Locking Coins Against NFT Listings Now Available on Relay Club
Relay Club has introduced a new feature that allows users to lock coins against non-fungible token (NFT) listings. Users can now add any amount of BSV to an active NFT listing on RelayX, enhancing its visibility on the Top tab.
One of the top listings on RelayX is a Rexxie being sold for 0.77 BSV, with 1.21 BSV locked against it. Although the fee sharing feature is not yet implemented, there is already an incentive for curating listings and helping others find high-quality NFTs.
The Activity tab displays the Orders with the most recent locks, making it easier for shoppers and curators to find what they’re looking for. In the future, curators will be interested in listings with no or minimal locks to earn a larger percentage of the fee share when a sale occurs. The fee split will serve as a reward for curation, similar to having a personal shopping assistant backed by the entire bitcoin network of lockers.
Locking coins has unveiled previously unknown NFT collections, such as “bitcoin is a Beacon” by Daniel Krawisz, which I discovered through this feature.
The initial release of the feature is intentionally minimalist, aimed at generating interest and gathering feedback for swift and effective iterations. The primary social media aspect of Relay Club, where users can add context to NFTs and/or listings, does not yet have the locking feature. Currently, that feed suffers from the same issue prevalent in many NFT marketplaces, where users encounter an overwhelming amount of unordered content. Lack of valuable filtering mechanisms often leads to posts and listings overshadowing those with more quality and relevance.
All orders and associated metadata are publicly available on-chain, enabling developers to create their own marketplaces based on locking with customized fee-sharing schemes. This allows them to reward locking curators with a percentage of fees.
An NFT curation site, ord.io, offers various tools for upvoting, commenting, and filtering inscriptions by file type and other attributes. However, this method is vulnerable to sybil attacks similar to those seen on platforms like Reddit. Locking on listings solves this issue, as the coins allocated to one listing cannot be allocated to another.
Unlike other platforms that struggle with scalability issues, upvotes and comments cannot be stored on-chain due to BTC‘s limitations. Ordinals Wallet, Magic Eden, and UniSat all have different approaches to curating inscriptions for sale.
Locking is the protocol on bitcoin for organizing content. The more coins locked, the more likely it becomes a standard. This means new platforms can launch quickly with the same standards in place, avoiding the need to develop custom solutions. Other models cannot compete with this scalability and efficiency.
### News source: coingeek.com