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Yesterday the Polyient Games team announced that they have partnered with Avalanche to bring NFTs to the decentralized exchange (DEX).
We've teamed up with Ava Labs to bring a NFT-focused decentralized exchange to @AvalancheAVAX.https://t.co/BCjmPnDKUJ
— Polyient Games (@PolyientGames) July 29, 2020
Avalanche (AVAX) is a blockchain focused on dApps (decentralized applications) and offers a system of interoperability between blockchains.
This is a platform for executing smart contracts and confirming them in less than a second, providing full support for Ethereum’s development tools.
For its part, Polyient Games has developed several games, a marketplace for ERC721 tokens on Ethereum and a tracking system for NFTs, called nonfungible.com.
This partnership foresees the creation of a DEX dedicated only to NFTs (Non Fungible Tokens) and for this purpose, the Avalanche blockchain has been chosen, so as to have more scalability than Ethereum, and be ready to support decentralized applications such as those related to decentralized finance (Defi).
The decentralized marketplace will use a dedicated token, the PGFK Particle (XPGP) which is a 1:1000 fraction of PGFK in the Polyient Games ecosystem.
In addition, the token will be used as collateral to retrieve other fungible assets related to the company’s games and will thus be like a virtual currency.
A DEX for NFTs, the choice of Avalanche
Thanks to this partnership it is possible to scale both the development of ERC20 and ERC721 tokens, as commented by the CEO of Polyient Games, Brad Robertson:
“The current reality is that the congestion of the Ethereum network is hindering the adoption of blockchain gaming and the NFT asset class. By building on Avalanche, we are able to leverage a scalable infrastructure while maintaining bridges that facilitate the seamless transfer of ERC-20 and -721 assets.”
In addition, there will also be a section on the platform to swap these tokens, including the AVAX-XPGP pair.
This means that those who will sell the digital assets will be able to convert them to AVAX and consequently swap them for other tokens or cryptocurrencies.
Both the blockchain and NFTs are expanding rapidly, as explained by the co-founder of Ava Labs, Kevin Sekniqi:
“NFTs and blockchain gaming are growing rapidly, and we’re excited to welcome one of the most exciting projects leading the evolution of these segments. With Avalanche as its foundation for its new DEX, Polyient and its marketplace of NFTs will be able to grow without limits.”
Now all that remains is to wait for the upcoming token sale of PGFK, which will then be available to be converted to XPGP for use within the games.