Lucidao Update 0.8 | June - Week 3

3 min readJun 14, 2022

Dear Lucidao Community,

As part of our unveiling of the marketplace functionalities and awaiting the big launch of LUCIDAO marketplace with a brand new design, you will be able, gradually over the coming weeks, to discover how Oracles and users will interact with it and the various processes available to both sides.

Below you will find snapshots and descriptions of the Oracle processes, how they register on the marketplace, add a collection and mint the associated NFTs.

A little addition beforehand: Oracles have the option to assign roles to various team members with different levels of permissions. This will allow them to have more granular controls and more security in their interaction with the marketplace. The following back-office roles could be created:

  • Admin
  • Oracle
  • Creator
  • Minter
  • Seller
  • Vault manager
  • NFT burner

Let’s get into it:

Oracles have a dedicated section on the platform where they can log in, a 2FA adds a layer of security to ensure the person logging in is genuine. They will have to create a profile with relevant information, their logo and a short description of their company. At this stage they are also asked to indicate delivery options once a customer will want to retrieve his/her collectibles. In the case the customer has a HODL approach of its NFT and the associated collectible, the Oracle needs to provide the fees that will be charged for keeping the collectible in safe storage, this can include insurance fees as well.

The Oracle now has a complete profile, and can start launching its collection on LUCIDAO marketplace!

In this case, we assume the collectible is a luxury watch and details such as the case and movement need to be added to the product description; in case information are missing, users of the platform will be able to open a chat directly with the Oracle for any enquiries about the collectibles.

Once the information is completed including the price in USD, the Oracle attaches the NFT image associated with the watch and saves the product card.

Ready to mint! This means the NFT of the watch will be created and put on-chain; this will cost the Oracle a small fee in $MATIC (since LUCIDAO operates on Polygon Network). One more step: change the status of the collectible from “Hidden” to “On Sale”, it is ready to be bought by a happy collector!

An Oracle also has access to previous sales; the sophisticated Mickey Mouse watch you can see here was sold to a customer in the past and the latter has decided to retrieve it. Therefore the watch is in the “Claim Request” folder of the Oracle, and the latter and the user are discussing on a private channel the logistics of retrieving the collectible.

Other information available to the Oracle are the NFTs burned and therefore collectible retrieved by the clients as well as the creation and selection of the roles mentioned at the beginning of this article.

Our next Weekly Update will cover specifics about the NFT burn mechanism and the retrieval of the collectibles, as well as the storage and NFT trading aspects for users who decide to be HODLers of the collectibles. We are looking forward to showing you more of your Marketplace!

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