Ceto Labs recently rebranded its marketplace from CetoSwap to Ceto. They’ve also added their second F-NFT to their market. As the list of NFTs and F-NFTs available on this platform continues to grow, it is becoming more important for NFT enthusiasts on the Internet Computer to understand what makes Ceto unique and what F-NFTs are, so let’s take a closer look at this exciting new development.
What Is Ceto?
Ceto is an NFT marketplace and F-NFT market on the Internet Computer blockchain. When you look at the NFT marketplace, you will notice that most of the projects are the same ones you will find on CCC. This is not an accident. C3 Protocol was Ceto's first strategic partner. It's not just two marketplaces allowing you to trade the same NFTs. The marketplaces are actually functioning in parallel, so that everything happening on one marketplace also happens on the other in real-time. If you list your NFT on Ceto, someone else can buy it on CCC and vice versa. To my knowledge, this is the only marketplace partnership of that nature on the Internet Computer.
Like CCC, you need to convert your ICP into WICP in order to make transactions on Ceto. Also, as with CCC, you can swap your ICP for WICP right in the dApp, so there is no need to use an exchange. This is in contrast with the new Jelly marketplace from Psychedelic. Jelly makes you use their DEX (Sonic) to swap your ICP for WICP. They also only utilize their own Plug wallet, while Ceto allows you to trade using Plug wallet, Stoic wallet, and even your Internet Identity (NNS) wallet. Plus, there's even more exciting news on that front.
Ceto has secured another strategic partnership, and you will soon be able to use your InfinitySwap wallet on Ceto, bringing the total number of usable wallets on the market to four!
Besides the shared NFT collections with CCC, you will also find some collections that are unique to Ceto, such as Bobo Eggs (from ICPL) and IC Chibi. On the launchpad, you will find a list of upcoming collections. Currently, this list includes Bones Dfinity and Puppet Originals.
But what really sets Ceto apart is the F-NFT market, so let’s dive deeper into that part of the dApp.
The Internet Computer’s First F-NFT Market
What is an F-NFT? It stands for fractional NFT. Basically, it is one NFT that has been locked in a smart contract and then broken down into many tokens. It all began with Ceto’s very own F-NFT. Ceto’s collection is called FCE. It is represented by an artwork of a sea monster (which makes sense since Ceto in Greek mythology is a sea monster that was half fish and half serpent). Ceto recently introduced trading books to make it easier than ever before to trade fractions of this NFT. How does it work?
If you have ever used any sort of exchange to trade crypto or even stock, then order books are familiar to you. Basically, you can place buy orders to purchase the F-NFTs with your WICP, or you can place sell orders to sell your F-NFTs for WICP. So while F-NFTs are fractions of an artwork, they trade more like a cryptocurrency.
Ceto has already listed its second F-NFT, BON from Bones Dfinity, ahead of their NFT launch. The F-NFTs trade just like FCE, with order books being placed against WICP. Remember, when you have a buy order in place, that WICP will not appear in your wallet, as it is unavailable for use while waiting for the buy order to trigger.
Other fungible tokens will become available to trade on the Ceto market in time. The team is already working to try and list XTC in the next month or so. They also have plans to get OGY (ORIGYN Foundation's token) on their market.
Imagining the Future of F-NFTs on Ceto
Is it art? Is it a token? Regardless of what you think of F-NFTs, Ceto may have just introduced a way for projects waiting on the DeFi boom to get around the wait. In the last 24 hours, about 90 WICP in volume has been traded in FCE and BON, so there is clearly some interest in this new method of tokenization. I, for one, am looking forward to seeing how projects take advantage of F-NFTs to tokenize on the Internet Computer. In this manner, Ceto is really pioneering new ground in the IC ecosystem.
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