7Pixels aims to democratize the NFT-Metaverse ecosystem by enabling mass participation and bringing value to all the stakeholders.
7Pixels allows wider community participation in the NFT-Metaverse ecosystem by enabling the role of endorsers in a marketplace where interactions were earlier limited to buyers and sellers. These endorsers will be instrumental in backing their NFTs of choice, which will help in determining their valuation. Anyone can become an endorser and their involvement drastically changes the NFT marketplace dynamics by allowing community participation in driving value to the entire ecosystem.
Until now the pricing of NFTs were decided by sellers and buyers depending on the listing and bid prices. Such practice is not reflective of the asset’s real value, making the determination of a fair price virtually impossible. By enabling community participation in their role as endorsers, 7Pixels provides a basis to decide the NFTs prices. A simple concept that benefits everyone, the number of endorsers or total stakes behind each NFT will determine the value. In return, endorsers stand to receive a reward for their proactive involvement in the system.
The DeFi elements in any project enable the community to earn rewards for participation. It acts as a great incentive mechanism for participants by offering a passive income stream. So far, none of the projects have seriously considered integrating NFT-Metaverse and DeFi ecosystems to leverage the benefits of both worlds. 7Pixels is set to change it all by enabling seamless integration between the NFT-Metaverse and DeFi ecosystems. The DeFi features on 7Pixels includes a unique staking model that enables endorsers supporting NFT listings to unlock financial opportunities.
The majority of the NFT and Metaverse ecosystems in the industry are built on the Ethereum protocol, leading to significant cost overheads in the form of mining and transaction fees. The gas fees on the Ethereum blockchain have created a hindrance to adoption for many as it has become common for the transaction fees to exceed the cost of NFTs on various occasions. To overcome this issue, 7Pixels has based its ecosystem on the EVM compatible Binance Smart Chain protocol instead of Ethereum.
The utility of NFTs has so far been limited to its collectible value, effectively restricting its benefits for users to the appreciation of its underlying assets or at the time of sale. 7Pixel enables NFT owners to make the most of their assets by expanding its utility to include renting NFTs to fellow community members as well as its use as collateral for loans on DeFi protocols.
For the first time, creators will get a chance to display their NFTs in exclusive virtual metaverse exhibitions and other interactive activities on the 7Pixels ecosystem. The 7Pixels solution is designed to provide a surreal metaverse experience through events, co-working spaces, and meta-neighborhoods.
7Pixel redefines the NFT Marketplace model by implementing a reverse bidding process where bidders can put requests for bids on their favorite NFTs. In such a process, sellers will be competing to sell their assets to buyers instead of the other way around, enabling buyers to get the best price.