“Nonce Finance” is now “Nibbl”
In the last couple of years, NFTs have taken the world by storm. From being Web3’s cool new kid on the block, to drawing attention from mainstream celebrities, the demand for high-value art and collectible NFTs only continues to soar.
There’s no denying that NFTs can be accessed by a global community, opening up endless possibilities for independent artists and creators. But as investors and collectors continue to enter this growing space, and as exciting as things look for creators — in most cases, only a small group of wealthy collectors get to own the more sought-after, high-value NFTs.
An efficient way to overcome this barrier is editionization. With editionization, we create IONs that are essentially fungible tokens (ERC 20 tokens) that represent ownership in the original NFT. This means that people with limited funds can get access to NFTs without having to burn a hole in their pockets.
Note:
ION is short for Identity of NFTs. It’s a term we use to describe ERC-20 tokens that represent the parent NFT.
The benefits of editionization are many — for owners as well as collectors and investors. But it comes with its own set of limitations.
IONs are known to suffer from low liquidity. The traditional AMM model doesn’t work very well for low market cap assets, given the huge impermanent losses on adding liquidity which leads to these assets being highly illiquid.
Along with that, the ownership of IONs is meant to naturally transition from a single owner to the community. Currently, we need to rely on the original editionizer to add token liquidity on an AMM, then sell their IONs in low liquidity pools, in order to transfer ownership of their IONs to the community over time.
Moreover, for IONs to have real value, editionization can’t work as a one-way process. An editionized NFT that is locked forever in a contract is bound to lose its utility.
We need a robust buyout mechanism that enables people to convert an editionized NFT into a whole again, if needed. In certain cases, inefficient buyout mechanisms have led to scenarios where the market cap of the IONs representing the underlying NFT is less than the floor value of the editionized NFT.
That’s where we come in.
Our platform is born of a need to level the playing field and democratize access to sought-after NFTs. We aim to revolutionize community NFT ownership by offering guaranteed liquidity on tokens, and a price-based buyout rejection game that uses continuous tokens to achieve token distribution.
We are excited to announce that “Nonce Finance” has now been rebranded to “Nibbl”.
We have closed a seed round with the support of remarkable founders and leaders in the industry, with participation from crypto native funds including True Ventures, Collab Currency, Longhash Ventures and Libertus Capital.
We’re grateful to be backed by the following angels:
Sandeep Nailwal (Polygon), Aniket Jindal (Biconomy), Sachin Tomar (Biconomy), Stefan George (Gnosis), Sebastien Borget (Sandbox), Tarun Gupta (Coinshift), and Prabhakar Reddy (FalconX).
“Editionization gives individual collectors the ability to participate in NFT projects they might otherwise be priced out of,” said Kevin Rose, partner at True Ventures. “Nibbl has a novel approach to editionization that immediately caught our attention. We’re thrilled to back them at True Ventures and look forward to watching them help define the future of this important NFT-ecosystem unlock.”
Nibbl’s key features
We are building a number of exciting features on Nibbl. Here’s a snapshot:
01 GUARANTEED LIQUIDITY: ION owners are always guaranteed to find liquidity on their IONs on the bonding curve.
02 BETTER BUYOUTS: Any user can trigger a buyout on an editionized NFT and the community has the power to cancel the bid through a buyout rejection game. The buyout game uses Time Weighted Average Price (TWAP) to determine if a buyout should succeed or not, which means users don’t need to spend $50–100 on gas fees to vote on-chain for buyouts.
03 SOCIAL FEATURES: A token-gated chat on the platform allows ION holders to directly connect and engage with other holders, organise virtual meet-ups, strategize on the buyout rejection game, and more.
What lies ahead for Nibbl
We completed our smart contract audit in February and are live with the beta version on testnet. In the year ahead, we’re looking forward to expanding our team even further, as we prepare to launch and grow our platform. Here’s a tentative timeline of what lies ahead for Nibbl in 2022:
- Rolling out mainnet launch
- Opening up a direct editionized minting use-case for artists & editionizing ETH NFTs on L2
- Adding integrations with other NFT financial products
- Building DeFi primitives on top of our protocol
If you’d like to be one of the first few users to try Nibbl out on testnet, join the “beta-general” channel on our Discord. You can stay connected with us on our other social channels as well.
Discord: https://discord.gg/vE9WVZ7Bqa
Twitter: https://twitter.com/nibblnft
Telegram: https://t.me/nibblnft
