Nftfy Network: Revolutionizing the NFT Market
Nftfy is a decentralized platform designed to bring about a revolution in the NFT (Non-Fungible Token) market. As NFTs have become one of the hottest trends of 2021, you’ve probably heard about these unique, non-exchangeable tokens and their ability to represent ownership of various assets, from art to real estate, to even video clips. Game items, collectibles, almost anything you can think of can be turned into an NFT. With ownership verified on the blockchain, NFTs offer numerous benefits to artists, creators of all kinds, as well as entrepreneurs and investors.
However, the current NFT market faces some challenges. There is often low liquidity, meaning that assets frequently struggle to find buyers and sellers, making it challenging to sell your NFTs or establish fair value for them. This low liquidity results in price volatility and investment risk. If you’ve ever considered buying a high-priced digital collection but wondered if you could sell it or recoup your investment, you understand this issue.
Introducing the Nftfy Network
The Nftfy Network is a robust decentralized marketplace that enables anyone, without the need for coding skills, to earn income from digital assets effortlessly. It aims to make the NFT market more stable by reducing fluctuations and introducing liquidity through its smart liquidity system. Nftfy has the potential to transform a thriving market where almost any NFT token can find its market.
The Nftfy marketplace facilitates the creation and trading of ERC20-compatible fractional NFTs, fully backed by NFTs. It provides a user-friendly front-end for creating and interacting with fractions of NFTs and liquidity pools.
What Sets the Nftfy Network Apart?
As mentioned, the Nftfy Network is a decentralized platform that allows users to create and share fractions of NFTs that are ERC20-compliant. Nftfy opens up a world of possibilities, enabling users to sell a portion of their favorite NFTs, earn a share of their value, purchase NFTs, and even create their NFTs and allow investors to buy fractions of them.
Fractional NFTs are more liquid than whole NFTs, making it easier to sell NFTs and potentially obtain a better price. This reduction in price volatility lowers the investment risk associated with NFTs and encourages investors to enter the space. Lower entry prices also open up the Nftfy market to smaller investors, increasing the number of participants and democratizing the NFT market.
Who Is Nftfy for?
Whether you’re an artist looking to sell your digital artwork, a developer of a virtual world, the owner of a digital collection, or even a real estate mogul, Nftfy allows you to share ownership of your NFTs in a trustworthy, permissionless, and code-free manner. Additionally, Nftfy will bring the most powerful DeFi tools to the NFT market, including yield farming, liquidity mining, airdrops, and IDOs.
For example, if you claim to own a Beeple artwork, you can fractionalize ownership with Nftfy, launch your own decentralized exchange’s initial offering (IDO) through a liquidity pool, and create a market for fractions of your Beeple artwork.
Perhaps you want to own a CryptoPunk but don’t have the budget for it. With Nftfy, you can buy a small piece of it and speculate on its value increase.
How Nftfy Network Works:
Step 1: NFT Fractionalization
After staking your NFT, you must set an Exit Price for it (the value someone must pay to redeem it from the smart contract). Upon completing the fractionalization process, one million fractions of your NFT will be transferred to your wallet and will be immediately accessible.
Step 2: Fractionalized NFT with Liquidity
With your NFT now divided into ERC20-compatible components through the Nftfy protocol, all traditional DeFi ecosystem functionalities are accessible.
In this step, Nftfy allows you to create your Initial Dex Offering (IDO) through a liquidity pool via the Balancer protocol, thereby providing liquidity for your NFT fractions. This revolutionary feature creates an entirely new market, allowing anyone to easily buy and sell portions of your NFT.
Step 3: Redemption
If someone buys the entire NFT by paying its Exit Price, they will immediately receive it in their wallet, and the payment amount will be stored in the smart contract treasury. The Exit Price can be paid using Fractions and defined digital assets from the fractionalization process.
Step 4: Claim
After redemption, all holders of NFT fractions have the right to claim their proportional share of the value stored in the smart contract treasury.
Project Progress:
Nftfy has launched its utility token called NFTFY$ and has been tirelessly working to improve its software and grow its community. They’ve implemented an on-chain solution, started their Super Farming program, launched and operate the Nftfy marketplace and Fractionalization on the Ethereum mainnet, and have fractionated their first digital artworks and NFTs.
With a committed team dedicated to achieving the project’s goals, there are several milestones in the development pipeline. Nftfy has integrated with The Graph protocol to introduce multi-wallet integration, is implementing its NFT Minter (the first stage of the NFT Fractions launchpad), and is introducing the “NFT Boxes” technology.
Nftfy has been selected to participate in the Filecoin Launchpad Accelerator II, designed by Tachyon. This is a part of the ConsenSys Mesh Accelerator program, which selects promising and innovative blockchain projects and guides them through a global network of leading web builders, entrepreneurs, and industry partners.
The recognition from industry giants like Filecoin and ConsenSys signifies significant potential for Nftfy and the team’s ability to deliver. ConsenSys has a remarkable track record in incubating and investing in over 100 companies across the Ethereum ecosystem, such as Metamask and Gitcoin, providing extensive technical and business expertise.
With guidance and support from experienced industry players, participation in the Filecoin Launchpad Accelerator II should ensure that Nftfy remains at the forefront of NFT and DeFi technologies. The decentralized future for Nftfy looks promising.
