Quick take:
- Liquid Marketplace will list fractionalised high-end unique collectibles.
- Physical items sold on the marketplace will have to be delivered to a vault.
- The marketplace offers rare National Treasures basketball cards, a CryptoPunk and a Pokemon Booster Box at launch.
Youtuber Logan Paul has officially launched a new platform called Liquid Marketplace with co-creators Ryan Bahadori and Amin Nikdel, after raising $8 million.
Introducing my next company, Liquid Marketplace (@LiquidMarketpl) — you can now own a piece of the rarest collectibles in the world.
— Logan Paul (@LoganPaul) April 5, 2022
By fractionalizing expensive assets, we’ve essentially made it possible for ANYONE to own ANYTHINGhttps://t.co/qIa62dmQg0 pic.twitter.com/SbFnL8zIAV
The identities of most of the investors are undisclosed, with the exception of the former co-president of Wicked Cool Toys, Jeremy Padawar, and DJ Steve Aoki, who has been active in the Web3 space with NFTs and his own metaverse platform.
Liquid Marketplace is a platform that sells tokenised, high-end, unique collectibles to make them accessible to anyone. These collectibles can include physical and digital trading cards and NFTs.
Those who want to sell physical items on the marketplace will have to deliver them to Liquid Marketplace’s vault to be authenticated and appraised, after which it can then be tokenised and listed for sale.
The platform takes 2.5% of the value of the trade of each item and an 8% offering curation fee as well as funding fees, cash withdrawal fees and sales fees.
Each ERC-20 token associated with the item accounts for 10 cents of the item’s value and can be transferred outside of the marketplace, although users are discouraged from doing so for security reasons. After the token offerings sell out, the collectibles will be moved to Liquid’s secondary market.
Bahadori claimed that the platform offers “genuine ownership” of the assets but it’s unclear whether token purchases, be it on the primary or secondary market, constitute ownership.
Another issue is when an asset has been fractionalised and its value split into thousands of tokens that are then bought by thousands of people, how would it be pieced back together for someone to claim full ownership?
To solve this issue, Liquid Marketplace has put in place a buyout system. If someone acquires a certain buyout percentage, they will then trigger a buyout vote. If 80% of token holders vote in favour of a buyout, the person will be able to buy everyone else out, claim the physical item, and have it delivered to them.
At its launch, the marketplace will offer a few items for sale. These include Logan Paul’s Personal WOTC Pokémon 1st Edition Base Set Booster Box ($378,000), Psa 8 2009 1/1 Michael Jordan Autopatch ($1.9 million), PSA 8 Pikachu Illustrator ($1.1 million), CryptoPunk #6837 ($250,000) and more.
The launch of Liquid Marketplace comes after Logan Paul filed trademark applications for an NFT marketplace and a DAO in February. However, the two may be unrelated as the trademarks filed were for ‘Originals by Logan Paul’ and ‘Originals DAO’.
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