The Origin Protocol (OGN) is a next-gen DeFi ecosystem. The platform was designed to streamline the creation of decentralized and peer-to-peer marketplaces for digital assets. Specifically, the platform is geared towards NFTs (non-fungible tokens) with the overall goal to make DeFi accessible to the masses.
History of the Origin Protocol (OGN)
The initial concept for the Origin Protocol (ONG) emerged in 1999. It was at that time, PayPal co-founder, Yu Pan, began to ponder about a decentralized financial system. Notably, Pan is well-known in the market. He was also the first employee at YouTube and held senior positions at Google and Affirm before joining the Origin Protocol. However, it wasn’t until Pan joined forces with the Origin Protocol’s founders Josh Fraser and Matthew Liu, that his dream would become a reality.
The Origin Protocol saw immediate success as it sparked the interest of both users and major investment firms. The platform was able to parlay these interests into funding. The network secured funding from the world’s oldest cryptocurrency fund, Pantera Capital, Foundation Capital, Blocktower, Blockchain.com, KBW Ventures, Spartan Capital, PreAngel Fund, Hashed, Kenetic Capital, FBG, QCP Capital, and Smart Contract Japan.
NFT expansion
The Origin Protocol (ONG) places an emphasis on the NFT market for many reasons. In 2020, there were over $250 million in NFTs changed hands. This year has already eclipsed that figure. As such, NFTs have become one of the fastest-growing blockchain sectors. The Origin Protocol combines a variety of unique technologies to make NFTs accessible to all.
What Problems Does the Origin Protocol (OGN) Fix?
The Origin Protocol attempts to rectify a number of issues facing the DeFi community. The platform utilizes a marketplace, launchpad, and incentives to bring peer-to-peer commerce with NFTs and DeFi into the mainstream. Here are some of the other issues that the Origin Protocol could help resolve.
Investor Confusion
Anyone who has entered the DeFi space can tell you that at first, it’s confusing. Today, the majority of DeFi users possess some technical background. Interacting with DeFi protocols is difficult and cumbersome. There are new features and services such as staking and yield farming that add to the overall new user confusion. The Origin Protocol removes the technical barriers from DeFi adoption through the integration of a simplistic dashboard interface.
Accessibility
The removal of technical and financial barriers allows the Origin Protocol (ONG) to provide its services to anyone. Both experienced and new investors can find multiple reasons to leverage the network. As such, the Origin Protocol could help to increase the adoption of these technologies in new ways.
Centralization
Another issue that the Origin Protocol (ONG) eliminates is centralization. The platform does away with the centralized market concept. Instead, NFT creators are encouraged to develop unique marketplaces catered to their niche crowd. The nature of blockchain technology enables Origin users to build new commerce experiences that cannot be replicated on incumbent platforms like Shopify, Amazon, or Alibaba.
Benefits of the Origin Protocol (OGN)
There are a lot of benefits gained when you join the Origin Protocol (ONG) . For one, you can easily create, issue, and launch your own NFT market. This strategy allows you to host your NFT sales the way you want. Since you own your domain, you benefit when your community begins to grow. This approach stems from a belief by the Origin Protocol’s developers that content creators should own the branding and control the pricing model for their works.
Rewards
Another reason why users continue to migrate to the Origin Protocol is the rewards structure. The network provides users a variety of ways to secure an ROI. You can get passive rewards via the staking mechanism or P2P lending protocols. You can also earn creating and hosting NFT auctions. On average, Origin Protocol users secure yields that are 10-20% higher than that offered currently by traditional banking systems.
Flexibility
There is a lot of flexibility for NFT creators on the platform. You can create time-limited open-editions of your NFTs. You can also offer products such as unique leaderboard auctions. These added features help you to fine-tune your marketplace to better serve your primary clientele.
Transparent Fees
The Origin Protocol has a transparent fee structure. The network is set up to take 10% of DeFi yields generated from OUSD as a protocol service fee. These fees are then split up among a variety of crucial elements of the platform. In some instances, the fees can be used to buy back OGN on the market or burnt. This strategy provides the network with more control over the token’s future value.
How Does the Origin Protocol (OGN) Work?
The Origin Protocol (ONG) is an Ethereum-based platform. Ethereum currently hosts the largest DeFi ecosystem in the market. It’s also the second-largest blockchain in the world. As such, the Origin Protocol enjoys complete access to all of the wallets, games, DeFi services, and DEXs (decentralized exchanges) within the ecosystem.
The Origin protocol fills a specific niche within the Ethereum ecosystem. The network was designed to support the budding NFT market. The services and features of the network are geared towards NFT content creators primarily. As such, it has seen great success servicing this market. Notably, the platform has already hosted multiple record-breaking NFT sales for top musicians, celebrities, and creators.
Origin Protocol (OGN) NFT Marketplace
Aside from the personal marketplaces created by users, there’s also the Origin NFT Marketplace. This is the secondary market for the network. Interestingly, you can sell all of your custom NFTs here. The market also supports NFTs from other Ethereum-based platforms. The goal of the marketplace is to help content creators better monetize their creations over a longer period of time. Also, the market plays a vital role in price determination.
Final Word
The Origin Protocol (ONG) combines many of the most popular features in the market. The platform enables the easy and secure creation of NFTs in a way that was previously not possible. As such, you should expect to see this platform continues to expand alongside the growing NFT and DeFi markets for the foreseeable future.
