NFT platform + low threshold DeFi infrastructure, Origin is trying to build a complete encrypted world portal.
Written by: Groot
If the keywords in the cryptocurrency market in 2020 are “3·12” and “DeFi”, then the keywords in 2021 must be “NFT”. In the first quarter of 2021, the NFT concept achieved phenomenal out-of-the-loop performance, from top sports leagues such as NBA and MLB, to celebrities such as Paris Hilton, to well-known venture capitalist Andreessen Horowitz and even top media such as The New York Times , Have begun to talk about, invest and even actively participate in the issuance of NFT works.
More and more people are beginning to realize that NFT is “seriously” in the music industry (annual transactions exceeding 70 billion U.S. dollars), painting sales (annual transactions exceeding 60 billion U.S. dollars), and video games (annual transactions exceeding 140 billion U.S. dollars). A series of traditional industries, such as the US dollar) and the collectibles market (with an annual turnover of more than 370 billion US dollars), have launched challenges.
Established in 2017, Origin Protocol, which previously focused on the sharing economy, has also captured the wave of NFTs, and has begun to create a platform that can gather NFT creators and consumers, hoping to make it the number one mainstream user in the encryption field. station.
Comprehensive understanding of Origin Protocol
Origin was committed to building a decentralized P2P market at the beginning of its establishment and launched Dshop, a decentralized e-commerce platform. Not long ago, Dshop realized support for NFT, Origin has officially taken the first step to build an NFT platform and ecosystem. The experience accumulated in the traditional P2P field can be used to optimize the product experience of this end-to-end NFT platform. Help and enable more “outside users” to access the new generation of commercial and financial products spawned by the blockchain.
The auction of the limited-edition music album Ultraviolet Vinyl NFT collection series conducted in cooperation with the famous musician and producer 3LAU is Origin’s first NFT auction. This successful experiment allowed Origin to have a deeper understanding of the artist’s control over the sales channels of his works and the The need for direct contact with fans. Prior to this, these artists who created digital art could only conduct regular auctions in cooperation with Nifty Gateway, or directly sell their NFTs on regular markets like OpenSea.
The NFT trading platform launched by Origin provides artists with a “fully customizable” auction format. In addition, it also provides a more dynamic secondary market, making the further circulation of NFT works more convenient. After 3LAU, Grammy Award winner Lupe Fiasco, three-time Grammy Award winner and American pop rock band One Republic lead singer Ryan Tedder have all chosen Origin as the distribution platform for their personal NFT works.
At 12:00 on April 23, Beijing time, the well-known HipHop creator Mike Dean will collaborate with the famous American street culture designer Shepard Fairey to launch the NFT series “OBEY 4:22”, which is based on Mike Dean’s album “4: The re-creation of “20” aims to appeal to people to provide support to those who are homeless in the United States. This series of NFTs will be publicly auctioned on the Dshop platform, and users can use OGN to participate in the auction at obey422.com.
And Origin’s exploration in DeFi and more “traditional” commercial fields has not stopped.
The U.S. dollar stablecoin USDT launched by Tether in 2014 has now become the most extensive first choice for outside investors to enter the cryptocurrency market, and the value transmitted through USDT has surpassed Bitcoin. However, even for very mainstream stablecoins such as USDT and USDC, users still need to make more “difficult” choices in holding these easy-to-consumable tokens and locking them in smart contracts to generate revenue, because Each contract interaction on the chain will incur a high interaction cost. For users with relatively small capital, this cost may take a considerable amount of time to be fully covered by the mining revenue, so it has become a deterrent. The biggest “impediment” for more outside users to participate in the DeFi market.
In response to this pain point, Origin launched the stable currency OUSD, and the OUSD smart contract deploys the underlying assets into a set of diversified income strategies. Simply put, users do not need to pay additional fees for pledge or lock-in to obtain compound income, and when they need to transfer money, they do not need to perform complex liquidation operations before transferring money. For newcomers who have just entered the market and the capital body It is more friendly for ordinary users with a smaller amount.
When Origin first launched Dshop, it was positioned as a decentralized e-commerce platform where anyone could create an e-commerce store independently. Sellers can create an account on the Dshop platform and add a product list and price to create a personal store. Dshop already supports cryptocurrency payments including OUSD, OGH, DAI and all ERC-20 tokens, and also supports Stripe credit card payments.
Team and investment background
Origin was founded by Josh Fraser and Matthew Liu. Josh has been involved in the encryption field since 2011 and founded the network optimization company Torbit, which was later acquired by Walmart Labs. Matthew holds a bachelor’s and master’s degree in engineering from Stanford University and was the third product manager of YouTube.
Origin’s founding engineer Pan Yu and current Tesla founder Elon Musk, well-known venture capitalists Peter Thiel, Max Levchin, Ken Howery and Luke Nosek are both co-founders of PayPal. Pan Yu was the first employee of YouTube and held senior positions at Google and Affirm.
Origin has received investment from many well-known institutions including Pantera Capital, Foundation Capital, Blocktower, Blockchain.com, KBW Ventures, Spartan Capital, PreAngel Fund, Hashed, Kenetic Capital, FBG, QCP Capital and Smart Contract Japan. Its angel investors also include YouTube founder Steve Chen, Reddit founder Alexis Ohanian, Y Combinator partner Garry Tan, and Akamai founder Randall Kaplan.
Development roadmap
Origin’s official information shows that its NFT platform plans to solicit and launch more high-profile NFT works in the future; in the future, it will continue to enrich the auction format, adding the function of selling public NFT works in a limited or unlimited amount at a fixed price; officially launching NFT Market; add OGN token functions on the NFT platform, etc.
In addition, the Origin project will also recruit more institutional partners to allow the stablecoin OUSD to gain more usage scenarios; research and enrich OUSD mining strategies to increase OUSD’s APY; and consider launching OUSD-based payments when OUSD is mature enough App even debit card.
summary
Although on the NFT platform, Nifty and OpenSea have already taken the lead by virtue of their first mover advantage, Origin is launching with advantages such as providing a better interactive experience for artists and fans and launching a unique and customizable auction format. Shock. OUSD also provides a lower threshold option for novice investors in the DeFi market from solving market pain points. NFT platform + low-threshold DeFi infrastructure, Origin is trying to build a nearly complete encrypted world portal.
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