What do you get when you cross Cosmos’ newest NFT marketplace with the Interchain’s soon-to-be most ubiquitous Cosmos-native stabletoken? A partnership destined for great things.
ICYMI, we’ve recently announced the coming together of OminFlix and Inter Protocol IST. Today, we’re taking a deeper dive into what the partnership means to both ecosystems and the interchain as a whole.
OmniFlix is a decentralized P2P media and network layer for creators and communities, that gives you tools for the management, distribution and monetization of any multimedia assets you create. It’s one of the most popular marketplaces in the Cosmos ecosystem today. The partnership allows end-users and creators alike to purchase and mint NFTs across IBC, worry-free of price fluctuations that currently plague non stable tokens.
IST is a Cosmos-native stabletoken issued on the Agoric chain. IST has drawn similarities most analogous to multi-collateral DAI. It features several minting modules including a zero-slippage swap mechanism with USDT, DAI and USDC via the Parity Stability Module (PSM), and an overcollateralized minting system using ATOM as collateral, which was launched as part of Vaults.
With a circulating supply close to 1.5 million IST, users can leverage the stabletoken for fee payments on Osmosis & Agoric, use it as collateral to borrow against on Umee, provide liquidity to the pools deployed on Crescent, Osmosis, & ShadeSwap, or now of course list and bid on NFTs through Omniflix.
IST is the first (and only) Cosmos native stabletoken that can be used to mint and trade NFTs on Omniflix.
Historically, to buy NFTs on Cosmos, it has been necessary to own volatile crypto assets. The risk here for NFT traders and creators is the potential to experience a severe rise or fall in the price of the token they use. This can often be drastic when there is low liquidity in the underlying token. This can devalue the NFT asset over time. More importantly, nobody wants to be the next Bitcoin pizza buyer, purchasing low and then seeing the value of that initial investment skyrocket to unplanned levels. The true value of NFTs should closely correlate to the intrinsic value of the work, rather than the performance of the underlying crypto token.
IST provides the ability to offer no underlying asset price volatility when trading NFTs. This not only enables more accurate value pricing across a collection, but also provides more security and a better user experience for those minting and trading, which is important for attracting new users to the space, and has already proven popular with traders since launch last month.
Price volatility of tokens also impacts the NFT creators themselves when listing collections.
During the minting and trading of popular NFT collections, underlying tokens (for example FLIX or STARS) have in the past undergone sudden value surges. When the creator then seeks to liquidate their earnings or exit their position back into a stabletoken, steep price declines can follow due to the limited availability of liquidity in the underlying tokens, a situation resulting in deadweight economic loss for all parties involved.
Integrating IST into the OmniFlix ecosystem eliminates the inconvenience of price fluctuations for both the NFT buyers and creators. OmniFlix users can seamlessly liquidate their earnings, and convert IST directly into other stable assets or make use of the many use cases IST provides across the interchain already.
To celebrate the integration with OmniFlix, users were given the opportunity to earn IST and a commemorative NFT by participating in this interactive video campaign with Agoric CEO, Dean Tribble, discussing the IST roadmap at Osmocon this year.
What’s more, the team at Tardigrades NFT created an exceptional collection reserved exclusively for those who collected NFTs on OmniFlix using IST within the first 30 days of the integration announcement, autographed by Dean himself.
Head over to the OmniFlix Marketplace today to start minting and trading your favorite NFTs with the power of IST.
Looking ahead, the future of IST is brimming with exciting possibilities. Our upcoming onboarding of Stride and stATOM as a second collateral alongside ATOM, is expected to help boost IST’s liquidity and ubiquity across the interchain even further.
The surge of liquidity within the IBC ecosystem will only serve to amplify IST's potential, ensuring long-term stability and efficacy, while also unlocking cross-chain expansion.