Today, the total market cap or value captured in non-fungible tokens (NFT) exceeds $2.5 billion and there are fair reasons to believe that the industry is still pretty much in its infancy and has a long way to go.
CryptoPunks, Etherocks, MoonCats, these blue-chip NFTs witnessed a price appreciation by unimaginable measures in 2021. Today, an average CryptoPunk NFT is being sold for hundreds of dollars while Etherocks command millions of dollars in price on the leading NFT marketplace OpenSea.
As is always the case, any booming landscape attracts more participants, and subsequently, more competition which ultimately results in the customer having the option to select the best offering from the available choices, and the NFT industry is no different.
Enter Shoyu, the NFT marketplace being developed by the leading decentralized finance protocol, SushiSwap (SUSHI). So, what is Shoyu, and how does it differ from OpenSea? What advantages does it offer over other NFT marketplaces? Let’s jump right in.
What is Shoyu?
Shoyu, in Japanese means soya sauce – which aligns with SushiSwap branding while in English it is a world play on the phrase “show you” to enable NFT artists to showcase their digital art to the audience around the world.
Shoyu aims to stay true to SushiSwap’s Japanese roots by offering a robust and aesthetically pleasing UI to users that are rooted in Japanese sensibility and culture.
Announced in Q2 2021, Shoyu is SushiSwap’s highly anticipated NFT marketplace that aims to change the way creative commerce is perceived.
The idea for Shoyu was proposed by a SushiSwap governance member with the username LevX on July 8. The primary aim behind the launch of Shoyu is to provide an easy-to-use NFT platform to artists and creators to propel the NFT space forward.
Specifically, the proposal highlights the current shortcomings associated with NFT marketplaces in the form of limited file format options, limits on image size, and others that inhibit artists’ creative abilities.
Shoyu caters to both artists and collectors needs in that it provides a multitude of features such as social tokens (MISO launchpad integration + NFT royalties integration), 500 MB+ file storage in the form of video, image, audio, fractional ownership of NFTs, NFT tagging, multi-chain support for cheap transactions (support for Polygon), NFT search mode, and much more.
A key component of Shoyu’s offering is its beautiful “Immersive Gallery Mode” whereby NFTs can be easily categorized into customizable gallery spaces. Users can also take a virtual walk in this gallery courtesy of the 3D metaverse gallery view.
The Shoyu Promise
While the Shoyu NFT marketplace is yet to go live, we do know a fair bit as to what to expect from this eagerly awaited NFT marketplace.
According to a demo shared by SushiSwap marketing lead Amanda, Shoyu could very well be a game-changer for the global NFT landscape as it focuses on enabling small artists and creators to join the booming NFT economy by making it economically feasible.
For instance, Shoyu requires no ether to mint or sell NFTs which vastly reduces the financial burden on the artist to display their art to the public.
Further, art creators get to keep 97.5% of the revenue earned on primary sales with a mere 2.5% fee charged by the platform. What’s more, the entirety of this 2.5% fee goes directly to xSushi holders.
For those not in the know, SUSHI token holders receive xSushi once they stake SUSHI on the protocol. Holding xSushi would entitle them to receive 2.5% of every trade that occurs on Shoyu.
Shoyu also takes care of the Ethereum gas cost menace as it keeps orders off-chain when a user submits a sell order. Similarly, when an account wishes to buy an NFT, they can pick the order with the creator’s signature in the form of an ERC-712 token that ensures the gas costs are optimized for maximum saving.
In addition, Shoyu also plans to support on-chain order books to enable users to submit ask orders. These on-chain order books will be used for both the Ethereum and the Polygon network.
Moreover, Shoyu supports a wide variety of auction strategies to allow users to choose the one they deem fit for their art. Per the SushiSwap governance forum proposal, Shoyu will support the fixed-price sales, English Auction, and the Dutch Auction bidding strategies.
Finally, in terms of security, all Shoyu smart contracts are scheduled to be audited by leading blockchain auditing firms such as Peckshield, Mixbytes, and Zokyo.
With the NFT economy flourishing exponentially, expect Shoyu to give some stiff competition to the current leading marketplaces in the industry, such as OpenSea.
Shoyu is expected to go live in October 2021.