Creaticles is a BSC-powered blockchain platform that facilitates the creation of personalized NFTs, connecting consumers and content creators to match current demand with supply.
Nowadays, many artists are looking to create non-fungible tokens (NFTs) that represent their digital or physical artwork, hoping for a quick profit. However, not all creators are successful in selling their work in the market. Creaticles wants to change that by facilitating a peer-to-peer NFT marketplace that ensures demand is present before supplies go out.
Creaticles executives saw the need to establish a market for NFTs. At present, according to the team, the project should be able to solve the problems of creators and buyers in the market. To optimize content creation, Creaticles has made sure artists no longer have to guesswork creating pieces, trying out what works and what sells.
To optimize purchases, Creaticles also ensures that buyers can make specific requests for the NFT they wish to purchase. This way the demand for an NFT comes first and content creators can then work on 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 enables the creation of personalized NFTs, connecting consumers and content creators to match current demand with supply. It features a contest with multiple game modes where NFT buyers display their needs which creators compete to meet.
Contests should contain important information that creators can refer to. These are:
- Description – a brief explanation of the DTV the buyer wishes to purchase
- File Formats – a list of file formats the buyer can accept
- Contest Duration – the length of time the buyer wants the contest to run and accepts NFT entries
- Evaluation time – the time it takes for the buyer to be selected as a winner
There are three different auction modes for creators when they join contests, each with different goals and incentive structures. This ensures that, even if there are buyer requests, creators have an idea of ââhow much time they have to create a TVN if they want to enter a competition. They are as follows:
Single winning mode
The Single Winner mode allows the NFT buyer to receive an unlimited number of creator submissions. During the entire publication period, the buyer must 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.
The multi-win mode allows the NFT buyer to receive an unlimited number of submissions from creators, in the same way that the single-win mode works on the contest creation aspect. However, the difference is that the buyer can select a certain number of winners for the contest. The buyer also has the freedom to determine how the rewards are to be distributed to the winners.
Social mode allows the NFT buyer to set a limit on the number of entries that can be submitted. Here, the entries are rewarded equally according to the amount set by the buyer. For example, if a buyer places 10,000 CRTV (Creaticles native token) rewards, they will be distributed equally to all creators. If the maximum number of submissions is reached in this mode, the competition ends regardless of the duration of the competition defined.
If no creator is chosen for game modes such as single or multiple winner, and fewer than five submissions have been released, funds marked for rewards are returned to the buyer’s address.
If there are more than five submissions, however, and no winner has been chosen until the contest expires, funds are transferred to the community vault instead. The purchaser also does not obtain the NST for the contest in such cases. This system is in place to ensure that the purchaser is responsible for selecting the winners of the contests that they launch.
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 sometimes be extremely expensive and slow. This is due to Ethereum’s issues with gas charges and network congestion.
With BSC and its smart contracts supporting the platform, Creaticles can efficiently and quickly settle peer-to-peer transactions between creators and buyers. Plus, they no longer have to pay high gasoline costs. This means they can focus their resources more on creating content while making instant transactions with each other.
The CRTV token is the platform’s native utility token. It can be used to pay platform fees, mining, rewards, voting, as well as a medium of exchange and store of value. There is a total supply of 1 billion CRTV tokens that can be mined through creator-buyer interactions on the platform. A portion of these tokens is also intended for the platform’s war chest. These are funds allocated to project activities, including grants, events, designer communities, etc.
More importantly, the CRTV is used to pay the winners of the contests. There is a 0.5% transaction fee for each contest initiated by users. And from the launch of the platform, the competition prizes can be paid via CRTV or BSC’s native token, BNB.
CRTV token mining
CRTV mining is done automatically through user interactions on the platform. New CRTV tokens are released every week for the outstanding offering.
The creators of NFT receive a portion of the CRTV tokens in proportion to their activity on the platform. This is to encourage creators to offer good NFTs to platform contests. However, Creaticles also has a system to ensure that content spam and low quality submissions will not be rewarded.
NFT buyers, or those who open contests, also receive CRTV rewards on a weekly basis, depending on their activity on the platform. This is to encourage buyers to constantly post good quality contests. Much like creators, buyers who spam and post low-quality NFT requests will not be rewarded.
The governance of the platform is decentralized to the community. CRTV tokens are required for users who wish to participate in the governance functions of the protocol. This is where they can vote on platform settings such as fees, trigger points and other functions related to the game mode.
While there is currently a hype surrounding NFTs, it also creates a false sense of security among many other artists about their success when they enter this industry. Some artists succeed, others experience failures. Often the problem is that an artist’s work does not always sell. Creaticles’ solution to this is to facilitate the entire market ecosystem so that there is a sure demand.
The concept behind the mechanics of the platform is simple yet effective. This ensures that creators and buyers are given enough incentive to ensure a healthy relationship within the network, while ensuring that quality TVNs pass through their interactions. The project looks promising and the next step is to consider how its launch on the mainnet would go in the future.