Grounded in its vision to help people fund their careers and realize their dreams, TheXchange aims to legitimize the creation, sale and trade of NFTs (VirtualStaX) by providing an integrated ecosystem from where users can create and trade NFTs with trust and confidence governed by the GPX algorithm that will create a standard by which to compare the value of one StaX to another.
The NFT market currently suffers the following limitations:
TheXchange’s unique approach addresses these limitations by creating an entire ecosystem around NFTs. It allows almost anyone to create and issue VirtualStaX, a standardized form of NFT, while allowing almost anyone to trade VirtualStaX. It provides a singular platform to attract and maintain attention of traders, creators, and collectors, something that the current NFT open market does not offer.
The platform has been methodically planned for the last three years and an approximate total of 27,000 development hours has been invested in the technology to date.
A short description of noteworthy components of TheXchange ecosystem follows.
Issuing and trading VirtualStaX is achieved exclusively through two mobile apps. One app for issuers and one app for traders. Identity verification is a requirement to use either of the apps, protecting both parties. This results in a secure marketplace where users can trade with confidence.
Traders will have access to all issuers on the platform, across all of the currently planned exchanges:
This ensures immediate and equal exposure to the VirtualStaX marketplace for any issuer registered on the platform.
VirtualStaX are automatically generated for an issuer through the VirtualStaX Creation Engine. The style of NFTs created by the platform is standardized to look like a typical trading card. This aids in equalizing the value of a NFTs across different industries: The value of an issuer’s VirtualStaX is determined by the popularity of the issuer rather than the NFTs themselves.
The auction platform serves to establish consensus of a fair market value for any new issuer of VirtualStaX before trade is allowed.
Rare and Unique VirtualStaX are individually sold by auction.
A scalable exchange engine is integrated in the ecosystem to support high-volume trading of a large number of VirtualStaX that caters to both novice and advanced traders.
Transactions are guaranteed and are auditable. The revenue an issuer receives for either direct VirtualStaX sales or as commission for resale transactions is guaranteed by the exchange engine.
The Global Popularity Index (GPX) defines a global standard at which to measure the value and viability of people and their NFTs which can be used beyond TheXchange. Value determined by the GPX is not limited to a specific industry or sport but applies globally across all the exchanges hosted on the ecosystem.
VirtualStaX are traded exclusively on TheXchange platform, however each transaction processed by the trading engine is recorded on a public distributed ledger in the NFT standard ERC721: proof of ownership is absolute and verifiable.
Social interaction between issuers and fans is an integral part of the platform. Issuers can engage live and directly through the VirtualStaX App with their VirtualStaX holders, their fans or the public at large through the platform to increase their fan base and promote the sale of their VirtualStaX.
In addition to being an NFT marketplace, TheXchange platform adds further value by providing issuers the option of hosting their online store with customized merchandising within the ecosystem.
The technology underlying TheXchange Ecosystem, GPX Algorithm, Business Process and the VirtualStaX design has patent pending status and the company has 7 trademarks issued and 20 pending.