Blockchain technology has become the most preferred means of security; be it for trading cryptocurrencies or for online examinations conducted by universities. To expand the footprint of their company by complementing the existing ecosystem that contains businesses with blockchain technology, MetaverseSociety Corp. has announced its new MarX Project.
MarX is a Korean based project and it aims to capture the market of NFT and DeFi which is now fiercely expanding.
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MarX Project ultimately aims to remove the unfair intermediate capital structure and build an ecosystem where there is direct trade between the two parties. The two parties in this ecosystem would be the value generators and value customers in a completed DeFi-NFT platform. It is fair to say that MetaverseSociety is not the first one to come up with such an idea. Many have thought of a similar approach before and similar projects entered the cryptocurrency market. But all of them failed to form a business ecosystem.
To avoid this limitation, MarX began with the fundamental structure that can take in changes through technological evolution. The project involves authentic partners who are already established in their respective fields.
The fund for the creation and completion of such a healthy and virtuous ecosystem comes as a donation from International Cultural Exchange Foundation. This international organisation has been conducting donations for numerous projects for a long time. In addition to this, other contributors include Seoul 13, conducted by art researchers and HappyDog which is a pet-related cable broadcasting done abroad. Both contributions have increased the stability and expectations.
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MarX has already completed the beta version of its project for marketplaces that deal with art trade and it will be released soon. For this, it has deployed the DeFi-NFT platform. The recent boom in Bitcoin prices and IPO of Coinbase Global, Inc. (Coin) added Fuel to the Defi-NFT Market. DeFi is decentralised finance, which will remove the intermediate parties and will perform the trade only between the value provider and the valued customer. NFT which has been popular lately is a non-fungible token and is a unit of data stored on a digital ledger, which is a blockchain. It is what makes the digital asset to be unique and therefore distinguishable and interchangeable. Due to the recent controversies, MarX has chosen the MRC base instead of the ERC base. The project team defined this change on the basis that ERC is constrained by brokerage fee and it also is prone to technologies that aim to take away the uniqueness of commodities thus separating the rights and copyrights from the creators. The MRC400 and MRC401 are immune to those and they also reduce brokerage fees.
This initiative is doing well in the Korean NFT market. The country being a place of admired art and lifestyle is booming in the NFT industry and this project has leveraged just that.
MarX already put out its first listing on PROBIT Global and Korea Exchange in APR 27, 2021. Before that, the first and second initial exchange offerings have been completely sold out. They are planning for additional listings on Global exchange in May.
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