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Co-creator of Rick and Morty embarks on NFT research project in partnership with Paradigm By BTC Peers

by Mike Robinson

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Paradigm partners with Rick and Morty’s co-creator to start a NFT research program.

Justin Roiland (the renowned co-creator the Rick and Morty animated show) is currently working with Paradigm researchers to develop a new NFT price mechanism, called CRISP.

Paradigm protocol designer Dave White said that the new design would enable a project sell NFTs in large volumes over time and at consistent prices depending on market demand.

CRISP monitors the sale rate of NFTs and compares that rate to the target rate. We want to quickly adjust prices if NFTs sell too fast relative to our target rate. […]The faster prices are to be raised, the greater the difference in sales rates to target.

With CRISP, the “buy it now” prices of NFTs would increase or decrease based on demand. CRISP doesn’t want to lower prices as quickly as possible when there is less demand. It would instead slowly lower prices over time in order to maintain the current price level.

We want to decay prices slowly over time, because we managed to hit the target rate at previous prices and we don’t want to drop prices more than we have to.

NFTs have driven significant activity in the past year, with OpenSea’s monthly trading volume already surpassing the $3.5 billion mark, BTC PEERS reported.

CRISP, or Constant Rate Issuance Sales Protocol, was created in response to poor user experience during NFT auctions. Its researchers wrote that auctions “cost gas” and they wanted users to have the ability to purchase NFTs anytime, regardless of when an auction ends.

CRISP is explained by Dave White via Twitter (NYSE :). The mechanism has been compared to the Dutch auction system. In which an item’s price starts at a high level, it is gradually lowered till it receives a bid or becomes a reserve.

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