The NFT landscape took off at an exponential rate, with capitalizations moving from $41M in 2018 to $340M in 2020. Even though this massive growth was met with contradicting narratives and attitudes, it inspired a variety of sectors including gaming, sports, art, collectibles, and metaverses to dip their toes in this new realm.
However, despite much needed innovations around disintermediated ownership, NFTs continue the tradition of price setting via auction mechanisms. These traditional auction models used to determine the discrete “sale price” of NFTs end up prohibiting participation from the long-tail of economic actors, while failing to determine the true “market value” of artworks. These dynamics replicate and reinforce the logic of exclusivity at the core of cultural economy as is, leaving the playing field to be dominated by a few wealthy collectors and whales. Despite the unprecedented growth, to many this looks like an incomplete transformation.
But now, Spectre is here to haunt the auction houses.
Spectre enables anyone to mint ERC20 tokens backed by NFTs to create a fully liquid and permissionless art market. Spectre opens up NFT ownership to the crowds, breaking the barbed wires of the "one and indivisible private property" by turning once exclusive NFTs into fungible and liquid assets anyone can buy, sell, pool and govern.
To achieve this purpose, Spectre comes up both as a modular protocol and an opinionated app built on top of it.
