v2 is live! Other than a complete revamp of the website, there are several other features included in the release. Full details can be found below:
Staking:
SEEN HAUS has generated nearly 300 ETH over the last 6 months through the various auctions and NFT drops on the platform. Going forward, a portion of these sales will be distributed to SEEN stakers. It will be single-sided xSushi style staking without the risk of Impermanent Loss.
SEEN will be funding the staking pool with ETH from the treasury to bootstrap rewards for stakers.
There will not be a token migration event so holders won’t need to do anything with their SEEN tokens in order to interact with the new staking interface. The team expects a major uptick in auction + NFT volume over the coming months which will greatly benefit stakers and increase the amount being distributed on a recurring basis.
Please note that the staking contract is unaudited and experimental. Use it at your own risk.
New Auction Formats:
SEEN started with English style auctions where the highest bidder was crowned the winner after 24 hours. v2 will allow the team to experiment with new formats like sealed-bid or Dutch auctions.
This experimentation could lead to increased auction participation as the community plays around with different formats that allow people to bid without needing to spend gas on several separate transactions.
Another big change SEEN has implemented is extending the auction timer in case there is a bid within the last fifteen minutes. There have been several instances over the last few months where bidding wars emerged, but was cut short because the end time was hard coded into the auction contract.
This small adjustment should increase the total dollar amount of closing bids and allow for more exciting finishes.
Reduced Fees
SEEN is unique in that the entire auction process was built on Ethereum and all bidding is done in ETH. When the project first started the price of ETH was less than $400 and gas was cheaper than a slice of pizza.
Exorbitant gas fees have made it costly to launch auctions, mint NFTs, and place bids. For example, there have been a few times over the last few weeks where it would have cost the SEEN treasury $1000 to launch the auctions. This resulted in postponing the auction until fees became more reasonable.
The v2 redesign has drastically reduced the amount of gas being used in each one of these processes thus lowering transaction costs by about 40%. This will allow SEEN to earn more ETH on each auction and also allow more bids to be placed as gas costs will not be as big of a concern.
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Roadmap
We’re excited to finally release v2 to the community. Now it’s time to shift our focus to other key initiatives on our roadmap:
Secondary Market:
Creating a secondary market on the SEEN HAUS website will allow collectors to trade their SEEN NFTs without having to leave the platform whilst artists can earn royalties on all subsequent sales of their work.
Open Editions:
SEEN HAUS will be able to do NFT drops where the community can purchase as many NFTs as they’d like within an allotted time frame.
This also creates hype because of the time sensitive nature of the drop and benefits the artist if there is massive demand for their work.
Governance:
SEEN HAUS is transitioning into a decentralized autonomous organization (DAO) that wants the platform to be mainly curated by their token holders.
With revenue sharing in place and active snapshot voting for governance proposals, SEEN HAUS will also implement a grant system to incentivize and honor community contributions.
Combined with features such as the autonomous launchpad we are aiming to become increasingly decentralized and to be lastly fully community governed.
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We’d like to thank the community for all the support over the last few months. This is only the beginning for SEEN HAUS, we’re just getting started!
You can follow the project on Twitter, Telegram, and here on Medium.
Be sure to subscribe to the State of SEEN for all the latest updates:
https://seen-haus.medium.com/state-of-seen-volume-4-342d96f15f88
-the seen.haus team
