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PERC Studio (PERC) provides NFT SAAS solutions for traditional platforms to participate in blockchain & decentralized finance (DeFi) harmoniously. Its goal is to be the one-stop shop for brands exploring NFTs to help e-commerce platforms transform blockchain strategies into real digital solutions.
What are Non-Fungible Tokens (NFTs)?
NFTs originated from ERCs, which are smart contracts that replace any processes that involve manual interactions between two parties. The automation moves the value in real-time over the blockchain rather than settling days later as with traditional banking.
Standard Non-Fungible tokens (ERC721) or NFTs allow developers to tokenize ownership of any arbitrary data. This increases the design space of what can be represented as a token on several blockchains.
Each token within the contract holds a different value using ERC721. The non-interchangeable unit of data stored on the blockchain allows for varying applications whether it is a utility or investment. As a utility, it can represent items such as videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with proof of ownership that is separate from copyright.
Cryptokitties is one of the more famous NFTs developed on the first Ethereum technical standards, but certainly not the first one. The first one-off NFT was created May 3, 2014, by Kevin McCoy and Anil Dash, live at the Seven on Seven conference at the New Museum in New York City, recently sold for $1.4 million through Sotheby’s. 
Since the creation and development of ERC721, a new technical standard, ERC1155has emerged, offering “semi-fungibility” and a super-set attribute for ERC721. What this means is that, unlike ERC721 where a unique ID represents a single asset, the unique ID of an ERC1155 token represents a class of assets, and there is an additional quantity field to represent the amount of the class that a particular wallet has. The assets under the same class are interchangeable, and the user can transfer any amount of assets to others.
Many argue about the NFT valuation, but a partner and leader of Global & U.S. Tax Blockchain & Digital Assets of Deloitte Tax LLP stated, “The concept of NFTs is sometimes misunderstood, as NFTs can come in different forms and represent different rights. What is exciting about this space is that it is proving another blockchain concept that can be utilized across many areas.”
Market Valuation & Participation
The NFT market has cooled by 2H 2021 from the NFT craze that led to the tripling of the $250M valuation of 2020. Despite the cooling market, NFT sales in 2021 exceeded $2 billion for this nascent market with the majority being bought by crypto consumers. 
There remains a large, untapped market of people interested in the NFTs whose pain points are yet to be addressed due to on-boarding. One BBC journalist complains that buying a pink NFT cat was a crypto nightmare. Minting, buying, and selling of NFTs remain a barrier to entry for most non-technical and non-crypto users, but the article suggests that there is interest in participation from this untapped market.
Opportunity for PERC Studio
This provided PERC with an opportunity to be the "one-stop-shop" for brands exploring NFTs, and help companies sell intangibles using familiar platforms and payment rails. In doing so, PERC can help brands and companies in:
• Improving traction by rewarding early supporters with revenue & exclusive access;
• Co-creation to improve loyalty and retention: NFT remixing & fan-created world;
• Optimize resources & increase efficiency through on-chain tracking.
PERC ventured into the NFT world early in 2021 following an inbound request for a sustainable NFT solution. The client-driven demand required a seamless NFT integration and bridging participation for crypto investors and the mainstream.
PERC's first product is a SAAS – NFT App for an NFT drop by Superplastic integrated through their Shopify e-commerce platform. Superplastic is a global entertainment brand famous for creating virtual artists and digital influencers: Janky and Guggimon. Both characters have made a cameo appearance in Fortnite. This NFT drop is Superplastic's 2nd venture in the NFT creation, and they have engaged PERC to spearhead the back-end development for this particular drop. A storyline accompanies the NFT drop, The Janky Heist, created in collaboration with Christie's, one of the oldest global auction houses. The brand collaborations were announced and covered by various media platforms like Cheddar and Forbes.
Representative NFT drop announced (pictured) include 9,240 unique NFTs minted using ETH.
Sample Janky X Guggimon NFT listed on sale from July 13, 2021-July 22, 2021: https://jankyheist.com/
The driving force to PERC's successful build and the collaborative partnership was the bespoke NFT minting process and pioneering customer onboarding solution. PERC opened the way to allow customers to purchase NFT using the mainstream payment process of debit and credit cards. With convenience in mind, PERC opened the NFT marketplace to the non-crypto collectors, addressing their buying pain points through user-friendly e-commerce platforms.
PERC's founders are leaders of engineering and DevOps at the forefront of fintech, having experience in providing an agency model service for traditional enterprises to evolve their technologies from the time of the Blackberry adoption curve to the creation of the blockchain network for Deloitte & RBC Ventures. The founders were also prominent contributors in start-up companies such as Team Buy, 3iQ Corp, and Polkadot in scaling their growth.
• Chinmay Patel, Co-Founder, Chief Executive Officer
• Kay Chua Ginsburg, Co-Founder, Strategy & Business
• Zad Marbella, Co-Founder, Head of Architecture
• July 2021: Superplastic NFT sale through Shopify e-commerce platform.
• July 2021-Aug 2021: PERC Studio joins Creative Destruction Labs Bootcamp.
The chart below summarizes PERC Studio's model versus other NFT marketplaces.
|PLATFORM||MINTING SCHEDULE||FEES||KEY FEATURE||MINTING MODEL FOCUS||PAYMENT RAIL|
|Opensea||List then Sell or minting (enters the blockchain) on-sell model: gas fees spent upon selling NFT||2.5% commission on the sale||Free set-up and listing, Acts as an aggregator for other platforms; buyers have to comb through NFT's irrelevant to them||Product||Cryptocurrency transfer only - ETH|
|Rarible||Mint before the sale, gas fees spent up-front before listing||High Gas prices – creator required to add 10x the value to process the MINT contract||Cost of listing/ entry is steeper than Opensea;||Product||Cryptocurrency transfer only - ETH|
|Mintabase||Mint upon listing||Allows minting multiple items in batches (up to 2000 per batch) to save $; Store set-up approx. $300-500 in gas fees.||Free minting platform saturates the market, Seller cost is from boosting NFT, User experience is that Mintable is better for Art or unique collectibles for higher price flows||Creator and Branding||Cryptocurrency transfer only|
|DAORecords||Focus on record label industry/ music industry Creator and Branding||Creator and Branding||Cryptocurrency transfer only|
|PERC Studio||Mint upon listing, option to be picked by the creator||Bespoke NFT creation and choice of gas, More cost-effective/fewer fees||Shopify style, Unified selling experience for merchants||Plug and play model that follows creator and branding||Traditional debit or credit card|
Opensea & Rarible follows the Amazon model of captive minting that highlights products over creators. New NFT platforms attract brands because it follows the creator-forward model that ties in the metaverse and provides a unified solution to their brand and products.
The company in question considers the information in the following two sections to be proprietary. As a result, these sections are restricted. Qualified investors may access this information at the discretion of the company discussed. Fees may apply. For further information, contact the editor: info at yugenpartners dot org.
PERC studio has Goals/Results stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.
PERC studio has a SWOT analysis stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.==See Also==
- V. Di Liscia, ""First-Ever NFT" Sells for $1.4 Million", (Hyperallergic.com, Jun 10, 2021), https://hyperallergic.com/652671/kevin-mccoy-quantum-first-nft-created-sells-at-sothebys-for-over-one-million/.
- M. Murphy, CPA, "NFTs come with big valuation challenges", (Journal of Accountancy, Jul 15, 2021), https://www.journalofaccountancy.com/news/2021/jul/nft-nonfungible-token-valuation-challenges.html/.
- R. Frank, "NFT sales top $2 billion in first quarter, with twice as many buyers as sellers", (CNBC, Apr 14, 2021), https://www.cnbc.com/2021/04/13/nft-sales-top-2-billion-in-first-quarter-with-interest-from-newcomers.html.