YFNFT Whitepaper
Abstract
The YearnNFT Marketplace is a marketplace for NFT lovers to trade and artists to create NFT’s (non-Fungible tokens) of their items or images and sell them on the platform. YearnNFT Marketplace users are able to add single or multiple items on the marketplace to sell. Users looking to purchase on the market place must also be registered to theYearnNFT Marketplace
All transactions on the YearnNFT Marketplace are conducted using the platform's YDNFT token which is used as a utility token on the platform
White Paper V1.0Introduction
YearnNFT is a NFT Marketplace product by the team of designing and blockchain experts. An excellent team gathers excellent people. YearnNFT’s team members come from world-renowned auction houses who are also active in the NFT industry.
Our members have rich experience in both traditional and digital arts. Their participation will enable us to keep discovering NFT artists around the world, better empower YearnNFT, and fuel YearnNFT’s rise in the crypto art world.
Registering artworks as NFTs ushers in a new era where traditional artworks are aligned with crypto technology. It is just the beginning of a splendid chapter with the founding of YearnNFT as the prelude. A great journey where “artworks are accessible for all” has now begun.
The project envisions bringing NFT to all. We see the future of every individual having NFT’s available for all with ease and excellence.
NFT Tokens
Blockchain tokens can be sorted into two distinct types of assets: fungible and non-fungible.
Fungible tokens are identical and replaceable by another identical token; they are mutually interchangeable. They can represent anything from cryptocurrencies like Bitcoin and coins used in a video game to tokenized versions of real-world assets like crude oil or gold.
Non-fungible tokens (NFTs) are unique, and thus not interchangeable.
A digital art piece that you created, an ownership certificate of a car, or a character in a game are examples of non-fungible assets—they are unique and not directly interchangeable.
Ownership
The art and music we use or share on social media platforms or outlets are disbursed regularly and most are managed and controlled by the platform companies that provide them. Our rights to use the sale/trade and "ownership" of these products are almost always at the discretion of all 1 those who manage everything. Any Instagram name/account could even be deleted from the platform. NFTs can't. Blockchain strongly ensures rights of ownership by providing highly secured accounts under which users can keep NFTs. So if the individual or user has the private keys or access then he or she can access the assets contained therein
Provenance and Historical Audit
Blockchains track and monitor all transactions after their first block to the current block, along with any other transfer and/or exchange history of an NFT asset. Blockchains do this with unparalleled data encryption. It ensures a strong tracking of ownership and a complete history of NFT asset purchases. There is no mystery as to the origin or history of the NFT, because everything is registered and completely transparent.
Transferability and Liquidity
NFTs are capable of tokenizing and capturing the ownership (and perhaps other rights) of a digital asset that can be freely exchanged on open markets. The above NFT assets, such as strong data assurance, ownership protection, counterfeit immunity, and evidence-based uniqueness, are extremely powerful in removing many of the risk friction costs that would normally accompany digital asset ownership, paving the way for access to markets and opening up previously locked and illiquid capital.
So, the last pinpoint is the core of what YearnNFT Marketplace perceives as one of its primary aims. We confidently believe that blockchain as well as its application to NFT technology would significantly change the landscape of 2 ownership and digital rights in esoteric ways. By Unlocking the new potential markets and value, make the existing markets more competitive and productive, and give individuals’ full ownership of their digital assets. YearnNFT Marketplace promises to promote this technology to mainstream audiences and to give everyone the ability to invest in NFT ownership as well as to expand a vibrant ecosystem.
Features and Functionality
Decentralized and non-permissible
— The YearnNFT Framework is designed to optimize the benefit (and minimize risks) of digital asset ownership and trading. Our core technologies depend strictly on the blockchain, automated smart contracts.
Blockchain Protocol
— The YearnNFT uses the Binance blockchain and protocol, with a native token named YFNFT. It will share the security advantages of the entire Binance network, avoiding the possibility of a consensus attack.
Less Costly Fee Exposure
— There will be some charges applicable like application usage fees for trade execution, NFT creation and listing, NFT auctions, and network fees for YFNFT transfers will apply.
On-Chain Management governance
— The YearnNFT Marketplace governance allows stakeholders to seamlessly amend the basic protocol and change essential framework parameters to meet the changing needs of the environment and the community.
Client Partnerships
— YearnNFT Marketplace provides a UNIQUE platform for users who want to bring their digital products to the NFT marketplace where they can sell their own images or items on a marketplace with established business models.
Incentivization and Rewards
— User Base Incentivization and Rewards —Community is almost everything, and the YearnNFT Marketplace will focus entirely on rewarding early adopters for their valuable contributions through various incentive and reward schemes designed to support successful creators, sellers, and buyers. In addition to the incentives for use, the YearnNFT Marketplace uses a Proof of Stake model that can offer its own rewards for being a network validator
YearnNFT Governance
The project allows the stakeholders to vote, amend or change the base protocols on the platform. Majority token holders
will be given rights on the platform and community ecosystem such as determining outcomes of crucial decisions, key parameter adjustment such as fee rate and community-based initiatives.
The YearnNFT Marketplace
YearnNFT Marketplace will provide a crypto-powered digital item and trading platform for users to build, purchase and sell NFTs traded against the YFNFT token, and to also provide additional services including such auction listing, governance mechanisms, trade history tracking, based on user opinions and more. 4 The objective of the YearnNFT Marketplace is to provide social media users with a forum to sell, purchase or exchange their digital images.
Potential Marketing Focus
NFTs are extremely flexible and productive in their use, from digital artwork to digital event tickets, and while NFTs have a wide range of uses and categories, YearnNFT Marketplace will emphasize its attention only on one primary area: social media items.
Market Growth Potential
As far as the NFT market, it is still a young market, but it is growing year after year, with new NFT ventures entering the market every day. Blockchain direct market data and statistics from DappRadar.com and for three major digital markets, there has been a significant increase in both trade volume and active visitors over the last several years.
Market Members
Interacting with the marketplace requires only a Binance-compatible crypto wallet, a browser, as well as a click of a button. There have been three main means for users to engage in the YearnNFT Marketplace
NFT Creators
In order to promote an active and vibrant market, YearnNFT Marketplace has a refined NFT creator that enables customers and 5 companies to efficiently and simply mint their content, ideas, services, and products into NFT tokens for listing on the YearnNFT Marketplace. Anyone with an account can become an NFT creator; furthermore, the YearnNFT Marketplace has a tiered creator program divided into Verified and Unverified. Verified users enjoy high product visibility and listing discounts among other benefits, while consumers can be assured that verified listings are created and sourced by top-tier socials and on-demand NFT products that have been determined by the community. Almost all Creators maintain royalties for their listings. This implies that any NFT sold on the YearnNFT Marketplace contributes a percentage of its exchange fees to the Creator, including all future trades for the lifetime of that item.
Sellers
Anyone with existing NFTs purchased on the YearnNFT Marketplace may bring those tokens to both the Marketplace by connecting the crypto-wallet and purchasing them for their desired price. Consequently, for rare items, items that have been highly sought for, or items that require a fair price discovery, sellers may create an auction that will be handled automatically on the YearnNFT blockchain according to the initial criteria they have.
Buyers
Buyers are able to search and purchase items with YFNFT tokens. The YearnNFT Marketplace will
support its YFNFT token as an exchange counter currency.
YFNFT Ecosystem
The YearnNFT Marketplace ecosystem combines the
YFNFT utility as a native for both protocol token and application token.
YFNFT Usage
The YFNFT token is used in seven main ways:
Network Fees — YFNFT is the core base digital currency for paying the transaction charges.
Governance — YFNFT is often used to vote on policy-making referendums on governance. YFNFT token holders can participate in the YearnNFT ecosystem policy-making process by voting with YFNFT. The more YFNFT, a holder has, the more and more power to vote they have.
Payment — The Primary exchangeable counter digital currency is YFNFT for all trades on the Marketplace.
Fees — All fees for the NFT Marketplace applications, including listing fees are paid with YFNFT.
Rewards — Rewards distributed and contributed to all uses will be denominated in YFNFT.
Membership — In addition to engaging in governance, YFNFT token holders would enjoy other rights and protections within the ecosystem, which non-holders will not have access to. For example: YFNFT holders will pay reduced service charges, and increased listing exposure.
The primary way to obtain YFNFT would be through the platform itself. However, there are many ways for service users to receive
YFNFT tokens as incentives, mostly during the daily operation of the YearnNFTMarketplace.
Conclusion
YearnNFT Marketplace is revolutionizing the NFT industry by making it easy and available for all. It provides media users and businesses a platform to sell their Art and Music to earn passive income.
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