Nftfy: the future of NFT markets
Since they’re one of the hot trends of 2021, you’ve probably already heard about NFTs, or Non-Fungible Tokens, and know that NFTs can be used to represent ownership of any unique asset from art to real estate, video clips to game items, collectibles to, well, almost anything you can think of. With ownership of an asset verified on the blockchain, NFTs offer many advantages for artists and creators of all kinds, as well as entrepreneurs and investors.
Despite these benefits, there are some issues with the current NFT market. There’s often low liquidity, meaning assets aren’t bought and sold very often, and this can make it hard to sell your NFT or to establish a fair value for it.
With this low liquidity comes price volatility and investment risk. If you’ve ever considered buying a high-priced digital collectible but wondered if you’d ever be able to sell it, or whether you’d get your money back, then you understand this problem.
What makes Nftfy different?
Nftfy is a decentralized platform that aims to revolutionize the NFT marketplace by allowing users to generate ERC20 compliant fractions of NFTs and share ownership of these assets. Nftfy provides a new world of possibilities, meaning that users can now sell part of their favorite NFT to realize some of its value, buy an NFT and split it between friends, or even create their own NFT and let investors buy a piece of it.
The Fractions will be traded more frequently than the complete NFT would be and this results in a more liquid market. This makes it easier to sell NFTs and it is more likely to get a better price.
This reduced price volatility will lower the risk involved in investing in NFTs and so encourage investors and collectors into the space. The lower entry price of a Fraction will open up the market to smaller investors, increase the number of participants and democratize the NFT market.
Who is it for?
You might be an artist who wants to sell your digital art or the developer of a virtual land, an owner of a digital collectible, or an entire real estate empire. Nftfy will give anyone the ability to Fractionalize ownership of their NFTs in a trustless and permissionless way and all with no coding skills required. On top of that, Nftfy will bring the most powerful DeFi tools to the NFT market – yield farming, liquidity mining, airdrops, and IDOs.
Say that you’re the owner of a Beeple artwork. With Nftfy you will be able to Fractionalize ownership of your NFT, launch your own Initial Dex Offering (IDO) via a Liquidity Pool, and create a market for Fractions of your Beeple.
Maybe you’d like to own a CryptoPunk but don’t have the funds. On Nftfy you’ll be able to buy a little piece of one and speculate on its rising value.
Perhaps you’re a digital artist hoping to become the next big thing – you could Fractionalize your art and airdrop Fractions to promote your work.
How does it work?
Step 1 – Stake NFT
After staking your NFT, an Exit Price must be set for it, which is the value someone needs to pay to redeem it from the smart contract. Once the fractionalization process is complete, one million fractions of your NFT will be transferred to your wallet and will be available for immediate access.
Step 2 – Fractions with liquidity
With your NFT now fractionalized into its ERC20 compliant components via the Nftfy protocol, all of the traditional functionalities of the current DeFi ecosystem can be explored.
At this stage, Nftfy gives you the option of creating your own Initial Dex Offering (IDO) via a Liquidity Pool on Balancer protocol, thereby providing liquidity to your NFT fractions. This revolutionary functionality allows for the creation of an entirely new market, enabling anyone to easily buy and sell fractions of your NFT.
Step 3 – Redeem
If someone redeems the whole NFT by paying its Exit Price, this person receives it immediately in his/her wallet, and the amount paid is stored in the smart contract’s vault. The Exit Price can be paid using Fractions and the cryptocurrency defined in the Fractionalization process.
Step 4 – Claim
After the redeem, all the other Fraction holders have the right to claim a proportional amount of that value stored in the smart contract’s vault.
How far has the project got?
Nftfy launched its utility token, $NFTFY, on May 10th and since then they’ve been working relentlessly in order to improve the software and to start growing their community. They have implemented a cross-chain solution, starting their Super Farming Program, getting the Nftfy marketplace and Fractionalization up and running on Ethereum mainnet, and fractionalizing the first digital artworks and NFTs.
With a committed team, dedicated to realizing the project’s goals, there are plenty of milestones coming up in the development pipeline. Over the next month, Nftfy will integrate with The Graph protocol, introduce multi-wallet integration, implement its NFT Minter (the first step of the NFT Fractions Launchpad) and bring in the technology of ‘NFT Boxes’.
Nftfy has been chosen to take part in the Filecoin Launchpad Accelerator II, powered by Tachyon. This is an accelerator program part of ConsenSys Mesh which selects promising and innovative blockchain projects and provides mentoring from a global network of leading web builders, entrepreneurs, and industry partners.
Recognition from industry titans such as Filecoin and ConsenSys is a significant endorsement of Nftfy’s potential and the ability of the team to deliver. ConsenSys has an impressive track record of incubating and investing in more than 100 companies across the Ethereum ecosystem, like Metamask and Gitcoin, and provides access to extensive technical and business-building experience.
With the mentorship and backing of experienced industry players, participation in the Filecoin Launchpad Accelerator II should ensure Nftfy stays at the forefront of NFT and DeFi technologies.
The decentralized future looks bright for Nftfy.
Nftfy is a robust decentralized open marketplace that enables anyone to effortlessly monetize digital assets with no coding skills required.
Nftfy’s Fractionalization will enable a more sustainable NFT marketplace. Through the lowering of volatility and entry using their intelligent liquidity system, Nftfy has the opportunity to revolutionize a thriving market, which effectively turns every NFT that is tokenized into its own market.
The Nftfy Marketplace is the environment to launch and trade the ERC20-compliant Fractions fully backed by NFTs. It is a user-friendly front-end to create and interact with Fractions of NFTs, NFTs, and Liquidity Pools. Check the Nftfy Marketplace here.
Disclaimer: This is a paid post and should not be treated as news/advice.