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What is Hodooi (HOD) token, marketplace for NFT creators and collectors?

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Hodooi is a multi-chain marketplace designed for NFT creators and collectors, allowing users to buy, sell and resell NFTs.

What is Hodooi?

Hodooi is a multi-chain marketplace designed for NFT creators and collectors. The platform allows users to buy, sell and resell non-fungible tokens. The platform also makes it easy for users and newcomers to the crypto ecosystem to create or mint NFTs.

One of the goals of the Hodooi market is to present the most notable NFT collectibles and unite the best creators from around the world.

Hodooi has some exclusive NFT sets that will only be available on the platform. One of them is Tyson Fury's NFT collection, which was released on July 12, 2021. The NFT was made in collaboration with Goldstar Promotions and comprises five different sets. The Diamond, Platinum, Gold, Silver and Bronze set.

Furthermore, the platform aims to help everyone to use cryptocurrencies with ease. Despite the explosive growth that the e-commerce space has experienced in recent times, there is still room for further development. Synchronizing cryptographic assets with the e-commerce model will drive adoption. At the moment, e-marketplaces have several issues that can be fixed by Hodooi.

How Does Hodooi Work?

As a marketplace for NFTs, HoDooi.com provides a platform where NFT buyers, sellers and creators can come together to make secure transactions. Designed to make the process as intuitive and painless as possible, HoDooi.com seeks to reduce fees to a minimum and increase transparency in space, taking advantage of a range of new technologies.

By providing an eBay-style NFT marketplace, HoDooi.com will empower sellers with a range of listing options such as fixed price and open auctions, while providing an NFT creation module, helping users select files to tokenize, define a series of parameters and preview your creation.

The platform will initially be based on the Binance Smart Network, due to its speed and low cost, but will eventually be integrated with a variety of other networks – such as Ethereum and Polkadot. The team behind HoDooi.com eventually aims to provide a cross-chain NFT ecosystem, leveraging the unique properties of each chain to deliver value to end users.
HoDooi.com will look a lot like existing digital marketplaces like eBay and Etsy, providing a familiar user experience. Users will be able to buy and sell on their individual accounts, where they can check to gain reputation and gain more benefits and enhanced visibility.

Ecommerce Platform Issues

E-marketplaces have failed to adopt cryptocurrencies and implement decentralized financial systems, despite the attention that this niche or ecosystem seems to have gained. Furthermore, NFTs have not been exploited to the full.

Sellers often pay high fees at e-marketplaces to sell their products. The model is also restrictive when it comes to sellers interacting with other sellers and e-commerce stores. Most vendors also did not offer cryptographic payment options to users.

On the part of buyers, since almost anyone can list a product for sale online, buyers are faced with the issue of trust and reliability. The purchasing processes are also, most of the time, outdated and there can be high price margins on the goods.

Solutions proposed by Hodooi

To solve the problems highlighted above, Hodooi has a solid structure that will benefit both buyers and sellers.

Sellers will be able to present multiple listing options to buyers. The seller can choose to open an auction or implement rational pricing. Additionally, sellers will be able to gain the trust of more customers by creating a verified account on the platform. Tokenized rewards and smart contracts blockchain can be availed by sellers and exclusive membership options.

Shoppers also benefit from this solution as shoppers can trust 100% of the store's valuations and analytics. Plus, shoppers can easily spend and earn rewards without experiencing unnecessary setbacks. The various payment options that will be made available to buyers will facilitate friction in transactions.

On the part of the creators, the platform will make it easier for them to coin and market their own NFTs. Unlike many other NFT platforms, Hodooi offers zero fees for NFT creation. Creators can also set scarcity options for their tokens. This can attract a better price. In addition, creators will be able to store private files on the platform that cannot be opened or viewed by anyone except the owner of the file.

The Hodooi team certainly has a great vision for the Hodooi marketplace and wants to make it absolutely suitable for NFT buyers, sellers and creators.

System Architecture

Hodooi has several components that make its market operation successful. For example, it has an app that will allow buyers and sellers to easily transact. The app consists of a list of all non-fungible tokens that have been listed on the platform. Users can also see which tokens are available for sale.

Administrators can configure the system and view reports on the system. The system also has decentralized storage functionality where users can store information without compromising privacy. To maintain system efficiency, server modules that are no longer important, such as cached files, are not stored in the blockchain. The image below shows the platform's system architecture.

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Multi-chain support and NFT specification

Hodooi will become a multichain NFT marketplace. In the meantime, the platform is built on the Binance Smart Chain network. It will also gradually expand into the Ethereum network. Over time, other blockchains will become interoperable with the platform. Thus, users will be able to buy and sell or transfer NFTs coined on various networks. This will remove the restrictions that currently exist in the general NFT market.

However, this does not mean that a token coined in one network can be changed to another core network. Multichain support is only intended for transfers over multiple networks.

NFTs stamped on the platform conform to specification ERC-1155. Platform metadata uses the same format and rules specified by general NFT platforms. All Hodooi NFT metadata contains a signature signed by the private key. This allows users to differentiate NFTs coined on Hodooi from NFTs coined on other platforms.

How does HoDooi.com compare to OpenSea?

HoDooi.com is the latest in a growing list of platforms looking to bring NFTs to the masses through an interactive marketplace solution. As a result, it is competing with a number of direct and indirect competitors, including Rarible, SuperFarm and Nifty Gateway.

However, OpenSea is arguably the platform's biggest competitor, due to a handful of similar features and partially overlapping audience demographics. For example, HoDooi.com and OpenSea support NFTs that represent a variety of assets, such as artwork, domain names, in-game items, trading cards, and more.

The two platforms also provide a streamlined marketplace where users can search NFT using a variety of parameters, create their own listings, and browse their favorite sellers' offers.

But while HoDooi.com and OpenSea share many surface-level similarities, HoDooi.com is looking to make its own way with a range of additional tools and resources, which it hopes will help position it as the top place to create, market and collect NFTs. These features include support for multiple blockchains and payment methods, an integrated utility token, emphasis on reseller features, and much more.

Team behind the project

The idea was born in early 2021. Matt Luczynski and Bryson Warsap are the co-founders of the project. Matt is a business genius who founded Travala.com at age 22. The company he founded a few years ago is now a globally recognized brand with monthly revenue growth of over $1,5 million.

Bryson, on the other hand, also has extensive business development experience. Previously, he worked in the aerospace industry, where he achieved several career milestones. He is currently responsible for the business operations of Hodooi.com and manages the company's operations.

Other team members have also worked with leading companies such as Samsung, Manchester United, Sota Tek and Leonardo.

Hodooi's team of consultants includes David Schwartz, Gabby Dizon, Justin Bercik, James Seibel and Chris Dawe. This team is made up of blockchain and business experts. They combine their experience to make tactical and safe decisions for Hodooi's progress.

HOD token

The platform's native token has the HOD ticker. The token is a BEP20 token and is built on the Binance Smart Chain blockchain. He has a total supply of 1 billion HOD tokens.

HOD acts as a backbone on the platform. Users who use this token on the platform pay the cheapest rate possible compared to using other tokens.

The team holds 10% of the total token stock, while another 10% is locked in reserves. The company's treasury will hold 40% of the tokens. Liquidity pools will hold 12% and another 12% will be invested. The remainder of the offering will be distributed in private and public sales.

Buyers can use HOD to buy NFTs and can also claim rewards in the form of HOD on the platform. Sellers who subscribe to the platform membership program will pay reduced platform fees. Betting rewards and NFT farming rewards on the platform will be paid in HOD.

Where to buy Hodooi?

The HOD cryptocurrency can be traded on the following exchanges:

  • Gate.io
  • Crypto.com
  • PancakeSwap (V2)
  • Bitmart
  • MEXC

Conclusion

Hodooi is not just another random NFT marketplace. It's a market with a difference. A platform that aims to satisfy buyers, sellers and creators simultaneously. In addition, the platform's cross-chain feature gives it an edge over its competitors. The rewards and low fees that can be reduced to zero also make the platform attractive to everyone.

The team behind the project is, without a doubt, skilful and innovative. With its past success in the blockchain ecosystem and technology, users can be confident that the goals outlined in the project's roadmap will be met.

More information about HOD

Disclaimer of Liability : PortaCripto is a news portal and does not provide any financial advice. PortaCripto's role is to inform the community about cryptocurrencies and what is happening in this space. Do your own due diligence before making any investments. PortaCripto will not be responsible for any loss of funds.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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