LEXIT: A Blockchain-Driven Startup Marketplace

What is LEXIT

Friends, imagine if you are an artist, a musician, or you’ve invented a great technology, but you find it difficult to turn your creativity or invention into a tradable asset, and it’s hard to find buyers or investors. Traditional methods can be complicated, expensive, and have high barriers to entry.

LEXIT (project abbreviation LEXi) is like a “digital asset marketplace” and “incubator” specifically designed for creativity and inventions. It’s a platform based on blockchain technology, with the main goal of helping people who own intellectual property rights (IPR)—such as artworks, music, films, patents, and technological inventions—turn these intangible assets into a digital certificate called a “non-fungible token” (NFT). Simply put, an NFT is a unique digital asset, like a limited edition stamp in your collection, each with its own number and value, and cannot be copied or replaced.

On this platform, you can mint your work or invention as an NFT, and then launch it through LEXIT’s “NFT Launchpad,” like hosting a grand release event in the digital world. After launch, these NFTs can be traded in LEXIT’s integrated “decentralized finance” (DeFi) liquidity pools. DeFi (Decentralized Finance) refers to financial services built using blockchain technology, without traditional intermediaries like banks, making transactions more transparent and efficient.

Initially, around 2018, LEXIT focused on building a blockchain-based mergers & acquisitions (M&A) and intellectual property trading marketplace, aiming to automate legal processes with smart contracts and reduce transaction costs. But later, the project evolved into the current platform focused on NFTs and DeFi, with a greater emphasis on providing solutions for creators and inventors to tokenize and trade their intellectual property.

Typical usage process:

1. Submit your intellectual property: For example, if you’ve created a painting or written a song, you can submit your work on the LEXIT platform.
2. Mint NFT: The platform helps you turn your work into a unique NFT.
3. Launch via the Launchpad: Your NFT will be promoted and initially issued on LEXIT’s NFT Launchpad, just like a new product launch.
4. Trade in DeFi liquidity pools: After a successful launch, your NFT can be bought and sold in the platform’s DeFi liquidity pools, giving more people the chance to own a part of your work or invention.

Project Vision and Value Proposition

LEXIT’s vision is to make the value of intellectual property flow, enabling artists, inventors, and other creators to benefit more easily from their works. Imagine a talented independent musician whose songs may not reach more people due to lack of funds and channels. Through LEXIT, he can mint the copyright of his songs as NFTs and sell them to fans or investors, thus obtaining funds to continue creating, while fans can also share in the success of the work.

The core problems it aims to solve are:

• Difficult monetization of intellectual property: Traditionally, turning intellectual property into tradable assets and obtaining liquidity is very difficult, with high barriers and complex processes.
• Lack of transparent and efficient markets: Creators often struggle to find a fair, transparent, and efficient marketplace to showcase and trade their works.
• High intermediary fees: In traditional transactions, intermediaries such as lawyers and brokers charge high fees.

LEXIT’s value proposition is:

• Lowering barriers: Allowing anyone with intellectual property to easily tokenize it and enter the digital asset market.
• Creating liquidity: Providing instant trading and liquidity for intellectual property NFTs through the NFT Launchpad and DeFi liquidity pools.
• Decentralization and automation: Using blockchain and smart contracts to reduce reliance on traditional intermediaries, improve efficiency, and lower costs.
• Empowering creators: Giving creators more control and monetization opportunities, enabling them to interact directly with supporters and receive rewards.

Differences from similar projects:

Although there are many NFT platforms on the market, LEXIT emphasizes its focus on the tokenization of “intellectual property” and its deep integration with DeFi liquidity pools, aiming to provide creators with a complete ecosystem from minting to trading. The founders have mentioned that many NFT platforms may only solve the minting problem, but LEXIT goes further by addressing how these NFTs can obtain liquidity, and even allows third-party projects to set up liquidity pools on LEXIT, forming some competition with decentralized exchanges like Uniswap and PancakeSwap.

Technical Features

The technical core of LEXIT is leveraging the characteristics of blockchain to provide a reliable and transparent foundation for the tokenization and trading of intellectual property.

• LEXNET Protocol

  
  

  LEXIT has developed a protocol called LEXNET, described as “Ethereum-compatible,” but with higher performance and flexibility than the standard Ethereum blockchain. Imagine Ethereum as a busy highway, while LEXNET is a wider, faster dedicated lane built alongside it, specifically for handling transactions on the LEXIT platform, ensuring smooth minting and trading of NFTs.

  
  

• Smart Contracts

  
  

  Smart contracts are the cornerstone of LEXIT’s operations. They are computer programs stored on the blockchain that execute automatically. It’s like signing an automatically effective agreement with a friend: when certain conditions are met, the agreement’s content (such as NFT transfer or payment of funds) is executed automatically, without third-party intervention. This greatly increases trust and efficiency in transactions and reduces legal costs.

  
  

• NFT Launchpad

  
  

  This is a module specifically for launching and promoting new NFTs. Creators can showcase their works here and make initial sales. The platform may screen NFTs before listing to ensure content quality.

  
  

• DeFi Liquidity Pools

  
  

  LEXIT combines the NFT Launchpad with decentralized finance (DeFi) liquidity pools. This means that once an NFT is launched, it can be traded immediately in these pools, providing instant liquidity for NFTs. It’s like a digital currency exchange, where you can buy and sell NFTs with other cryptocurrencies, and all exchange rules are automatically executed by smart contracts.

  
  

• Identity Verification

  
  

  In its early days, LEXIT partnered with Selfkey, a blockchain identity management solution for personal and corporate identity verification. This is important for ensuring the legitimacy of intellectual property and compliance in transactions.

  
  

Tokenomics

The native token of the LEXIT project is LEXi (token symbol: LEXi). It is designed to drive the operation of the entire ecosystem and provide multiple uses for holders.

• Basic Token Information

  
  
  • Token symbol: LEXi
  • Issuance chain: The 2021 IDO (Initial DEX Offering) was conducted on BSCPad, meaning it was likely initially issued on Binance Smart Chain.
  • Total supply or issuance mechanism: In the early days (2018), the LXT token’s total supply mentioned 2% for airdrop, i.e., 1,600,000 LXT. But for the specific total supply of LEXi tokens, there is no clear mention in currently available information.
  • Inflation/burn: There is currently no clear information on inflation or burn mechanisms.
  • Current and future circulation: At the time of the 2021 IDO, the public sale (via BSCPad) accounted for 5.31% of the total supply.
  
  

• Token Utility

  
  

  The LEXi token is the “universal key” on the LEXIT platform, mainly used for the following:

  
  
  • Participate in NFT Launchpad: If you want to buy or participate in the initial issuance of NFTs on the LEXIT platform, you may need to use LEXi tokens.
  • DeFi liquidity pools: LEXi tokens can be used to participate in LEXIT’s DeFi liquidity pools, possibly as part of a trading pair, or to provide liquidity for rewards.
  • Community staking: Holders can stake LEXi tokens to participate in community governance or earn rewards. Staking is like locking your tokens in the network to support its security and operation, and in return, you receive additional token rewards.
  • Platform service fees: Some services or features on the platform may require payment in LEXi tokens.
  
  

• Token Allocation and Unlocking Information

  
  

  According to the 2021 IDO information, token allocation is roughly as follows:

  
  
  • Public sale (IDO on BSCPad): 5.31%
  • Company reserve: 24.19%
  • Team: Specific proportion not clearly stated, but allocated.
  • Advisors: 4.5%
  • Partners: Specific proportion not clearly stated, but allocated.
  • Airdrop and bounty: Specific proportion not clearly stated, but allocated.
  
  

  There is currently no detailed disclosure of the specific unlocking schedule.

  
  

Team, Governance, and Funding

• Core Members

  
  

  The core team members of the LEXIT project include:

  
  
  • Amir Kaltak: Founder and CEO. He is a serial entrepreneur and the original proposer of the LEXIT concept, aiming to solve the problem of monetizing intellectual property.
  • Katia Zaitsev: Co-founder and Chief Business Officer (CBO).
  
  

  In the early days of the project (2018), the team also included Waijid Khilji (CTO, software engineer) and Jason Corbett (CSO, lawyer).

  
  

• Team Characteristics

  
  

  Team members have experience in entrepreneurship, software engineering, law, and business. Founder Amir Kaltak’s personal experience (struggling to monetize his technological intellectual property) directly led to the birth of the LEXIT project, indicating the team has a deep understanding and firsthand experience of the problem they are solving.

  
  

• Governance Mechanism

  
  

  Currently available information does not detail LEXIT’s specific decentralized governance mechanism (such as DAO). However, blockchain projects typically involve token holder voting in project decisions. The staking function of LEXi tokens may be related to future governance mechanisms.

  
  

• Treasury and Funding Runway

  
  

  LEXIT raised $850,000 in its 2021 BSCPad IDO. In addition, the token allocation includes a company reserve (24.19%), which is usually used for project operations and future development. There is no public disclosure of specific funding reserves and operational runway information.

  
  

Roadmap

LEXIT’s roadmap mainly revolves around the development and launch of its NFT platform. Here are some key historical milestones and future plans:

• Key Historical Milestones and Events

  
  
  • 2016: LEXIT project concept was born, originating from founder Amir Kaltak’s experience trying to monetize his technological intellectual property.
  • 2018: LEXIT launched as a blockchain-based M&A and intellectual property trading marketplace and released its whitepaper. During this period, the LXT token airdrop was conducted.
  • May 2021: LEXIT announced the launch of LEXi Coin and planned an IDO on BSCPad, marking a major shift towards an NFT and DeFi platform.
  • Q4 2021: Planned launch of the first phase of the NFT platform—the NFT Launchpad, providing NFT listing, buying, selling, and trading functions.
  • Q1 2022: Planned launch of the second phase of the NFT platform—a decentralized exchange (DEX), integrating DeFi liquidity pools with the NFT Launchpad, enabling immediate trading of launched NFTs.
  
  

• Important Future Plans and Milestones

  
  
  • LEXNET open source: The team has stated plans to open source the LEXNET protocol in the future, making it freely available for anyone to create decentralized applications (DApps).
  • Staking program: Plans to launch a staking project as a form of reward for participating in DeFi liquidity pools.
  • Ongoing marketing and community building: Aiming to raise awareness of the LEXIT platform among artists and inventors.
  
  

Common Risk Reminders

Investing in any blockchain project comes with risks, and LEXIT is no exception. Here are some common risks to be aware of:

• Technical and Security Risks

  
  
  • Smart contract vulnerabilities: Smart contracts are automatically executed code, and if there are vulnerabilities, assets may be lost.
  • Blockchain network risks: The platform relies on the security of the underlying blockchain (such as LEXNET or Binance Smart Chain), and issues with the underlying network may affect platform operations.
  • Hacking attacks: Any digital platform may face hacking risks, including wallets, exchanges, and smart contracts.
  
  

• Economic Risks

  
  
  • Market volatility: The cryptocurrency market is highly volatile, and the price of LEXi tokens may be affected by market sentiment, macroeconomic factors, and project progress, with the risk of significant declines.
  • Liquidity risk: Although LEXIT aims to provide liquidity, if the platform has insufficient users or inactive trading, NFTs and LEXi tokens may lack liquidity and be difficult to buy or sell quickly.
  • Competition risk: The NFT and DeFi sectors are highly competitive, with new projects constantly emerging. LEXIT needs to continuously innovate to remain competitive.
  • Intellectual property valuation: The valuation of intellectual property is inherently subjective, and the market value after tokenization may be unpredictable.
  
  

• Compliance and Operational Risks

  
  
  • Regulatory uncertainty: Global regulatory policies for cryptocurrencies and NFTs are still evolving, and future policy changes may have a significant impact on project operations.
  • Intellectual property disputes: Although the platform aims to handle intellectual property, copyright or ownership disputes may still arise.
  • Team execution: The project’s success largely depends on whether the team can execute the roadmap as planned and respond to market changes.
  
  

Please remember, the above information does not constitute investment advice. Always conduct thorough personal research (DYOR - Do Your Own Research) and consult a professional financial advisor before making any investment decisions.

Verification Checklist

To gain a more comprehensive understanding of the LEXIT project, you can verify and research through the following channels:

• Official website: Visit LEXIT’s official website (lexit.com) for the latest information and announcements.
• Block explorer contract address: Find the contract address of the LEXi token on Binance Smart Chain (or other issuance chains), and use a block explorer (such as BscScan) to view the token’s total supply, holder distribution, and transaction records.
• GitHub activity: Search for “lexi-project” or related keywords on GitHub to check code repository updates, number of contributors, and development activity.
• CoinMarketCap/CoinGecko: Check the market performance, market cap, trading volume, and historical price data of the LEXi token on these cryptocurrency data sites.
• Social media and community: Follow LEXIT’s official Twitter (@LexitCO), Telegram, and other social media channels to learn about community discussions and project updates.
• Audit reports: Look for third-party security audit reports on LEXIT’s smart contracts to assess contract security.

Project Summary

LEXIT (LEXi) is a blockchain project dedicated to tokenizing intellectual property (such as artworks, music, inventions, patents, etc.) into non-fungible tokens (NFTs), and enabling trading through its NFT Launchpad and decentralized finance (DeFi) liquidity pools. Its core value lies in providing creators with a lower-barrier, more transparent, and more efficient channel to turn intangible assets into valuable digital assets and provide liquidity for them.

The project has evolved from an early focus on M&A and intellectual property trading to a greater emphasis on NFTs and DeFi, reflecting its ability to adapt to market changes. The team consists of members with entrepreneurial and technical backgrounds and has developed the LEXNET protocol to support high-performance platform operations.

The LEXi token, as the platform’s utility token, plays a key role in NFT purchases, DeFi participation, and future staking. However, like all blockchain projects, LEXIT faces various risks such as technology, market volatility, and regulatory uncertainty. Investors should fully understand these risks and conduct comprehensive independent research before considering participation.

In summary, LEXIT offers an interesting solution that attempts to redefine the value and trading methods of intellectual property in the digital age. It provides creators with a new way to monetize, and gives investors the opportunity to participate in the creative economy. But its long-term success still depends on technological development, market adoption, community building, and the ability to adapt to the ever-changing regulatory environment.

For more details, users should conduct their own research; the above content does not constitute any investment advice.