NATTO : Sushi NFT Exchange

[levx.io]

Summary

Natto is a traditional Japanese dish consisting of fermented soybeans and characterized by a slimy, sticky and stringy texture. Based on that description, you will most certainly agree with the Japanese that Natto is an acquired taste, which can also be said about art, not to mention NFTs. With that in mind, I would like to propose Sushi’s NFT Exchange and Launchpad, NATTO to the community.

As something that has been suggested by the community on more than several occasions, the recent release of Uniswap V3 NFT LP tokens created an even more exciting opportunity in the scope of NFT assets. This proposal would like to offer the Sushi community, a gas-optimized NFT trading platform that supports NFT artists and collectors via a franchised store and personal gallery launchpad, in addition to providing Uniswap V3 NFT LP token holders a seamless selling solution.

Motivation

Capitalize on the exponential growth of global NFT interest, which lacks a community-driven NFT trading platform, while driving more value to xSUSHI holders.

Specification

1. Any ERC721/1155 token can be traded permissionlessly on Sushi’s new vertical, NATTO, an NFT asset exchange. Default currencies will be ETH and SUSHI, however, any Sushi-listed ERC20 token will be supported as an acceptable payment method, with gas optimization at the core function of the contract.

2. There are 3 order types:

• Fixed Price: Seller sets asset price and an auction expiry date.

• Dutch Auction: Asset prices generally start high and incrementally drop until a bidder accepts the current price. The seller can set the price to drop 1% (e.g.) per block, until the asset is purchased.

• English Auction: The bidding starts at seller’s desired amount and continues, without any cap, until auction expires. Seller has the ability to set a minimum acceptable bid amount.

3. Native support for Uniswap V3 LP tokens, which (TLDR) are NFTs. When a Uniswap V3 LP token is sold, the seller can chose to automatically convert Sushi’s equivalent token pair, if available.

4. NFT Launchpad. Users can open their own franchised stores on NATTO.

5. Transaction fees are set at 2.5% and all fees go to xSUSHI holders.

Poll

Are you sure you want to proceed (yes/no)?

• press y
• press n

[FutureFund]

We 100% support this idea.

There needs to be a platform that caters for artist, musicians, and allows the development of NFT V2s.

Would suggest calling it something else then Natto. We can come up with something cooler.

‘Omakase’ comes to mind first, chefs selection of the finest art, music, culture. Also relates to high quality products. Most NFT platforms offer a massive range with less curation.

or

Chadō’ (sounds like Chad), the way of the tea, represents the classical Japanese arts of refinement.

We have a few leading artists and music producers that we can tee up to chat how we can help develop this further. I think this needs to be pushed out express to meet the fast paced nature.

[freezer]

I think this is an excellent initiative. I have been independently thinking a bit about how the NFT purchasing experience can be improved from a UX perspective and wanted to share my findings that can be used as needed. There are many user experience issues with the current leader in the space, OpenSea. I hadn’t yet thought of the liquidity positions in Uniswap but designing an experience for that may require some special thought. Below I will list a few issues that currently exist:

• The middle-men fees are too high (some collections being 10%)—this is unheard of in other parts of DeFi and completely unnecessary. The fees are also opaque (a regular user does not know the creator fee’s charged unless you own an item and attempt to sell it).

• All of the fees are heavily concentrated and go to the hands of one or two acounts (the contract creator and OpenSea). A classic example is the WrappedMoonCat rescue contract on OpenSea; whoever created the first wrapper gets all of the value from fees, even though he was not the creator of the project. If the fee model can be democratized somehow among ‘providers of inventory’ (the same way an LP pool fee is shared by all LPs, not just the originator of the pool), I think it can be a game-changer.

• ETH as a base currency is fine, but the user should have the ability to route to other ERC20s. If an NFT collector is a long-time ETH holder and a taxed resident, they are liable for heavy capital gains taxes for buying NFTs with ETH. A routing system using SushiSwap would be quite useful for those who do not want to incur capital gains taxes, they can simply open a CDP position or pay with Stables.

Lower-hanging fruit:

• A major use case is to look at the floor price of a given NFT and click buy. This currently takes 5 steps in OpenSea. (Find/Click collection → Filter to ‘Buy Now’ → Filter to ‘Cheapest’ → click ‘Item’ → ‘Buy Now’). This can be simplified a great deal.

• Simple lower the fee’s (mostly 2.5%) to match SushiSwap fees (0.3%)

• Analytical tools baked in the exchange would be very cool and a value-add for the NFT space as a whole.

I do think there needs to be some sort of additional incentives to draw collectors, artists, and even flippers to the newer project besides fee sharing. Originally I was thinking a net-new native token that is granted to buyers/sellers/listers of inventory; but if the project is under the Sushi umbrella I wonder how that would work. The same way Sushi captured ERC20 liquidity, a project needs to capture ERC721 inventory by incentivizing it. I also think that we should start by focusing on higher-end collectables that have the highest volume yet their volume is fragmented, and incentivizing listing for their inventory. I think there are quite a few platforms that already address the needs of the tail-end of the market (i.e: net new artists launching)

Finally, I created some mockups to express some of the ideas I listed above. They are more like ‘sketches that will never be used’ and would otherwise just live in my computer. so I wanted to post it to this topic as they are free to be utilized, etc. they are half-baked

Light mode–quickly see the floor price across popular assets. FISH would be a hypothetical token if this was an independent project

since I am unable to post two images in one post as a new user, I will post the second image right after. Sorry for the double post.

[freezer]

Continuing my last post due to posting limitations:

Here is an example of Dark mode, which shows the “CryptoPunks” detail page. In this example we can quickly compare across attribute floors, much like the Larva Labs website.

[reeserj]

Would this be a candidate project to be listed on an L2? That could potentially be the most gas efficient option.

I’m not sure how difficult it’d be to swap L1 NFT’s to an L2 though.

[lol]

I disagree, Natto sounds good.

[maka]

Reminds me too much of NATO, which is what I think most people would think of the first time they heard it.

I love the idea, completely. But I do prefer the names suggested by FF.

[Blaz]

Agree.

Omakase though sound really sharp to me. Pretty cool and precise

[ablo]

How about Kazari? Kazari Maki is one type of sushi that is like art, and each roll is unique. Does it look similar to the characteristics of a NFT?

[heyflex]

I like this proposal

[Ginobli]

this is clean. i really like the built in analytics, its one of the main issues with topshot

[cinquecento]

plz sers wen NATTO

Great idea and nothing better than NATTO straight out of the styrofoam pack

[Madotsuki]

Going to have to also throw in my vote for Omakase. Natto seems rather random, in my opinion. The only connection I can think of with NFTs and Natto is they both start with N. And I feel like this launchpad can definitely benefit from being a multichain L2 kind of deal. One of the largest barriers of entry I see for many artists is the cost of minting NFTs. Many (humble) artists I know couldn’t image having to price their works for hundreds of dollars just to make up for the gas fees, and would much rather place affordable prices for their crafts. With L2 fees being cheaper, it could be reasonable to sell someone a regular priced physical t-shirt with a bonus NFT for $35 USD, for example.

[Crypto_Bender]

Heavily in favor of this proposal. Omakase already has a place in the current sushiswap ecosystem, but I wouldn’t mind having a discussion on an alternative name for the platform. I personally find Kaonashi (顔無し) to be a bit more fitting.

[umetaku]

Hello, you guys.
I’m Japanese, and I feel the name “NATTO” is a little weird.
So I suggest the name “Shoyu”.
“Shoyu” is soy sauce.
The reason is that in Japan, when we eat sushi, we eat it with soy sauce.
And the name “Shoyu” almost sounds like “Show you”, which also looks like showing NFT to the people around you.
Given that the name of this platform is Sushiswap, why not name it “Shoyu”?

[Sushi_Boat]

I think this is a great idea. I’d love to see further discussion about this.

[BK7]

Great suggestion, think the ultimate name should be discussed a bit further. Overall in support of this proposal!

[harukaxx]

yeah. It’s great idea. I love name “Shoyu”.

and NFT exchange in Sushi is really nice idea. I support idea that except name.

[Shingen]

I am Japanese and strongly agree to his opinion.
NATTO is sound weird for us.

I recommend to rethink to other name such as SHOYU or something like that!

[levx.io]

Great naming: shoyu! Let’s go with it.