First Project Feature: A Closer Look at Spores
We are excited to announce the first project to be featured on our BoostPad: Spores Network. Spores Network is a full-stack NFT and DeFi platform for creative industries that brings impressive innovation and accessibility to crypto enthusiasts due to their amalgamation of NFTs and DeFi.
What is Spores?
Spores Network is creating the architecture for a multi-chain interoperable cross between an NFT marketplace and DeFi protocols for content creators, traders, and speculators alike. Spores Network founders cite a belief that we are in the midst of a revolution that will reform our thoughts and behaviors with respect to living, owning, and sharing our physical and digital lives. Spores Network is positioned to be a major disruptor in blockchain, gaming, sports and real estate through their all-encompassing NFT tool kits, creator ranking system, auctions and more. Spore Network is NFTs and DeFi done right.
Uniting NFTs and DeFi
Over this past year, NFTs have become an integral disruptor in the creative and gaming market, with the potential for altering the landscape in many other industries. However, there are several challenges that his upcoming market faces, such as centralization vs decentralization; liquidity (or lack thereof) and fragmentation; scalability and transaction fees; etc.
Spores’ ultimate goal is to have a full-stack NFT platform consisting of an NFT minting portal and a marketplace for trading NFTs, within a cross-chain interoperable decentralized finance protocol. Furthermore, the spores marketplace integrates popular DeFi protocols, such as wrapping, atomic swaps, staking and lending, to improve NFT liquidity and curate an increase in accessibility and financialization for this imminent change within the crypto market.
Spores platform promises to solve the aforementioned problems within the NFT market built on the top three blockchains (Ethereum, BSC, and Polkadot).
The 4 Major Pillars That Make Spores Special
The Spores Marketplace is built on four major pillars: the NFT Marketplace, NFT DEX, Minting & Management Interface, and Blockchain smart contract protocols and infrastructure. In essence, Spores is bridging the gap between NFT markets and DeFi protocols, crossing multiple blockchains. With the entire crypto community keen on the prospect of a multi-chain future, it is a distinct advantage to be among the first with the infrastructure necessary to facilitate the cross-chain swapping, liquidity, and gamification of NFT assets.
Feeding into this multi-chain and thus, the inherent need for cross-chain compatibility will be a cornerstone for Spores Networks’ expansive product offerings.
Within the Spores NFT-DeFi model, they look to expunge the barriers which can be generated by blockchain technical issues, which in turn helps artists, designers, game developers, and any other content creators to monetize their hard work in the NFT space. This increase in accessibility is the next pivotal step in the growth of the NFT industry. It is our hope at ChainBoost to position Spores Network as a defining factor in that step.
Spores vs. the market
Impressive Token Utility
The life force of the Spores Network comes from their utility token $SPO. This token is infused with a complex mix of features that makes holding it both valuable and incredibly rewarding. If you’re an NFT enthusiast $SPO is right for you. The three critical utilities of the $SPO token include Rewards for creators, buyers, and sellers; platform governance; and the most interesting one of all NFT clubs.
Transaction fees are applied to any variety of transactions conducted on the Spores Network and vary depending on the type of transaction. The fees are distributed to the NFT creators as well as the Foundation and Reserve Fund (which buys back tokens for community reserve and granting development proposals). This is how people are rewarded through Spores.
The platform governance system allows token holders to participate in upgrading and altering the strategic direction of the platform as a whole. When the community helps drive the platform, the platform becomes perfect for its audience.
Finally, NFT clubs are exclusive communities that have access to special rewards. These clubs are run on a subscription in $SPO and provide exclusive NFT airdrops, presale access, and rewards.
Our goal at ChainBoost is to propel the best and brightest upcoming projects that have similar core qualities to ours, which is the belief in the disruptive potential of NFTs, gamification & DeFi. We believe that the Spores Network is a great project, bringing a multi-chain interoperable DeFi NFT marketplace to the masses. As a result, we look forward to guiding Spores Network to the limelight to help accumulate the mass recognition it deserves.