NFTify to launch on Reef Chain to Provide NFT Shops Access to Cross-Chain DeFi
NFTs have rapidly evolved from cryptographic tokens representing collectibles to unique financial assets when combined with decentralized finance (DeFi). With a myriad of new ways to create value, more NFT holders are seeking to maximize returns through DeFi services like liquidity mining, index funds, and loan collateralization. NFTify is pleased to announce its launch on Reef Chain, a customized blockchain that allows developers to build DApps or deploy existing projects from Ethereum.
Through this development, any NFT Store on NFTify can create an NFT store on Reef Chain and gain access to DeFi services across CEXs and DEXs. Reef Finance, known as the gateway to DeFi is developing cross-chain capabilities for Ethereum, Polkadot, Avalanche, Cosmos and the Binance Smart Chain blockchains. NFT shops will gain exposure to a multitude of DeFi protocols to stake, mine, lend, and borrow NFTs.
The NFTify will provide a bridge that allows users to transfer the $N1 (ERC-20) Token to $N1 Reef Chain, an Ethereum EVM compatible chain. To encourage NFTify’s artists and creators to leverage the high scalability, fast transaction speed, low fees and interoperability of Reef chain, Reef will offer a grant in the form of REEF (the native coin) to stores that open on Reef Chain.
NFTify is transitioning to a multi-chain support which will enable its users to choose which chain they would like their NFTs to exist on. With full technical support from the 100+ developers support team that Reef Chain offers for the integration, NFT issuers and marketers will not have to wait long for Reef Chain to be supported in NFTify.
How do NFTify users benefit from the Partnership?
Known as the Shopify of NFTs, the NFT e-commerce platform provides NFT issuers and marketers a platform to build an influential NFT marketplace and brand. This collaboration with Reef chain makes great sense as NFTify users would be able to:
- Easily Issue and sell NFTs at lightning-fast speeds with near-zero gas fees using the Reef chain;
- Create value through NFTify access to Reef DeFi services, explore various ways to combine NFTs and DeFi services into unique financial services;
- Receive a fee grant (REEF) to recover part of the transactions fee incurred when using Reef chain.
“Reef Chain’s features and super low gas fees are expected to give NFTify users more tools to monetize their assets through NFT at a controllable and competitive cost. I’m very excited about this partnership.”
- Nikita Nguyen, CEO of NFTify
“As the blockchain intended to finally make cross-chain DeFi easily accessible, Reef Finance is thrilled to see comprehensive platforms like NFTify choose to deploy their technology on Reef. NFTify can makes NFT e-commerce accessible to everyone, and we’re all excited to see this vision come to fruition.”
- Denko Mancheski, CEO of Reef Finance
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
About NFTify
NFTify was created to provide one place to build an influential NFT marketplace and brand. We have built the Shopify of NFTs, with a difference. At NFTify, NFT shops operate at the convergence of the nextgen blockchain and Web 3. Buyer and seller matching is more highly interconnected, intelligent, and relevant. NFT transactions are transparent, traceable, and copyright protected.
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