Flowty is Launching a Secondary Marketplace for Top Shot, All Day, Strike and Many More Collections
Summary
We are excited to announce that we are launching Flowty’s third core feature:
A Secondary (Buy/Sell) Marketplace
We will be discussing a number of items in this post but the most important takeaway today is that everything we have done and plan to do at Flowty is with a collector-first mindset
Flowty was built for collectors, by collectors
Why Use the Flowty Secondary Marketplace?
The cheapest platform to sell NBA Top Shot, NFL All Day and UFC Strike
Built for collectors, by collectors
Compatible with Dapper Wallet, Blocto and Lilico (with more to come)
Transparent – no backroom deals
Permissionless – we support the entire Flow NFT Catalog
Supports Dapper Balance, FLOW and USDC
Feature-rich – secondary marketplace, loans and rentals offered on the same platform
Collector-first mindset across Flowty
An independent marketplace working hard to improve the Flow ecosystem
Launch promotions (details below)
Launch Promotions
To celebrate our launch, we are giving away over 10,000 FLOW
Please visit this dedicated post on Launch Promotions for all details and key terms
Summary (Subject to Terms and Details in the post):
0% Flowty fees during promotional period
5,000 FLOW to first 1,000 Blocto / Lilico wallets to sell an NFT on Flowty
5,000 FLOW to top 150 highest volume Buyers and Sellers during the qualifying period
500 FLOW twitter contest (see [thread])
100 FLOW discord giveaway
Quick Hitters About Flowty’s Secondary Marketplace
Dapper Wallet support
We are excited to share that we finally have Dapper Wallet support on Flowty. Users will be able to use Dapper Wallet, Blocto, and Lilico to buy and sell NFTs on Flowty’s secondary marketplace. That’s right - you can use Dapper Balance to buy NFTs on Flowty.
Unfortunately, we are not yet able to offer Dapper Wallet integration for Flowty Loans and Flowty Rentals, though we are actively working on solutions.
Leading Flow’s much needed transition from Web2.5 to Web3 with the Flow NFT Catalog
The Flow NFT Catalog is a universal NFT standard established on the Flow blockchain. The catalog ensures that NFTs on Flow are interoperable, which is a fancy way to say that any NFTs from catalog-compliant collections will work with any catalog-compliant (generally those who prioritize Web3 ideals) platforms across Flow whether or not there has been cooperation between the platform and the collection. This is the very essence of NFTs and the aspect that ensures that you can freely transact with and transfer YOUR NFTs wherever and whenever YOU see fit.
At Flowty, we strongly believe in a permissionless and open ecosystem. Every collection that appears in the catalog will be supported on Flowty. It is not our role as a service provider to determine what collection should or should not be on Flowty. For the avoidance of doubt, we have absolutely no say in what collections are added to the catalog. We wrote more about our views in our post on Supported NFT Collections.
If your NFTs are not in the catalog (see full list here), we encourage you to speak to the team behind the collection to understand why that might be the case. Collections looking out for your best interests should not be striking exclusive or other limiting deals with individual marketplaces. Collections that are not in the catalog are, unintentionally or intentionally, restricting your ability to freely transact with your NFTs.
There are three examples of NFT collections that are indeed in the catalog but have agreements or understandings in place with Dapper Labs in which Dapper Labs requires platforms like Flowty to actively take steps to prevent support for them. Yes - we actually had to commit engineering hours to build a deny-list that restricts support for these specific collections. These collections have gone out of their way (and made us go out of ours) to ensure that you, as owners, do not have the ability to choose where to sell (or rent) your NFTs.
It goes without saying but we think these sorts of agreements are problematic for a blockchain ecosystem, especially when they are agreed to behind closed doors. If the agreements must exist for one reason or another, at a minimum it should be made extremely clear to collectors that they will only be able to take creator-approved actions on creator-approved platforms. These collectors’ NFTs are entirely controlled by the NFT creator. You can only rent, sell, or trade NFTs on the creator’s terms. Does that meet your definition of true ownership?
As long as agreements and arrangements like these are in place and enforced by Dapper Labs and Dapper Labs continues to give creators the ability to restrict free movement of NFTs, the Flow blockchain will be stuck in Web2.5. The need for builders and developers to navigate around restricted movement of NFTs is just one example of the many dynamics that make Flow a very challenging place for developers today.
It should come as no surprise that with this level of centralization and creator control, many builders have elected to build on other chains. Why build on Flow when at any time Dapper can strike a deal that will restrict what NFTs your platform can support? As a platform and as active and vocal collectors, we are determined to move the ecosystem closer to Web3 ideals.
If you share our concerns, we encourage you to speak to the decision makers enabling these dynamics and to play your part in pushing for true ownership of NFTs on Flow. You can take action today by supporting platforms that better reflect your morals and preferences.
Inevitably the question will emerge whether we are actually honoring the intent of the catalog on our end. We are limited in what we can share but there are dynamics at play with Dapper sports platforms that result in them being in a different category from all other collections in the catalog.
Lower fees than the Current Leading Marketplace on Flow
OpenSea is the largest and most widely recognized secondary marketplace across the NFT space. At the time of writing, OpenSea’s fee is 2.5% on secondary transactions. Flow is a newer ecosystem with fewer options for collectors. Despite that, we do not think the right approach is for platforms to charge above-market level fees to Flow’s collectors and traders until the very moment that competition arrives.
In keeping with industry standards, Flowty’s secondary marketplace fee is 2.5% (0% at launch). It is possible that other marketplaces will react to our fee being 2.5% and reduce their fee accordingly, but we encourage you to remember that Gaia chose to keep marketplace fees at 5% until they were forced to react to competition.
What is the Dapper Wallet Fee that I see when I try to list an NFT for sale? Is the fee really taking 44% of my $1 sale?
The Dapper Wallet Fee is a fee enforced and collected by Dapper Labs for Dapper Balance transactions. It is part of an agreement that enables us to support Dapper Wallet. The fee ONLY applies on Dapper Balance transactions. It does not apply on Blocto / Lilico transactions (USDC / FLOW). We also want to clear that the Dapper Wallet Fee is not a Flowty fee in any capacity.
Dapper Wallet Fee Calculation:
The GREATER of:
i) 1% of a sale price; and
ii) $0.44
The following chart shows the Dapper Wallet Fee assessed at various sale prices:
As the chart shows, if you sell an NFT for $1 via Dapper Balance on Flowty, the Dapper Wallet Fee will be $0.44, or 44% of the sale price. This calculation and enforcement of the fee is completely out of our control. If users would prefer to avoid the Dapper Wallet Fee, they can always choose to sell via Blocto or Lilico, where there will never be a Dapper Wallet Fee.
It is worth noting that we don’t necessarily disagree with the Dapper Wallet Fee as a concept. We do, however, think that a $0.44 minimum is highly punitive for users and that the fee creates a competitive imbalance in the ecosystem.
Flowty is a collector-first platform
As we hope we have conveyed in this post, Flowty is a collector-first platform. As collectors ourselves, we are intricately familiar with some of the limitations inherent in the current marketplace landscape and will be working hard to improve upon the buy/sell experience.
As an example, we have no minimum listing price for FLOW / USDC and a $0.75 minimum listing price for Dapper Balance (out of necessity, since we have to overcome a $0.44 fee hurdle – see previous section). Especially as $1 liquidity dries up for some NBA Top Shot moments, it is important that collectors have the ability to sell for any amount they see fit.
As another example, Flowty will be supporting multiple currencies (including Dapper Balance, USDC and FLOW) and multiple wallets. We want to offer collectors and traders as much flexibility as reasonably possible when making buy/sell decisions. Please visit our posts on Supported Wallets and Supported Tokens to learn more.
Additionally, in an effort to keep the Flowty marketplace current and ensure that legacy listings do not hamper the browsing experience, Flowty secondary marketplace listings will expire after 30 days. We hope that this leads to a more active marketplace with more realistic listings.
We will always work hard to address and solve pain points and challenges across the ecosystem. We pride ourselves on how quickly we move, so please let us know (via Discord #suggestions) if there are any features or tools that you would like to see on Flowty.
Where can I learn more about Flowty Loans and Flowty Rentals?
If you are interested in learning more about Flowty Loans, Flowty Rentals or any other aspect of Flowty, please visit our Product Docs, which contain FAQs, Glossaries, Step-by-Step guides and more.
We are excited about the possibilities unlocked by the intersection of our three core features. Users can:
Take out a short-term loan to cover a rental deposit
Use NFT sale proceeds to generate passive income by funding a peer’s loan
Buy a new NFT using fees generated from renting out a moment
Increase chances of success by adding both a sale AND rental listing for a Top Shot moment during a challenge
And much more!
Featured collections that are supported on Flowty
We are excited to provide Flow collectors with a secondary marketplace option for all of these collections and many more!
Final Note
When making your buy/sell decisions, please consider Flowty. Flowty was founded by three avid Flow collectors who want to improve the ecosystem. The more users who choose Flowty, the faster we can improve and the more features we can bring you.
While we understand the tone or content of this post may upset some people, we feel it is exceedingly important to stay true to our morals and lead by example. The Flow ecosystem is complex and suffers from legacy agreements and decisions that negatively impact users. We feel fortunate to be in a position to make a difference and we will always do our best to push for positive change.
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