Justin Roiland, the renowned co-creator of the Rick and Morty animated series, is working with two researchers from crypto investment firm, Paradigm, on a new NFT sales pricing mechanism called CRISP.
According to the protocol designer at Paradigm, Dave White, this new concept would make it possible for a project to sell large quantities of NFTs seamlessly over a long period of time at stable prices, depending on the demand in the market.
CRISP tracks the rate at which NFTs are being sold, and compares it to a target rate. When NFTs are being sold too quickly relative to the target rate, we want to be able to adjust prices quickly […] the higher the sales rate compared to the target rate, the faster we want to raise prices.
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.
The CRISP (Constant Rate Issuance Sales Protocol) mechanism was inspired by lackluster user experiences during NFT auctions, and its researchers opined in a post that "auctions cost gas, and we want users to be able to buy one of these NFTs at any time, without having to wait for an auction to terminate."
Dave White provided an example of how CRISP works via Twitter (NYSE:TWTR). Users have likened the mechanism to a Dutch auction market system, in which the price of an item starts high and is then successively lowered until it gets a bid or reaches a reserve price.
Instead, you could use CRISP, and let users buy NFTs whenever they want.If CRISP were on pace to sell only 10 NFTs in a given day, it would slowly decay the “buy it now” price.If it were on pace to sell 200, it would rapidly increase the “buy it now” price with each new sale.— (Dave White)² (@_Dave__White_) January 25, 2022