In Brief:
- Dave White, Frankie, and Justin Roiland are the brains behind the NFT research project.
- CRISP lets users buy NFTs whenever they want and adjusts the price accordingly.Â
- This new approach would enable a project to sell vast volumes of NFTs over a lengthy period of time at stable pricing.
Justin Roiland, co-creator of the Rick and Morty animated series, is working on a new method for non-fungible token (NFT) sales alongside two researchers from crypto investment firm Paradigm.
According to Dave White of Paradigm, the new approach would enable a project to sell vast volumes of NFTs over a lengthy period of time at stable pricing, depending on market demand.
“When NFTs are being sold too quickly relative to the target rate, we want to be able to adjust prices quickly,” according to a white paper. “The higher the sales rate compared to the target rate, the faster we want to raise prices.”
Through this mechanism, prices will slowly decline when demand decreases.
The unsatisfactory user experiences during NFT auctions were the catalyst for Paradigm’s research. “Auctions cost gas,” the researchers stated in a blog post about the experiment. “We want customers to be able to buy one of these NFTs at any moment, without having to wait for an auction to end.”
The Constant Rate Issuance Sales Protocol, or CRISP, is a pricing mechanism that tries to sell NFTs at a targeted rate over time, as described in this work. The researchers explained that if we wish to sell 100 NFTs per day but only sell 10, CRISP will depreciate the “buy it now” price over time. CRISP will rapidly boost the “buy it now” price with each new sale if we want to sell 100 NFTs per day but are on track to sell 200.
CRISP tracks the rate at which NFTs are being sold, and compares it to a target rate. A Solidity implementation of CRISP at FrankieIsLost.
NFTs, which can take the shape of artwork, trading cards, game goods, and more, have sparked a lot of interest in the last year, with OpenSea volumes topping $ 3.5 billion this month. Rick and Morty’s creators are actively working in an NFT space. In 2021, Fox announced a Blockchain-based animated series with Rick And Morty creator Dan Harmon called “Krapopolis”.