Nftfy announces a new era for NFTs
Nftfy Marketplace goes live on June 8th, 2021.
Nftfy innovates by bringing the users a decentralized, permissionless and trustless application of sharing ownership of NFTs. Our Fractionalization protocol opens up many possibilities for innovation in the crypto world, empowering access to any other DeFi protocol with the non-fungible value of each NFT.
Anyone can easily generate and launch fungible Fractions fully backed by NFTs, having clear and simple rules that guarantee a perfect and independent operation. Nftfy empowers the ecosystem of NFTs, boosting liquidity and enabling the consequent ability to attract new investments and innovation, being considered significant progress for the decentralized world.
Nftfy will launch its Marketplace and main features for the Fractionalization process on June 8th.
⚙️ Here’s how it works:
The fully working process is divided into three steps: Fractionalization, Redeem and Claim.
FRACTIONALIZATION
- After connecting your wallet on the platform and choosing your NFT to be fractionalized, you will set:
i. The number of Fractions you want to generate (for now, it is fixed at 1.000.000 Fractions).
ii. The Exit Price, which is the price someone needs to pay to extract the NFT. You set the value and define the cryptocurrency (ETH, DAI, or any other ERC20 token).
2. Once the transaction is approved on the mainnet:
i. The NFT is transferred from your wallet, and it is now staked on a newly created individual contract.
ii. You receive 1,000,000 ERC20-compliant fungible Fractions.
Now, there is only one way to extract the NFT from the contract: the Redeem process.
REDEEM NFT
- To extract an NFT from the contract, you will need to pay the total value of the Exit Price. You can do it by paying the contract with Fractions and the selected cryptocurrency previously determined on the Fractionalization process.
- The amount paid will be stored in the smart contract’s Vault.
For example, you could pay 20% in Fractions and 80% in coins. Once you confirm the Redeem, you receive the NFT in your wallet.
In this case, the other remaining fractions are no longer backed by the NFT. Now they are backed by the amount stored in the Vault. The users who still own Fractions can Claim a proportional amount paid by the redeemer.
CLAIM
If someone redeemed the NFT and you still have Fractions of that NFT, you can exchange them for a proportional amount of coins stored in the contract’s Vault.
The Claim process is the simplest one, in which you simply need to click on the “Claim” button to receive what is your by right.
For a more detailed explanation of these main processes responsible for the Minimum Viable Fractionalization, please look at our step-by-step guide.
❤️ Degen Fractionalization
Nftfy provides new experiences and possibilities to the fractionalization process. On Nftfy protocol, you can find the following characteristics:
- Safety
- Permissionless
- Trustless
- Backing of Fractions guaranteed by software
- Auditable Protocol (Open-source smart contract)
- Neither KYC nor KYT verification
- Immediate transactions
- Bearer Fractions
- No transaction control
- Without special access by any agent
- No boundary restrictions
- No analysis period
- Free to use (only network fees)
- Neither sanction nor coercion
💱 Nftfy Marketplace
The Nftfy Marketplace is the environment to launch and trade the ERC20-compliant Fractions. It is a user-friendly front-end to create and interact with Fractions of NFTs, NFTs and Liquidity Pools.
All the pools composed of $NFTFY and any other token on Balancer will be eligible to participate in the Liquidity Mining and Rewards programs. In addition, incentivized pools can receive specific Farming from the DAO Treasury.
🚀 Cross-chain & Multilayer Integrations
Right after the launch of the $NFTFY token and the advance of our cross-chain solution, the Nftfy team has been restructuring the platform to allow a multichain integration. In that way, Nftfy will be ready to operate in different networks.
With that being said, we are proud to announce that the platform will go live on Ethereum Mainnet and Binance Smart Chain (BSC), on June 8th.
The $NFTFY token can be traded on both networks, and it can easily transit between them using our bridge, which can be accessed here.
⭐ The $NFTFY token
The $NFTFY tokens and their distribution mechanism were created to stimulate the growth of the tokenomics and the general value proposal, providing liquidity and stability to the Nftfy ecosystem.
Since numerous new ERC20s are circulating in the DeFi market, the $NFTFY token acts as the liquidity base (collateral) for these new Fractions that seek recognition in the Liquidity Pools. Each pool created must have $NFTFY in its composition to participate in our rewards mechanisms and be listed in the “Pools” section.
100,000,000 $NFTFY tokens will be released within six years, having the following distribution:
- 30% Dao Treasury
- 20% Liquidity Mining
- 20% Nftfy Team
- 5% Marketing & Operations
- 5% Ecosystem Fund
- 15% Token Sales
- 2% DEX
- 2,65% Business
- 0,35% Poolz Launchpad
The token distribution process and its application are detailed in the text “Introducing $NFTFY”. You can also check the number of tokens circulating in the market here.
💪 Tokenomics
Nftfy’s tokenomics is configured to attract liquidity to Fractions issued by users and exclude unscrupulous agents. The complete tokenomics process consists of:
- Creation of Fractions through the Nftfy protocol.
- Launch of tokens through Liquidity Pools on Balancer (on Ethereum)
- Curation of Liquidity Pools (special Farming mechanisms).
- Distributing $NFTFY tokens through Liquidity Mining.
- DAO Treasury as a community holding.
🧱 Building Blocks for DeFi
Nftfy is a new building block for DeFi, and it is the missing piece to connect both NFT and DeFi ecosystems. Besides being Open Source, which makes it auditable by anyone, the protocol is fully decentralized.
The Decentralized Fractionalization is a new primitive of DeFi. In that way, from Nftfy, many new applications can be developed and implemented. There are already some protocols in close contact. We are designing the best solutions together and exciting new use-cases in DeFi that will be announced soon.
💰 Grants
DAO Treasury and Nftfy Ecosystem Fund are primarily responsible for incentivizing and sponsoring new NFT and DeFi ecosystems projects.
One of our goals is to support projects according to the community’s interests. We are going to implement a forum to hear and discuss the proposals made by the community. For now, if you have ideas and would like to submit any proposal to Nftfy, please send us an email at contact@nftfy.org.
💱 Partner Onboarding
Nftfy has onboarded an impressive array of leading crypto investment partners during private sales. More than 30 major crypto industry onboarding on Nftfy Ecosystem claims to revolutionize the NFT and DeFi markets. You can check them out in our article “Nftfy announces partner onboarding”.
✔️ Audits
We’ve made considerable efforts to ensure the security of the contracts. Also, on March 2021, Nftfy Protocol received a third-party audit from Omniscia, and you can access the full report here.
📝 Contracts
Github https://github.com/nftfy
Nftfy Protocol Contract:0x727638740980aA0aA0B346d02dd91120Eaac75ed
$NFTFY Token Contract: 0xBf6Ff49FfD3d104302Ef0AB0F10f5a84324c091c
Note: Dates and details might change before launch. This is a work in progress.
