BBPlace

BBPlace will evolve into a one-stop shop for all in-game items and assets following the integration of DeFi tools. Discovering, purchasing, selling, trading, or even hosting an NFT auction has never been easier. Sellers and buyers can even carry cross-game NFT transactions via an exclusive exchange mechanism. All of this is done via smart contracts to ensure accuracy and reliability.

The BBPLace is one of the main projects that we have been quietly working on for many months and is the centerpiece for everything we do going forward in Endorsed by BBSoft. We are proud to announce that it will run on Smart Contracts from day one.

User experience is everything to us and with NFT, the user experience needs to cater for the uniqueness of the tokens. We are going to start by ensuring we have the best possible searching functionality in the space, we will use all of the data available to ensure you are able to find the exact NFT you are looking for, as quickly as possible. Further to this, we want to allow users to feel like the collectors that many of us are, allowing you to set your collection as public to show your NFTs to the community and be open to offers on them! Combining these elements with a smart notification system will ensure you are able to react quickly in a fast moving space. One of the biggest challenges with NFTs is the ‘liquidity problem’. This is essentially a problem unique to space.

As each asset genuinely is unique, you need to find a buyer/seller pair for that specific NFT to make a trade. This is very different to traditional ‘Fungible’ stock/ crypto markets whereby you only need a buyer or seller for a quantity of that stock/token.

We will never be able to fully solve this, but what we can do is create features that maximize the amount of ‘acceptable trades’ in the ‘order book’. What we mean by this is that, of the set of people that would trade their NFT, many do not simply because of the effort to list it for a price they would be happy with. The more options we give people and the better the user interface, the more likely people will list their NFTs.

The most common use case will be the ‘Buy It Now’ Functionality.

This will allow the NFT seller to set up a smart contract to temporarily ‘store the NFT’ and will be set to ‘trigger’ at a given price that the seller decides. Potential buyers can then view the listing and if they wish to purchase, will simply send the amount of BNB to the smart contract address using our Payment Gateway, thus triggering the contract to send the NFT to the buyer and forwarding on to the BNB to the seller. This option will allow users to remove their listing (by canceling the smart contract). No more waiting for the seller to send the NFT, no more uncertainty.