files on the platform that cannot be opened or viewed by anyone except the owner of the file.
The Hodooi team surely have a great vision for the Hodooi marketplace and wish to make it absolutely suitable for buyers, sellers and NFT creators.
Hodooi has various components that make the operation of its marketplace successful. For instance, it has an application that will enable buyers and sellers to transact easily. The application consists of a list of all the non-fungible tokens that have been listed on the platform. Users can also view which tokens are available for sale.
Admins can configure the system and view reports on the system. The system also has a decentralized storage functionality where users can store information without compromising privacy. To maintain the efficiency of the system, server modules that are no longer important like cached files are not stored on the blockchain. The image below depicts the system architecture of the platform.
Multi-chain Support and NFT Specification
Hodooi will become a multichain NFT marketplace. In the meantime, the platform is built based on the Binance Smart Chain network. It will gradually expand to the Ethereum network too. With time, other blockchains will become interoperable with the platform. Thus, users will be able to buy and sell or transfer minted NFTs across various networks. This will remove restrictions that currently exist in the general NFT market.
However, this does not imply that a token minted on one network can be changed to another base network. The multichain support is only meant for transfers across various networks.
The NFTs minted on the platform conforms to the ERC-1155 specification. The platform’s metadata uses the same format and rules specified by general NFT platforms. All NFT metadata from Hodooi contains a signature signed by the private key. This makes it possible for users to differentiate NFTs minted on Hodooi from NFTs minted on other platforms.
The native token of the platform has the ticker HOD. The token is a BEP20 token and is built on the Binance Smart Chain blockchain. It has a total supply of 1 billion HOD tokens.
HOD serves as a backbone on the platform. Users who utilize this token on the platform pay the cheapest fee possible when compared to the use of other tokens.
The team holds 10% of the total supply of the tokens while another 10% is locked in reserves. The company’s treasury will own 40% of the tokens. Liquidity pools will hold 12% and another 12% will be staked. The remaining supply will be distributed in private and public sales.
Buyers can use HOD to purchase NFTs and can also claim rewards in the form of HOD from the platform. Sellers who subscribe to the platform’s membership program will pay reduced fees on the platform. Staking rewards and NFT farming rewards on the platform will be paid in HOD.
Hodooi isn’t just another random NFT marketplace. It is a marketplace with a difference. A platform that has the goal of satisfying buyers, sellers and creators simultaneously. Also, the cross-chain feature of the platform gives it an edge over its competitors. The rewards and low fees that could be brought down to zero also makes the platform appealing for all.
The team behind the project are no doubt skillful and innovative. With their previous success in the blockchain and tech ecosystem, users can be sure that the goals outlined in the project’s roadmap will be achieved.