NFT innovations are coming from unlikely quarters. The latest is a new initiative dubbed Constant Rate Issuance Sales Protocol (CRISP), which is a partnership of researchers from Web3 investment firm Paradigm, and popular adult animated show Rick and Morty co-creator Justin Roiland.
Justin, alongside Dave White and Frankie from Paradigm is working on a new way of selling NFTs over a targeted rate over time.
With the growing adoption of NFTs, this new project hopes to offer a new approach where vast volumes of NFTs can be sold over an extended period of time, with stable pricing.
“If we want to sell 100 NFTs per day but are on pace to sell only 10, CRISP will slowly decay the “buy it now” price. If we want to sell 100 NFTs per day but are on pace to sell 200, CRISP will rapidly increase the “buy it now” price with every new sell.”
The model will adjust prices accordingly to account for demand. They want to replace the current auction system which costs a lot in gas fees, and where potential buyers have to wait for the auction to end before getting a hold of the NFT.
“Imagine you have an unlimited set of NFTs that you want to sell at a constant rate — say, 100 per day.
“You might design an auction system to achieve this goal. You could sell all 100 in a single auction, or perhaps hold 100 different auctions of one NFT each.
“However, the user experience of an auction can be quite unwieldy — auctions cost gas, and we want users to be able to buy one of these NFTs at any time, without having to wait for an auction to terminate,” they write on a blog.
The group goes on to explain how this new model will work, complete with mathematical formulas. You can read the full paper here.
