Quick Look at NFT Innovative Market Liquid Delegate How to Trade NFTs with Wrapped Delegation Rights

Exploring the Revolutionary NFT Market A Guide to Trading NFTs Using Wrapped Delegation Rights

Author: @0xfoobar, Founder and CEO of Delegate

Translation: Jordan, LianGuaiNews

Today, NFTs are no longer limited to being “collectibles,” as the encrypted market has introduced NFTs that encapsulate delegated rights, such as:

1. NFTs with authorization to participate in games like Yuga Labs and Forgotten Runes,

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2. Service-oriented NFTs that collaborate with TokenProof to provide event tickets and access,

3. Delegated NFTs that can participate in airdrops from top NFT projects like Azkuki, ArtBlocks, and Memeland,

4. Delegated NFTs that can verify social media presence for platforms like Phaver, Vulcan, and Collabland.

In this context, Delegate, a decentralized secure delegation platform, has launched Liquid Delegate, a marketplace for trading NFTs with delegated rights. This marketplace allows the packaging of delegated rights into tradable NFTs and provides a trustless way to trade airdrop access and other delegated NFTs.

Liquid Delegate is the first backward-compatible market that allows users to buy and sell delegated rights with zero counterparty risk. The process is not complicated:

1. Deposit spot assets into Liquid Delegate custody,

2. Receive PrinciLianGuail tokens (delegator tokens) and Delegate tokens (DT),

3. Sell Delegate tokens on the market.

During the beta testing period, Liquid Delegate realized that the “early custody commitment” was too complex for most users. To solve this problem, Delegate adopted the following solution:

1. List DT on the trading platform,

2. If DT is purchased, the corresponding spot assets are automatically placed in custody.

Based on this model, for sellers, the cost of listing DT tokens without gas is significantly lower. Moreover, Liquid Delegate uses a custom Seaport ContractOfferer to build this market, where additional approvals are not required for transactions. Only offline signatures are needed, allowing users to enjoy “completely free” services and, in most cases, no longer rely on separate on-chain transactions to sell Delegate tokens.

What should users care about?

Now, users can tokenize, transfer, and trade Delegate tokens as native ERC-721 tokens. Importantly, there is no counterparty risk, no collateral requirements, and no liquidation risk. When selling Delegate tokens to others, users can still maintain complete control over their spot assets.

What should project owners be concerned about?

In the Liquid Delegate local market, project owners are eligible to earn a portion of the Delegate Token asset trading fees related to their own projects. Currently, Liquid Delegate has started integrating with some projects and discussing deeper promotional services.

What should builders be concerned about?

Liquid Delegate is built on top of the powerful network effects of the Delegate Registry. Currently, the asset size on Delegate Registry has reached approximately $750 million, and Delegate’s “custody + delegation” model can even extend to the range of billions of dollars in encrypted assets. This is obviously a powerful, audited hyperstructure.

Any asset that can be delegated on Registry V2 can be tokenized and traded on the Liquid Delegate delegation market.

So, how is Liquid Delegate different from OpenSea and Blur?

Liquid Delegate does not trade any spot assets. The Delegate Tokens minted by users represent a type of delegated utility power (such as airdrop rights, gaming rights, event access rights, etc.). In addition, when selling Delegate Tokens, users can still retain their spot assets. At the current stage, all projects integrated in the Delegate Registry are supported.

The Liquid Delegate delegation market is now live on Ethereum and Goerli, and users can try creating their own Delegate Tokens.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!