Recap: Twitter Spaces vs Pandora Finance - How Hybrid NFTs will become the next trend?

This is the summary of a recent Suipiens' Twitter Space with Pandora Finance to help users understand more about their project and how Hybrid NFTs will become the next trend in the future.

This is the summary of a recent Suipiens' Twitter Space with Pandora Finance to discuss their project and how Hybrid NFTs will become the next trend in the future. The space features Aeron - BD from Pandora Finance as the guest and Harvey - CM from Suipiens as the host. The space was conducted on Apr 16, 12:00 PM UTC. Those who're interested in watching the full length of the session can click on this link below:  

Harvey:

• Could you please provide an overview of Pandora Finance?

Aeron:

• Pandora Finance is a decentralized prediction market built on the Sui Network, where you can make predictions and try your luck in our different games. In 'Up & Down', users guess whether the price of $SUI will go up or down within a set time, which is currently 20 minutes per round. In 'The Lottery,' it's all about matching numbers on your ticket with the winning numbers drawn daily for a chance to win prizes. You can check out both games here: https://app.pandorafi.xyz/

Harvey:

• I've had the chance to try out both of your games, and I'm really impressed with the whole concept of prediction within the Sui Network. What's even better is the frequent events you host for both games with some pretty substantial rewards. I highly recommend everyone give it a shot.

Aeron:

• It's great to hear that you've already experienced our games! Currently, we're running an exciting event for 'Up & Down' with a reward pool of 200 $SUI every two weeks. We're eagerly anticipating more users joining the event once this Space ends.

(You can check out their current campaign here: https://app.pandorafi.xyz/campaign/sui-campaign-13)

Harvey:

• I've been hearing a lot of buzz within the Sui ecosystem about Pandora Finance's upcoming launch of a Hybrid NFT collection, which will follow the 404 standards. Could you provide more details on this? I'm sure it's a brand-new concept for many in the Sui community.

Aeron:

• I'm thrilled to hear that the excitement about our upcoming NFT collection has been spreading. In this month, Pandora Finance will be launching the Pandorian Hybrid NFT collection, following the 404 standards. This unique standard blends the characteristics of ERC20 and ERC721 tokens, providing both fungible and non-fungible features within a single asset.
• To provide a bit of context, ERC20 tokens are fungible and often lack uniqueness, while ERC721 tokens are non-fungible and each possesses a distinct ID. With ERC404, we're introducing a novel approach by combining these features, allowing NFTs to be associated with a specific amount of tokens (in our project, $PAN tokens). This fusion enhances liquidity for trading and expands the utility of these NFTs, particularly within DeFi applications in the Web3 ecosystem.
• For those unfamiliar with the 404 token standard, it's worth noting its successful implementation in other blockchain networks like Ethereum and Solana. Notable projects utilizing this standard include examples like Pandora_ERC404 and DeFrogsToken.

Harvey:

• I find the 404 model and Hybrid NFTs fascinating, especially considering their potential benefits. You mentioned earlier the liquidity enhancement for NFTs when following the 404 standard. Could you elaborate on the advantages of Hybrid NFTs and the 404 standards?

Aeron:

• Absolutely, let's dive deeper into the benefits of Hybrid NFTs and the 404 standard:

1. Enhanced Liquidity: Unlike traditional NFTs, which often require specialized marketplaces or direct peer-to-peer transactions, the fungible fractions of Hybrid NFTs are easily tradable on standard decentralized exchanges (DEXs) designed for ERC-20 tokens. This significantly improves liquidity and accessibility for investors and collectors alike.
2. Fractional Ownership: The 404 standard enables fractional ownership of NFTs, allowing more individuals to participate in owning high-value assets. This increased accessibility not only broadens the investor base but also fosters potential market growth for the entire collection.
3. Expanded Utility: By linking NFTs to a specific number of tokens, the 404 standard opens up a myriad of applications for NFTs beyond traditional collectibles. These tokens can be utilized in various DeFi applications, including farming and staking strategies, thereby enhancing the overall utility and value proposition of Hybrid NFTs.
4. Market Potential: The introduction of the 404 standard has generated significant market interest, evidenced by high trading volumes on decentralized exchanges and NFT marketplaces. This strong demand reflects the market's appetite for tokens that combine the benefits of fungibility with the uniqueness of NFTs.
5. Limited Supply, High Demand: The inherent scarcity of NFTs, coupled with their linkage to tokens, contributes to their high value. Limited supply, combined with increasing demand, creates a classic market dynamic that drives prices upwards.

• With the potential for further innovations and applications, the sky's the limit for the 404 model, promising exciting opportunities for the future.

Harvey:

• Thanks for the detailed answer, and I'm optimistic about the enhanced appeal of the NFT collection in Sui. This marks the debut of the 404 standard on Sui Blockchain. I'm curious, what motivated your team to select Sui Blockchain for the launch of Pandorian Hybrid NFTs over other blockchain platforms?

Aeron:

• As we looked at different blockchains, we found that Sui stood out as the best place to start. It has top-notch technology, helpful developers, and a lively community. Right now, not many people in Sui are into NFTs, especially when you look at the volume of NFT collections there. But we believe we can change that by being the first to launch Hybrid NFTs on Sui.
• Sui offers a smoother experience for Web3 apps. It's all about events, community, and connecting with developers. The Sui Foundation actively supports developers with grants, hackathons, and places to work. It has attracted many skilled developers, especially in DeFi and Gaming.
• We know there will be challenges as pioneers in this 404 model, but we're excited about the journey ahead. With the support of our community, we're confident we can tackle any obstacles and have a successful launch.

Harvey:

• While we've covered the benefits of Hybrid NFTs and the 404 models, I'm still wondering how the Pandorian Hybrid NFT collection fits into your current product lineup - prediction markets. Can you explain that?

Aeron:

• That's a good one. Pandorian NFTs offer users additional benefits within our dApps. For example, in 'The Lottery,' owning a Pandorian NFT is key. If you stake your Pandorian NFT, you get a 20% discount on every ticket you purchase. The policy is in effect from the second day of staking and stays active until you unstake your NFT.
• When you stake your Pandorian NFT for at least 24 hours, you get a bonus in our Referral Program. You'll receive 0.2% of level 4 commission and 0.015% of level 5 commission. This means you'll earn extra cash from trading fees – about 7% of the total fees will be added to your commission. More utilities around our dApps will be revealed later, but that’s for now.

Harvey:

• Now. move on to the community's questions. Is there a way to link $PAN tokens to 1 Pandorian NFT? For example, when you burn NFT, you will burn the $PAN token at the same time. I think it's a good way to reduce inflation. What do you think about it?

Aeron:

• Regarding our strategy for reducing inflation, we've implemented a feature known as the 404 pool. Within this pool, users can exchange 1000 $PAN tokens for 1 Pandorian NFT, leveraging the inherent link between NFTs and tokens in our ecosystem. Notably, when users participate in this swap, they incur a 2% $PAN swap fee. Half of this fee is directed to our Treasury for various activities, while the other half is instantly burned. This mechanism not only fosters engagement within the Pandora Finance community but also actively contributes to reducing the circulating supply of $PAN tokens.

• Our diverse range of NFTs within the 404 pool, spanning from Normal to Legendary traits, serves as a captivating incentive for users to explore and acquire their preferred rare NFTs. The excitement generated by the quest for these unique NFTs stimulates trading activity surrounding $PAN tokens. Consequently, this heightened trading activity facilitates the ease of buying and selling Pandorian NFTs, driving further token circulation. As a result, a significant number of $PAN tokens are gradually burnt throughout this process, effectively reducing inflationary pressures over time.

Harvey:

• Can you tell us about some of your partners and who you plan to collaborate with in the near future? Any plans to make a partnership with other projects?

Aeron:

• We're excited to have partnerships with notable projects around the Sui ecosystem such as Suipiens, the largest community in Sui. Sacabam, our meme partner with whom we've integrated $SCB - their native token into the "Up & Down" game. SuiDuckz - an OG NFT project within the Sui Network. In the near future, we'll reveal more partners and host WL giveaway events in collaboration with them, so keep an eye out for updates! As a teaser, we can reveal that we have a major DEX partner and a major NFT marketplace partner lined up for partnership announcement soon!

Harvey:

• Do you have any final words for the audience?

Aeron:

• Our Pandorian Hybrid NFT collection is set to launch within this month, and during this time, we're actively seeking partnerships with builders and projects. To the Sui community, please make sure you can secure our WLs as soon as possible through our events or our partners’ events is essential—you won't want to miss out! Stay updated by following our Twitter and joining our Discord to ensure you don't miss any launch-related updates.

Harvey:

• Thank you for your time!

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