Metis NFT Marketplace

A place to elevate your existing L1 NFTs and trade cheaply and freely on the easiest L2: Metis.

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TLDR

A brand new NFT marketplace on the Metis network offering cheap and easy trading/minting for existing (and new) NFT projects.

Longer

Everyone believes that L2 NFTs are coming, but the transition has had slow adoption. I believe that the timing is right and METIS has the right technology to accelerate the adoption of an L2 NFT marketplace.

Vitalik has proposed a method to handle L2 NFTs: https://ethresear.ch/t/cross-rollup-nft-wrapper-and-migration-ideas/10507 . This hackathon project implements a simplified version of that architecture.

On Layer 1 there is a “lockbox” contract and on METIS there is a key holder. When a user wants to migrate an NFT to METIS they simply transfer the NFT to the lockbox contract. That lockbox then sends a message across the message passer contracts to the key holder on l2. That l2 contract mints an NFT which references the original NFT. That NFT is an erc721 and so can be freely traded on the METIS Network using existing protocols.

When a user wants to migrate back to L1 they simply burn their token on METIS and that sends a message back to L1 to unlock their original token.

What’s really nice about this solution is that the original tokens are kept intact and there is no need for any custom token logic on L1. This means that you can send your punks, etc up for trading to METIS without any additional wrappers, etc.

These transfers should cost less than an opensea initial token contract setup (local estimate is about 200k gas to send it across a bridge).

If implemented in the real world, we would use some existing meme coins and biconomy to allow you to pay for your transfer in (for instance) SOS token.

Trading on METIS should be strictly better than L1… the security is the same so users will feel comfortable with large assets on a L2 (as opposed to something like Polygon). And the gas is lower. There is no reason to not hold your assets on METIS, participate in a liquid market there, and move them back to L1 only when needed.

METIS is taking great steps to making all parts of the blockchain easier for folks and an NFT marketplace with access to all L1 tokens seems inherently a great place to onboard and transition users.

Scope of continuing work

There’s a bunch of boilerplate to turn this into an existing market. Estimate is about 3 months with a 3 person team so approximately $USD 150k.

Next steps would be:

Integrate with The Graph on L1 to track NFTs Add more/better indexing onto METIS (maybe with a future Graph integration?) Add bidding/auctions (on chain to start, maybe with 0x in the future) Improve looks/design to make it more in line with what folks are used to in an NFT marketplace.

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