Introducing Haste Labs
Earlier this year, we launched the Haste Arcade, with the intent of bringing micropayments to the mainstream gaming world through play-to-earn games. This mission is well underway, and we are excited about the arcade’s progress and some of the big things that are set to roll out in 2022. But the ideas didn’t stop there.
Like everyone in the blockchain world, there are so many cool things we think about creating, and it felt like Haste was the perfect place to share some of our other ideas with the community. This has led us to create Haste Labs, a branch of Haste that will create and test products that leverage blockchain technology as a way to introduce new business models to the world and drive Bitcoin adoption. Our focus is on utilizing blockchains with utility and as we experiment with different ideas, we will most likely experiment with different blockchains as well. So with the launch of the lab, we’d also like to introduce our first experiment, Take It.
How It Works
Artists can list NFT collections for whatever price they want. The process for listing is currently a curated process where artists need to contact email@example.com, but if the concept has legs, we plan to automate it. Purchasers can then view the listed NFT collections and “take” NFTs that they like. The value of the NFT increases by 30% each time it is taken. Whoever holds the NFT for 72 hours without any new takers becomes the owner. If someone takes it, the previous “last taker” gets their money back (plus a 6.6% profit).
Here’s an example:
Bob, the artist, lists his NFT on the marketplace for 100 Duros. Mary takes the NFT from Bob and pays 100 Duros. Bob earns 95 Duros as the seller AND the artist. Mary is now the “Last Taker” and the new price of the NFT immediately becomes 130 Duros. Jerry takes the NFT from Mary for 130 Duros. Mary earns 106.6 Duros (a profit of 6.6 Duros or 6.6%) and Bob takes a 13 Duros artist royalty. After 72 hours, there have been no more takers and the NFT is sent to Jerry’s wallet.
Win-Win Auction Strategy
Instead of the traditional NFT marketplace, where the only fun is buying the item, this new auction strategy gives a financial reward as an incentive to bid on, or “take”, items. A potential purchaser knows that they will either end up with more Duros than before they bid on the NFT, or they will end up with the NFT. We believe this will increase the number of bids per item, and generate more revenue for the item’s artist, than other NFT marketplaces.
You can also refer friends and earn 3% on all their takes!
Ready to get started? Take It is live now!
There isn’t a set schedule on when new experiments will start or be released, but there are a few additional experiments we’re already discussing internally. Depending on how well any experiments do, some may go on to become their own products, while others may be ended prematurely. We’re also open to hearing from the community, so if you’ve got an interesting idea that you’d like to see come to life.