WHITEPAPER
Latest version of the the glovarry project whitepaper(fully detailed)
Last updated
Latest version of the the glovarry project whitepaper(fully detailed)
Last updated
NFT Marketplaces showed unprecedented growth and acceptance with a large number of projects in 2021. Despite the interest shown by customers in these projects, NFT Marketplaces are not perfect yet developed as is every new web3 ecosystem. NFT Marketplaces needs to seek a way to implement a cryptocurrency-based payment solution that is flexible enough for both creators and collectors to settle in reality. As a matter of fact, recent NFT Marketplaces service systems have two structural problems: expensive transaction (gas) fees and Price evaluation challenges. As so, it is true that users are burdened with time and money. Customers desire fast and cheap execution. These issues are undermining the potential value of NFTs, stability, and the convenience of transactions, which are significant factors in trading.
To overcome the limitations of current NFT Marketplace service systems, we propose a novel project; Glovarry. Glovarry NFT Marketplace hopes to solve the price discovery and liquidity issue in the NFT space by building a secondary market for Cardano token derivatives of NFT (NFTname(SuffixX)). Addressing these issues creates arbitrage opportunities and encourages investors to profit from their NFTs.
Any minimum negligence can lead to the loss of NFTs by sending them to an incompatible platform.
In this whitepaper, we will describe what transactions users can do and which services Glovarry will serve.
This Whitepaper is produced for educational and informational purposes only and is not intended to be used as a financial promotion. No information, data, or analysis presented are intended to form the basis of any investment decision. This document is not investment advice, solicitation of any kind or an endorsement. Nothing in this paper should be construed as an offer or inducement to engage in any form of investing activity. This paper is not a prospectus, invitation, inducement, or proposal for investment, nor is it meant to be a sale or issuance of securities, interests, or assets.
The information in this document is provided in good faith.
The Glovarry team expressly disclaims any and all responsibility, and readers, investors, expressly waive all claims for any direct or indirect loss or damages of any kind (whether foreseeable or not) arising directly or indirectly from:
(i) reliance on any information contained in this document or any information made available in connection with any further inquiries,
(ii) any error, or inaccuracy in this document,
(iii) any action resulting therefrom or
(iv) usage or acquisition of products.
The Glovarry token ($Glov) is a utility token and its purpose is only to enable token holders to undertake actions within the $Glov platform. The Glovarry token ($Glov) is not a currency and should not be considered one by holders. It must not be held or earned as a reward by any individual resident and/or citizen of a country in which holding such tokens is illegal and/or in countries that consider such tokens securities. It is the readers’ responsibility to know the laws relevant to their legal jurisdiction and ensure they are compliant at all times.
There are no guarantees that the Glovarry and/or platform will succeed financially. There is no inherent monetary value associated with the Glovarry token ($Glov).
The Glovarry reserves the right to require all platform participants to submit verifiable identity and residence documentation at any time in order for the Glovarry to comply with Know Your Customer and Anti Money laundering responsibilities. This includes validation of identity & residence documentation with an authorized third-party supplier, as well as ongoing monitoring.
This material does not constitute any representation as to the suitability or appropriateness of any utility asset, financial product, or instrument. There is no guarantee that investment in the $Glov Token will be profitable or will not incur a loss. This information does not have regard to the specific investment objectives, financial situation, and the needs of any specific person who may view its investor materials. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this Whitepaper and should understand that statements regarding prospects may not be realized. Investors should note that security values may fluctuate and that the Token’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guide to future performance. Investing in any cryptocurrency involves certain risks called non-diversifiable risks. These risks include market risk, interest-rate risk, inflation risk, and event risk. These risks are in addition to any specific, or diversifiable, risks associated with particular investment styles or strategies.
The history of NFTs has shown that a very small percentage of NFTs stay relevant over time, with most NFTs losing their value after a few months. NFTs quickly become illiquid and therefore holders can't sell.
Many NFT Holders on other Smart Chain can’t make swaps off their NFTs. Even though the overall GMV of NFT transactions increased dramatically in 2020, the prospect of selling any personal NFT on the secondary market today remains grim.
The Problems of liquidity and price discovery simply implies that:
Creators must either accept the highest bid received in a certain amount of time for their NFTs (possibly leaving money on the table) or wait indefinitely for liquidity before a bidder emerges who suits the ask.
However, with better price discovery and deeper liquidity, investors can make buying decisions quicker and more effectively. A creator or an artist will be able to create a work, and a free market of appraisal arbitrages will provide automated liquidity for that work. As a result, this would be a completely new way to monetize creativity, content, and digital goods. “Near-instant price discovery” of NFTs can be used to create a lower bound at which NFT holders can always liquidate their assets.
Trading as the 3rd biggest crypto project, the Cardano network will outperform the Ethereum network very shortly, however, Cardano has 1 main setback. Cardano does not yet have a decentralized NFT Marketplace, which implies NFTs built on the Cardano network doesn’t have a native Marketplace list or Swaps DEX and must rely on existing marketplaces and Swaps DEX on other chains for trade.
This will soon no longer be the case, as Glovarry NFT Marketplace will be the native Cardano-based NFT Marketplace where developers can seamlessly Mint and Swap their NFTs.
Glovarry is a next-gen Marketplace that is designed to offer a new and much improved NFT experience. It is built to be multichain, starting with the Cardano blockchain allowing it to be fast, scalable, green, low cost, and user-friendly. A fully automated escrow service that allows users to mint, buy, sell, and swap NFTs for NFTs, tokens, or NFT + Tokens with ease. Glovarry is aimed to provide a revolutionary mechanism that will change the usability of NFTs by allowing any user to create their Marketplace with limitless swap alternatives while taking advantage of the Cardano Blockchain’s’ low gas prices and security.
Cardano is a blockchain platform for change-makers, innovators, and visionaries, providing them with the tools and technology they need to make the impossible possible for the many, as well as the few, and to effect positive global change. This is also one of the first projects on the Cardano Ecosystem to invent the concept of NFT Swaps to Tokens by providing users with an NFT Swap gateway that specializes in easily integrating into your favorite online Marketplaces with no integration fees and only staked tokens.
Glovarry is a powerful NFT marketplace for exhilarating NFT transactions and development. Using Glovarry NFT Marketplace, anyone can deposit their NFT to the Glovarry NFT Swaps required pool and obtain Cardano token derivatives that can be exchanged directly on centralized exchanges from the Glovarry NFT Swaps UI.
Glovarry NFT Marketplace hopes to solve the price discovery and liquidity issue in the NFT space by building a secondary market for Cardano token derivatives of NFT (NFTname(SuffixX)). Addressing these issues creates arbitrage opportunities and encourages investors to profit from their NFTs.
Any minimum negligence can lead to the loss of NFTs by sending them to an incompatible platform.
NFT stands for Non-Fungible Tokens, which means that it cannot be substituted with another entity for the same value and that each item has its value. NFT is used to assign ownership to a digital asset, making it impossible to copy. A single owner can own a specific digital asset stored on Blockchain thanks to NFT. Because everyone can know who owns an NFT, the possibility of duplicates or 4 plagiarism is eliminated. NFT is a one-of-a-kind token based on Blockchain that allows developers to sell NFTs on various exchanges.
NFT swapping can be done in a decentralized and safe environment, with an escrow system promoting user swaps. Every swap is settled to the satisfaction of both parties while trading NFTs. Peer-to-peer trading refers to the ability to trade without the use of an intermediary, which was previously unattainable before the arrival of blockchain technology in the internet world. Anyone can now transact with whomever they choose through a fluid trading procedure that only involves the persons involved in the transaction. This is done off-chain with no transaction charge with swaps, making the exchange as frictionless and simple as possible to perform.
The concept of “blockchain interoperability” refers to the ability of different blockchain networks to exchange and leverage data and move unique types of digital assets between the networks’ respective blockchains. In an interoperable system, once disparate blockchain networks and assets can easily plug into and be combined. This network interoperability may allow for the creation of powerful new products and services that leverage the benefits of multiple blockchain networks simultaneously.
DISTINCT GLOVARRY FEATURES
1. Ease of Entry
2. Cross-chain NFT Swap
3. Staking
4. Liquidity
5.NFT-Swaps
6. Escrow Activities
7. Creator Dashboard
8. Purchase History
EASE OF ENTRY: A user-friendly community where newcomers and experts in the crypto and NFT industry can explore the full potential of our platform using a simple User Interface.
CROSS-CHAIN NFT-SWAP: Glovarry users will be able to mint, trade, and swap NFTs across several blockchains, as well as seamlessly transfer their NFTs between chains and exchange NFTs in a low-fee ecosystem.
STAKING: Glovarry has put in place a method that ensures that investors' Staked Assets are fully safeguarded while still helping the network and receiving the advantages of their staked assets.
LIQUIDITY: The ease with which the NFT can be bought or sold for cash inside that network is known as liquidity. In many circumstances, though, exchanges are performed for swaps rather than cash. Creators can gain access to more liquidity in Glovarry.
NFT-SWAPS: The 'NFT Swap' is a risk-free trade mechanism. Glovarry's users can perform speedier NFT swaps for little or no cost.
ESCROW ACTIVITIES: Smart contracts will reduce the cost of commissions paid to middlemen, allowing creators and collectors to deal without permission and in complete transparency.
HIGH & HIDDEN GAS-FEES AND THE ENVIRONMENTAL IMPACT: The majority of NFTs are now created on the Ethereum blockchain, which is costly to use because users pay Ethereum miners to complete transactions. Simply exchanging cash or acquiring control of an NFT can easily cost $20. Secondly, mining is a very energy-intensive activity, and a chain based on mining (or Proof-of-Work) is not long-term viable.
FRAGMENTED USER EXPERIENCE & STEEP LEARNING CURVE: For most people, minting, collecting, and swapping NFTs is a complicated procedure. LACK OF CREATIVE FREEDOM & EXPRESSION FOR ARTISTS: NFT was created to allow artists to sell their work directly to fans. However, not everything went according to plan. The majority of NFT marketplaces impose moderation and censorship, preventing artists from exercising their creative freedom as promised by the blockchain decentralization movement.
PRICE EVALUATION CHALLENGES: The major challenge in the NFT market is calculating the price of the NFT due to its volatility. Every NFT's price will now be determined by its ingenuity, distinctiveness, scarcity among producers and collectors, and several other variables. The elements that may influence the price of NFT are difficult to anticipate. As a result, price fluctuations are stable, making NFT evaluation difficult.
Glovarry NFT Marketplace is based on Cardano's blockchain, which employs a Proof-of-Stake (PoS) protocol that compensates users for confirming transactions on the network. This makes it more efficient than other cryptocurrencies such as Bitcoin, which employ the PoW system and require miners to solve computational problems to collect rewards. When compared to Bitcoin and Ethereum, the Cardano Blockchain uses 99 percent less energy to complete a transaction. Glovarry is simple and offers users flexibility because of its innovative user interface, allowing producers and collectors to join up with just a few mouse clicks. Glovarry provides creators with a limitless amount of creative freedom to express themselves and bring their visions to life while maintaining complete control over their work. Collectors can also exchange their NFTS for NFTS, Tokens, or NFTS + Tokens on multiple chains.
Glovarry is a comprehensive solution to all the issues that consumers may encounter in the NFT market.
Glovarry has come up with some distinct functions that other platforms do not. These functions enhance the uniqueness of the platform. They include but are not limited to:
v NFT minting
v NFT to NFT + Token Swap
v NFT to Token Swap
v NFT Swaps
v NFT to NFT Swap
TOTAL SUPPLY:
500,000,000
BLOCKCHAIN: CARDANO
TOKEN NAME: GLOVARRY
TOKEN TICKER: $GLOV
Public Sale ……………………………….………….. 10%
Marketing & Partnership ………………………..10%
Seed Sale………………………………………………… 15%
Private Sale ………………………………………………15%
Locked Ecosystem ……………………………………20%
Team & Advisors ………………………………………10%
Liquidity & Listing ……………………………………..20%
v Idea Conception
v In-depth analysis
v Creation of social media handles
v Marketing and Brand awareness
v Evolution of Glove cross-chain platform
v Website Launch
v White paper release
v $Glov Token release
v Seed Sale to Early Investors
v $Glov Pre-Sale
__________________________________________________________________
v Glovarry NFT Swap Marketplace Mockup design
v $Glov Token Public sale
v Launching of functional Glovarry App
v Centralized Exchange Listing
v Listing on CoinGecko and Coinmarketcap _______________________________________________________________
v Cross-chain NFT network platforms
v Glovarry NFT Swap DEX Platform
v On-boarding users
v Survey, marketing, and strategic partnership
v Glovarry swap development and improvement
v $GLOV NFTs development
