XOXNO Network: How NFTs Reimagined With Web3 Consumer Products

6 min read

The blockchain world is rapidly evolving, with NFTs (Non-Fungible Tokens) revolutionizing digital ownership. XOXNO, a leading NFT marketplace on the MultiversX blockchain, has made significant strides in this dynamic space by combining Web3 utility and capabilities with Web2 user-friendly accessibility.

In this article, we will walk you through all the ins and outs of XOXNO. Let’s discover its transformation from an NFT Launchpad and Marketplace into the XOXNO Network for next-gen Web3 consumer apps through its adoption of the MultiversX Sovereign Chain.

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XOXNO: The Top 1 NFT Marketplace and Launchpad on MultiversX

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XOXNO – The All-In-One MultiversX NFT Marketplace

Proven as the Grand Prize winner at the xDay 2023 Hackathon, XOXNO has solidified its position as the top NFT Marketplace and Launchpad on the MultiversX blockchain. It stands out as a secure NFT launchpad where creators can effortlessly launch unlimited NFT collections. Best of all, there are no additional costs to independently launch your collection on the XOXNO Launchpad if you choose to do so.

To boost the utility of NFT collections, XOXNO lets creators set up staking pools for just 35 EGLD per collection. Each registered collection can create unlimited pools with various features.

Since its debut in 2022, XOXNO has served 45,000 monthly active users, and 125,000 unique users, and has raised over $30 million for NFT launches. It is one of the most used dApps, responsible for 90% of global NFT trading volume on MultiversX.

These achievements underscore XOXNO’s key role and influence in the MultiversX NFT ecosystem. Moreover, they laid a strong foundation for its upcoming major upgrade.

Transition to XOXNO Network: The First NFT-Centric Sovereign Chain

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Before diving into what XOXNO Network is about, it’s essential for you to get to know MultiversX.

MultiversX is a decentralized and highly scalable Proof-of-Stake Layer 1 blockchain. Promising a highly scalable, secure, and efficient sharding infrastructure, MultiversX enables fast on-chain transactions with up to 263,000 TPS. This facilitates seamless creation, augmentation, and interconnection of applications, networks, and systems. Above all, MultiversX aims to create a collaborative framework and composable blockchain for stakeholders—entrepreneurs, developers, enterprises, and government officials.

With the growing popularity of blockchain usage, improved scalability, and flexibility are challenging for any ecosystem. You’ve probably heard of some existing solutions, like Cosmos, Ethereum Rollups (vertical scaling), Avalanche Subnets, and Polkadot Parachains (horizontal scaling or sharding). MultiversX is very much a part of this innovative movement. Recently, they have introduced Sovereign Chains SDK, providing a customizable and scalable sharding architecture for new specific types of use cases to build on as app chains.

Robert Sasu, the blockchain’s core developer, shared a fact sheet on Sovereign Chains, focusing on their features as an interoperability layer.

XOXNO Network is the first NFT-centric Sovereign Chain to be deployed on MultiversX. It inherits MultiversX’s core advancements and robust infrastructure, positioning XOXNO to lead the way as an all-in-one NFT ecosystem and beyond.

Why Build A Sovereign Chain On MulitversX?

Similar to other modular blockchains, MultiversX Sovereign Chain provides builders with a customizable and scalable architecture, tailored to meet specific needs, and leverages advanced sharding technology for remarkable performance metrics. Built on the MultiversX Sovereign Chain SDK, XOXNO’s Sovereign Chain represents a cutting-edge solution designed to extend the capabilities of the original blockchain.

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Why build a Sovereign Chian on MultiversX?

High Speed, Operability, and Composability

Leveraging MultiversX’s scalable sharding infrastructure, Sovereign Chains like XOXNO Network can achieve up to 100,000 TPS. By improving the existing cross-shard module, Sovereign Chain eliminates bottlenecks and significantly increases throughput.

It also addresses interoperability, composability, and security challenges by leveraging MultiversX’s native cross-chain transaction capabilities and running multiple virtual machines (MultiVMs) in parallel. Therefore, app-chains built on Sovereign Chains SDKs are able to experience seamless asset and smart contract interactions among MultiversX, Bitcoin, Ethereum Solana, and more networks without external bridges and wrapping.

Enhanced Security Features

XOXNO Network will inherit MultiversX’s robust security features, including on-chain two-factor authentication (2FA) – Guardian and the native token standards (EDST). These features ensure a secure and transparent transaction environment.

Shared Security Framework

Through the Gravity Layer’s restaking module, XOXNO Network utilizes MultiversX’s shared security framework, enhancing security and economic stability. This setup allows new app chains to start with decentralized validators and crypto-economic security, facilitating innovation and growth, without running their own nodes.

Elevating Web3 Consumer Products: XOXNO Network’s Community-Centric Revenue Sharing

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The Overview Tokenomics of XOXNO Network.

In the 2024 roadmap, XOXNO Network plans to expand its offerings to include a comprehensive suite of Web3 consumer apps. All of them are supported by a community-centric revenue-sharing model powered by XOXNO, the utility token for NFTs, and DeFi activities on the XOXNO Network.

In detail, royalties generated from the XOXNO Marketplace will be converted to XOXNO tokens and paid to artists as sXOXNO through liquid staking. Contributions from other applications in the Accumulator are used to buy XOXNO tokens and provide liquidity in the EGLD/XOXNO pool on DEXs. 

Users can deposit their XOXNO tokens into Liquid Staking and receive sXOXNO tokens in return, providing liquidity and rewarding participation. Additionally, a portion of the accumulated XOXNO tokens is burned, reducing the total supply and potentially increasing the token’s value. 

As a result, this tokenomics model guarantees a balanced and self-sustaining liquidity flywheel for the XOXNO Network, making users and creators key contributors to its success.

The Top 4 Most-Anticipated Consumer Apps Coming to the XOXNO Network

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Moving forward from the Marketplace and Launchpad, the next milestone on XOXNO’s roadmap is to build its Sovereign Chain to empower more consumer applications. Here are 4 highlighted products in the pipeline.

Web2-like Native Mobile Wallet

XOXNO’s native mobile wallet bridges the gap between the familiar Web2 experience and Web3 capabilities.

  • User-Friendly Logins: Users can log in using email or phone numbers, simplifying onboarding.
  • Credit Card NFT Purchases: Direct NFT purchases with credit cards, no prior crypto knowledge needed.
  • In-App Features: Includes in-app chat, peer-to-peer (P2P) swaps, and guardian passkeys for enhanced security.

Integrated On-Chain Ticketing Platform

The second product is XOXNO’s on-chain ticketing platform, which revolutionizes event management and ticket distribution.

  • Event Management: Organizers can create and manage event detail pages, selling NFT-based access passes.
  • Dynamic Tickets: Provides dynamic and transferable tickets, enhancing pre- and post-event experiences.
  • Universal Smart Badges: Simplifies access and verification processes across multiple events.

Mihai, the founder of XOXNO, gave us a sneak peek at the upcoming ticketing platform.

MultiversX Liquid-Staking Market Boost

Thirdly, XOXNO offers innovative liquidity staking for EGLD and XOXNO, enhancing token attractiveness and utility.

  • Unlocking Liquidity: Allows users to unlock liquidity without traditional lock-ups.
  • EGLD as Liquidity Hub: Enables participation in various DeFi activities using EGLD token as collateral.
  • Real Yield Rewards: Accumulated fees are burned and redistributed to the community, promoting ecosystem growth.

Loan Protocol Using NFT Collaterals

Last but not least, XOXNO’s loan protocol leverages NFTs for DeFi purposes.

  • NFT Collateralization: Users can use their NFTs as collateral to secure loans, unlocking liquidity without selling their assets.
  • On-Chain Representation: Ensures transparent and real-time tracking of loan terms through blockchain.
  • Ownership and Transferability: Supports distinct ownership and transferability capabilities, providing robust loan solutions.

With all the above products, the XOXNO Network is set to revolutionize the NFT space by offering innovative, user-friendly, and consumer-oriented solutions for NFT management and beyond.

In alignment with the debut of XOXNO Network, XOXNO Token Launch is officially taking place on xLaunchpad – a trusted launchpad on MultiversX, from June 14 to July 9, 2024. Participants are required to stake EGLD to be eligible for XOXNO lottery tickets.

If you’re interested in being an early adopter of XOXNO tokens, check out the below thread for a step-by-step guide on how to access the launchpad.

Close Thoughts

The NFT space is booming, with the top NFT collections making waves. They have changed how we own and trade intellectual assets, giving creators new ways to prove their ownership and monetize them. However, challenges like market volatility, unsustainable revenue models, and complex user experiences still exist, blocking us from mass adoption.

XOXNO is tackling these issues by elevating more real-life use cases for NFTs. They’re going beyond collectibles with a Web2-like native mobile wallet, on-chain ticketing, NFT-backed loans, and liquid-staking. By making their platform easy to use, customized, and secure by Sovereign Chain, XOXNO is making NFTs more familiar and accessible for everyone.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investmendecisions.