Recycling
The Orchidz marketplace will enable NFT creation through sophisticated smart contracts, which will be written in the Cadence programming language and deployed on the Flow blockchain. Users can purchase NFTs using both tokens and fiat currency, facilitated by a cutting-edge payment gateway that integrates seamlessly with the platform.
The advanced token model allows users to buy and sell NFTs and participate in the innovative NFT recycling program. Orchidz tokens will be EVM-compatible, operating on the Ethereum blockchain, and tradable on various cryptocurrency exchanges.
NFT Recycling Program and Valuation Algorithm:
The NFT recycling program empowers users to exchange their NFTs for tokens, with the NFTs' values determined by a proprietary algorithm that considers factors such as rarity, popularity, demand, previous sales, and market trends. The valuation formula is as follows:
Value = W1 * Rarity + W2 * Popularity + W3 * Demand + W4 * Previous Sales + W5 * Market Trends
W1, W2, W3, W4, and W5 represent weighting factors for each respective factor in determining the NFT's value.
Rarity, Popularity, Demand, Previous Sales, and Market Trends are assessed based on various qualitative and quantitative criteria.
For example, suppose we have an NFT and want to determine its value using the given formula. We first need to assign values to the various factors and weighting factors.
Assume the following values for each factor:
Rarity: 0.8 (Higher value means rarer NFT)
Popularity: 0.6 (Higher value means more popular NFT)
Demand: 0.7 (Higher value means more demand for the NFT)
Previous Sales: 0.5 (Higher value means better previous sales)
Market Trends: 0.9 (Higher value means more favorable market trends)
Now we assign weighting factors (W1 to W5) to each factor:
Using the formula, we can calculate the NFT's value: Value = (0.2 * 0.8) + (0.25 * 0.6) + (0.15 * 0.7) + (0.1 * 0.5) + (0.3 * 0.9) Value = 0.16 + 0.15 + 0.105 + 0.05 + 0.27 Value = 0.735
The NFT's floor price value will be expressed in tokens. This advanced valuation algorithm enables the Orchidz platform to accurately and fairly determine NFT values within the recycling program, allowing users to confidently exchange their NFTs for tokens.