Revolutionizing Cardano NFTs with JamOnBread's Smart Contract
In this article, we're excited to share how our smart contract and the features we're adding on top will help move the Cardano NFT space forward, making it fairer and more decentralized for everyone involved.
While our GitBook provides more detailed and technical explanation, this article is going to focus on more practical aspects and how it’s going to change the everyday trading of NFTs! Let’s dive right in!
How smart contracts work
Smart contracts are powerful tools deployed on the blockchain and anyone with enough knowledge can interact with them. Consider a leader marketplace deploying a smart contract with which you can of course interact (list NFTs, buy NFTs, cancel listings etc.) through their website.
However, here's the interesting part: since the smart contract lives on the blockchain, anyone can utilize the technology and interact with the smart contract directly without ever visiting the marketplace’s website. This means even other platforms can use the same smart contract on their own websites.. Sounds good, right? But there’s a catch.
While it's possible to integrate an existing smart contract into another website, any NFT sales made through that website wouldn't generate revenue for the site owner. This is because the smart contract is designed to reward only its original owner. So there is little to no incentive to use the smart contract and it’s just makes more sense for other marketplaces to create their own. Unfortunately, this creates a gap, with each marketplace usually featuring only the NFTs listed on their exclusive smart contracts.
Imagine a scenario where a majority of NFTs are listed on a single smart contract. A new marketplace comes to the scene and decides to utilize this smart contract. People can come to the new marketplace’s website and list and buy NFTs to this smart contract. Then an NFT collector comes to the new marketplace’s site and buys the NFT.
It would only be fair so the new marketplace get the trading fee since it was both listed and sold on their website, right? In the current meta, the owner of the smart contract walks away with the service fee, even though all the activity took place on the new marketplace's platform.
We didn’t like the Cardano NFT space being disconnected and fractionalized like this. So we came up with a more complex solution.
Read more about our smart contract in our GitBook.
JamOnBread’ smart contract is fundamentally different in one thing – it recognizes multiple parties and splits revenue accordingly among all contributors.
Let's revisit the previous scenario. With our smart contract, the new marketplace would get revenue as the NFT was both listed and bought through their website, even though it’s not “their” smart contract.
Now let’s look on more complex situation. A seller lists their NFT on JamOnBread website, the new marketplace (which has integrated JamOnBread’s smart contract) has this NFT displayed for sale on their website. When a buyer visits their site and purchases that NFT, guess what? Both JamOnBread and the new marketplace get fair share of the service fee as they both contributed to the sale – one marketplace was used to list the NFT and other to buy the NFT.
On-chain affiliate on top of that
Read more about our on-chain affiliate in our GitBook.
This unity among marketplaces is fantastic, but what about other contributors to sales like rarity tools, analytics platforms, content creators, projects, and community members? They drive significant traffic, right?
Anyone will be able to generate own affiliate link and get ADA rewards each time when:
An NFT is sold through their affiliate link
An NFT listed through their affiliate link gets sold
This system ensures that all contributors to NFT sales receive their fair share. Plus, it's entirely on-chain, and accumulated rewards can be claimed directly from the smart contract.
Our smart contract is designed to seamlessly integrate with other marketplaces, tool developers, projects, and anyone fueling NFT sales on Cardano. Our goal is clear: to offer the fairest smart contract solution and position Cardano as the top choice for NFTs.
Say goodbye to gatekeeping. Let's expand competitiveness beyond smart contracts and usher in healthy competition, innovation, and a thriving Cardano NFT ecosystem. Together, we're reshaping the future of NFTs!