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Unlocking the Power of Smart Contracts
At JamOnBread, we recognized a significant challenge in the NFT space on the most decentralized blockchain. Despite its decentralized nature, the majority of NFT transactions are concentrated on just one platform.
We set ourselves on a mission to level the playing field and promote more competition by building a solution that empowers other and/or specialized marketplaces and contributors in the ecosystem.
Our smart contract has multiple on-chain affiliate levels and dynamically splits transaction fees based on various factors. These factors include the marketplace where the NFT was listed, the marketplace where the sale happened, and the contributors involved in the NFT sale (link affiliate). Unlike traditional smart contracts, where transaction fees are exclusively received by the contract owner, our approach is different.
Our ultimate goal is to establish JamOnBread's smart contract as the industry standard. By adopting our smart contract, marketplaces can rather focus on new features or become a niche marketplace (art, bonds, real estate) fostering healthy competition beyond the realm of smart contracts.
The first smart contract developed by JamOnBread is V1 - Buy, Sell, Offer, which incorporates a unique on-chain affiliate system, opening new opportunities for users, projects and other marketplaces. Read more about the Incentive Structure and Rewards.
By the design of Cardano blockchain, all marketplaces (both major and single project marketplaces) can integrate listings on any smart contract to show on their front-end. As example: JamOnBread can display NFTs that have been listed on Plutus.art, Flipr.io, JPG store and vice versa.
When User A lists an NFT on Marketplace 1 using their smart contract, Marketplace 2 can display all NFT listings from Marketplace 1's smart contract on their platform. When User B purchases the NFT on Marketplace 2. Despite the sale happening on Marketplace 2, the entire transaction fee is directed to Marketplace 1 since it is their smart contract that processed the transaction.
Our smart contract introduces a new meta of decentralization and fair compensation within the industry. Let's consider an example:
User A decides to list an NFT on Marketplace 1 using JamOnBread's smart contract. Marketplace 2 displays all NFT listings from JamOnBread's smart contract on their platform. User B then purchases the NFT from Marketplace 2.
In this scenario, the transaction fee is fairly and dynamically shared between Marketplace 1 and Marketplace 2, rewarding both fairly for their contributions to the NFT sale.