Wang Feng introduced Element publicly for the first time, saying that "we have designed a three-in-one NFT platform” which is an important infrastructure for the application layer in the NFT field in mid-July this year. The Element platform was co-sponsored by serial entrepreneur Wang Feng and his multi-year technology partner Zhang Hongliang. In May of this year, it completed an $11.5 million angel round of financing led by SIG and Dragonfly Capital, with a market valuation of up to $50 million.
As an emerging NFT trading platform favored by capital, Element has been designed from the three perspectives of creators, users, and communities to help a large number of players interested in NFT enter the market and promote the integration and development of traditional markets and the crypto economy.
From the platform function, the Element platform has three major characteristics including Creation, Discovery, Transaction.
Creation means casting. Similar to the issuance of ERC-20 assets, NFTs are programmable assets and are designed and implemented based on smart contracts. The user's NFT works can be used on any platform, including other trading platforms, metaverse games, and DeFi extension applications.
Discovery is the query. In Element, users can find assets of interest for the first time based on the data services provided by the platform (such as asset classification, searching, ranking, transaction history, etc.). In this perspective, Element is equivalent to a professional NFT browser tool, which processes data based on the Ethereum network synchronization method, and supports users to query various records, including wallet addresses, historical transactions, and transaction account addresses.
The transaction is the core of Element. In terms of transaction mode, Element currently supports different trading services such as British and Dutch auctions and will innovate more gameplay later, such as the blind box system on development by the team. In terms of transaction costs, Element has also designed a diversified service based on lowering the threshold for users to enter the NFT market.
In terms of product design, Element considers the uploading, storage, and transaction of works, which makes it also has eight characteristics.
- Support to cast NFT in zero cost
Element support users to generate their own NFT works with one click without paying gas fees by the "delayed on-chain” mechanism, which means that creators can enter the NFT trading market at almost no cost.
- Support 4 mainstream decentralized storage methods
At present, some NFT trading platforms use a centralized storage solution, in which the user's metadata is stored in a centralized network. This may lead to the creator's work loss.
Based on this case, Element decided to support four decentralized storage solutions including IPFS, Filecoin, Arwave, and Swarm from the beginning of the design to ensure that creators and buyers' NFT products will not be lost and reduce the risk of participating in the market.
- Support different NFT file sizes, ranking first in the industry
Considering storage issues, Element also conceived from the perspective of the NFT work itself to expand the available size of the NFT file released by the creator. According to data, platforms such as Opensea and Rarible currently only support creators to publish works with a size of 40M and 100M. In contrast, Element allows creators to publish works with a capacity of 120M and supports ultra HD video files.
- Protect the rights and interests of creators and prohibit malicious bots from swiping orders
The current NFT platforms in the market are similar to e-commerce platforms, and it is prone to malicious bidding rankings on the platform. To improve the ranking of NFT products and increase exposure, some users will maliciously place and swipe orders using a robot to improve the ranking of their works.
In response to the above situation, Element limits the minimum order amount and the number of orders placed per account in a single day to prevent robots from maliciously placing and swiping orders at prices that are completely impossible to achieve transactions, ultimately protecting the rights of creators.
From the user perspective, Element improves user experience with designed from product search, transaction costs, and transaction media.
- The bilingual version is launched to optimize the work searching.
To improve user experience and make it easier for users in different regions to use Element better, the platform will launch two versions of products in Chinese and English. At the same time, Element will reclassify all NFT works on the Ethereum chain and present the classification to users in a visual manner, so that users can easily and quickly find NFT works of interest.
- Subsidies to British auction gas fees
Since August last year, affected by DeFi and NFT, the congestion of the Ethereum network has increased, while the gas fee has risen sharply, which discourages small investors who want to enter new markets.
As a result, Element launched a subsidy gas fee program to lower the threshold for investors to enter the market. In British auctions, the platform allows creators to set the minimum reserve price for bidding to 0.3 ETH (3 times lower than Opensea), lowering the bidding threshold for buyers. At the same time, it will also pay gas fees for buyers of works sold in British auctions. This means that users can bid for interesting NFT works in the British auction without paying a gas fee.
- The lowest transaction fee in the industry
In addition to subsidizing gas fees, Element also introduced the industry's lowest transaction fee to further reduce the cost of users participating in the NFT market. According to reports, when users buy NFT works, Element only charges a 2% transaction fee, which is twice as low as the Rarible fee.
- Support cross-chain interoperability
At present, Element is based on Ethereum. In the future, it will enter multiple different blockchains such as Polygen, BSC, and near to realize multi-chain casting, multi-chain search, and multi-chain transactions, and ultimately support users to enter the NFT market with lower gas fees and faster speeds.
In the development direction of the entire platform, Element is committed to achieving true decentralization and plans to gradually introduce the DAO community to promote platform governance (including but not limited to platform upgrades). At the same time, the platform has begun to form Element DAO, which is the first step to enter the decentralization stage and plans to launch NFT series customized by a team of well-known designers through mechanisms such as community rewards.
In terms of Element positioning, as its founder, Wang Feng said, “In terms of product functions, the core of Elements is an auction protocol market, but fundamentally, it should be a crypto social network platform. Creators and fans can build more stable value connection, and even become a DAO like our world."