How Juggernaut (JGN) Compares to other NFT Projects
NFTs stand for Non-Fungible Tokens. Common tokens, such as BTC or ETH are fungible, meaning there’s no different between each of them, they can be interchanged and divided.
The important feature of NFTs is that each NFT is unique, and they are not interchangeable, because each NFT represents something, like digital art or a sword in a game. NFTs are usually indivisible.
NFTs can elevate exclusive assets and experiences to the next level. Everything can be tokenized: from loyalty points to real estate, ownership, digital art, collectibles, insurance, music, films, etc.
NFTs can be applied in games, artworks, domain names, collectibles, virtual assets, real assets, and identities. Among them, games, artworks, and domain names are developing most rapidly.
Comparison with other NFT projects
Juggernaut is doing NFT Farming, creating an NFT Marketplace and expanding its collection of rare and unique NFTs. With such a focus, it is a good time to compare what we are doing vs. what other projects are doing.
The NFT space is experimental and new, but there are two projects with similarities that stand out that we will examine today: MEME and DEGO.
MEME is doing NFT Farming and DEGO has a modular approach to DeFi, which have some similarities compare directly with Juggernaut. Both are great projects that are helping to enhance the blockchain ethos globally. However, we will examine both and look at a few key differences between them and JGN in this blog post:
MEME (Don’t buy $MEME)
Meme has been great for NFTs. It has a refreshing approach to business, focusing on capturing the humorous side of NFTs (for example pineapple, with a clear reference to other protocols with food logos) and a clear focus on meme crypto collectibles, instead of taking itself too seriously.
For Juggernaut, we move well beyond NFT, and into building a complete DeFi suite, with NFTs being an important component.
MEME is Static, Juggernaut is Moving Fast
We will launch a collection of tools (they will be NFT and limited) with different powers on NFT Farming. For example, if you get a “shovel”, you can get 10% extra points (jXP) to unlock rare NFTs. That’s something unique that MEME is not offering.
Another important point of difference is that we will work with NFT artists around the world to help them launch online galleries in our platform. While MEME does this, we believe that NFTs can give artists a new layer of ownership and showcase their talent in new ways never seen before.
Each NFT can have data integrated into the token, giving the artists new possibilities, for example to share more about their inspiration, what moves them, or even a puzzle that can be solved.
MEME is Great at NFTs, but JGN Is Thinking Beyond
We want to explore new ways to use NFTs, so in that regard it is easier for us to explore them than it is for MEME, because they are set on the type of art that they are creating.
Another point of difference is that our points to unlock NFTs (jXP) are actually erc-20 tokens, that can be traded and stored on different wallets, opening interoperable possibilities, while pineapple points can only be used on the Meme platform.
MEME Only Focuses on NFTs so Far
MEME is a pure NFT project. If NFTs for any reason stop being popular/the market decides they have no value, then it will be very hard for them to pivot. Juggernaut is a DeFi project, focused on creating a infrastructure of DeFi, synthetics and NFT. We are always exploring new ways to grow our ecosystem and follow what works.
Summary: while MEME is a great NFT project, Juggernaut goes beyond, expanding the NFT reach with its custom DeFi + NFT approach.
DEGO (DeFi Legos)
Dego has a modular approach to DeFi, similar to what we are doing at Juggernaut, but with some differences:
DEGO’s Approach is Not as Clear, With Few Explanations on Topics like Synthetics
Our path is clear: synthetics, DeFi and NFTs. Dego seems to be building everything at once, with a “jack of all trades, master of none” approach.
Their focus on synthetics is simple and plain, to the point where it is only mentioned once in their documents. Our synthetic approach is more specific: https://medium.com/juggernaut-defi/introducing-the-j-defi-token-b06089365224
JGN’s synthetic ‘j’ tokens will enable users to create, customize and modularize their business use cases into DeFi synthetics.
With ‘j’tokens, users would be able to accept, allocate and distribute profits, pay commissions, dividends and much more using custom synthetics. These synthetics will also be able to be leveraged and used within the Ethereum ecosystem, for such purposes as trading or any one of the many others available on the blockchain. Users can add liquidity and offer their custom synths to the world to buy.
Limited NFT Collections and NFT Marketplace
Their NFT Marketplace and NFT collection seems limited, although they are making some great expansions on that front. We have already launched our own Genesis Card Collection, and we have recently partnered with new and upcoming NFT artists to release unique galleries with their creations.
We will continue exploring the power of NFTs and work together with different artists around the world to explore the possibilities of this new type of digital art.
Summary: Juggernaut is being built with both individuals and enterprises in mind. DEGO’s path to synthetics is not as clear as Juggernaut’s, and we have a different approach when it comes to NFT collections.
Juggernaut is building a DEFI + NFT infrastructure. JGN is designed to make DeFi and NFTs simple and easy to use for any business use-case. The JGN mission is to help anyone that thinks of a business idea to add customized DeFi and NFTs into its components.