Muse DAO, is a studio that focuses on creating decentralized applications to promote the NFT space. Now, they launched “Launch by MUSE”, an experimental minting platform. Today I will explain what this new tool is all about.
Muse DAOis an NFT company builder with the community as the exclusive protagonist. It focuses on creating decentralized applications to promote the NFT space and any user can join the DAO if it has enough support from its members.
Currently, they presented Launchan experimental minting platform that is built on Sudoswap’s automated market maker protocol, also known as AMM NFT.
Launch, the new Muse DAO platform, uses a flow called mint-then-deposit from Sudoswap instead of using mint-then-list that many other NFT platforms rely on.
This means that a creator can mint a series of limited edition non-fungible tokens directly into a liquidity pool of Sudoswap.
If you have never heard of or are not familiar with Sudoswap, this tool is interesting and innovative in that it allows people to open NFT liquidity funds along the linkage. That is, this design allows for automating and customizing the pricing of NFTs in line with demand through algorithmic price adjustments. To find out more about Sudoswap, here is a link to their white paper.
Muse DAO
The developers of Muse DAO already have a long experience in creating DApps. Their most famous release so far has been NFT20an NFT liquidity protocol they launched in January 2021 with the goal of creating pools of NFTs represented by fungible ERC-20 tokens.
In addition, the Muse DAO team also helped the expansion and adoption of NFT flash lending through NFT20, launched the PEPESEA Arbitrum and Ethereum NFT markup, and created multiple experimental NFT games so far such as: VeryNifty y NFT Royal Game.
After learning more about Muse DAO, they now confirmed that their latest release will be Launch. This permissionless minting platform will not charge fees beyond Sudoswap’s 0.5% “base fee”.
Nor will it have administrative functions that can be abused and offer creator-owned contracts.
On the other hand, from Muse DAO they confirmed that Launch was created as a weekend project, an advantage that stands out when building on Web3. Also, they added that when you can simply mix and match pieces like culture and money, it allows you to quickly form new applications like Launch.
Also, it is worth clarifying that this new Muse DAO application is not yet audited and bugs may be found. Therefore, so far it should be used under the “use at your own risk” status as any new tool in the Web3 ecosystem.
¿How to use Launch for a NFT Drop?
At the time of writing, only six projects have been launched in Launch and as I mentioned earlier, this is because it is an experiment that was launched only recently.
Likewise, at this early stage Launch already makes it clear that it is easy to use and simplifies the process of an NFT delivery edited through Sudoswap, as, previously it required several manual steps such as implementing the NFT smart contract, minting all or part of the supply, creating a liquidity pool and marketing that pool as the public creation.
With Launch by MUSE, you can simplify at least the first three steps (smart contract implementation, minting and deposit) by simply completing the custom collection details in a single user interface and then initiating a transaction for contract creation.
Collection creation in Launch: user interface
For a more detailed explanation, here are the steps to follow to use Launch:
Go to launch.musedao.io and connect your wallet.
Click on the button Initial NFT.
Enter your collection information in the collection editor (project name, project symbol, metadata URL, maximum supply, rise time).
Enter the price values of your collection, that is, the linkage curve (it can be linear or exponential, an initial price). Also, your delta (how much the price will increase after every sale) and your rateif any.
Once you have finished configuring everything you want, click on the button Start button and confirm the contract creation transaction with your wallet.
The way in which it is displayed in Launch
That’s it! Once the transaction is confirmed, your NFT collection and associated Sudoswap group will be activated and the smart contract created will be under your control.
If your minting strategy is sold, then you will be able to withdraw the ETH proceeds as you wish and any unsold NFT will be returned to your wallet during the completion process.
Purchase and sale of releases
To purchase an NFT at launch, you have to navigate to the Launch platform section called “Minting Now“. If there is a collection available you can click on “Trade” and it will take you to the trading center of that collection to see the main statistics of the liquidity pool. Finally, enter how many NFTs you wish to purchase from the collection and complete the purchase steps with your wallet.
In case you want to sell an NFT that you bought in Launch during a mint that is still active, it is the same process that I explained in the previous paragraph, but in reverse.You have to go to the collection mall and then enter how many NFTs you want to sell instead of buying. It is worth clarifying that you will get the best possible price of the curve at that time.
Conclusions
Making drops of NFTs through Sudoswap and with the help of Muse’s new DAO tool, Launch provides a simple way to run a mint through a liquidity pool and with the automated advantages of a custom binding curve. Plus it’s all done with just a few clicks.
While this tool will not be suitable for all NFT creators and projects, it demonstrates that the non-fungible token ecosystem is growing and expanding to offer a range of services where creators can launch their own collections independently, without permissions and in a flexible manner.
Furthermore, by being used as a decentralized NFT exchange and fully on the blockchain, it opens up the range of possibilities for new applications to be created in everything surrounding NFTs.
Finally, this release shows how important it is to build tools on Web3, as, it can really be the beginning of a series of solutions and expansion of the entire blockchain ecosystem and its underlying technologies.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.