NFTs: only the beginning
NFTs have been all the rage in 2021! They’ve been covered in countless articles in crypto industry publications and Beeple’s record auction sale at Christie’s in March 2021 marked the start of coverage in mainstream media.
By now (July 2021), there are hundreds of crypto projects and the Market Cap of the top 100 tokens is more than $14 Billion.
The range of projects is overwhelming. You can find:
- NFT based games
- NFT digital art platforms
- Domain names
- Physical item which uniqueness is coded through an NFT
- Ticketing/couponing platforms
- And many more…
This diversity is healthy for the nascent ecosystem, but it comes with limitations. Just to name a few:
- You cannot transfer an NFT mined on one blockchain to another one yet.
- The market is fragmented between many marketplaces.
- Transaction fees can be a barrier to creation/usage, especially among people new to crypto in general who would have to set up wallets specific to the chain they want to access.
- There are regulatory issues, especially in the case of fractionalized NFTs, which may be considered as securities.
Today, let me introduce you to a platform that will become a one-stop shop for anything related to NFTs, whatever the blockchain you’re working on, whether you are a creator, a buyer or a DeFi investor. Meet…
Spores — the Swiss army knife NFT platform
Spores Network offers all the required tools to create and interact with NFTs.
This section gives token creators the tools to mint their own NFTs while token holders can access it to manage their assets.
At the core of the platform there is a marketplace with an auction platform, an NFT Decentralized Exchange (DEX) that allows the trading of NFTs and an NFT ranking dashboard.
DeFi for NFTs
The Spores DEX provides extensive decentralized finance (DeFi) features.
First, you have access to the same DeFi options as on fungible token DEXes like Uniswap:
- Liquidity mining.
But you also have the possibility to use your NFTs as collateral for borrowing/lending activities with:
- NFT-collateral lending.
Admittedly, all these functions are available in other projects, but not a single one aggregates them to the level of Spores Network. This in itself should be enough to ensure the success of the platform. But, in my humble opinion, this is not its main feature. I think what will make Spores one of the top players in the NFT space is its…
Cross-chain bridge protocol
If you are already an avid NFT user, you’ve probably had to juggle between Ethereum and Binance Smart Chain (BSC), because right now they are the most popular blockchains for NFTs. But soon, all popular chains will be used for NFTs: Cardano, Polkadot, Solana, Polygon, WAX…
If you’re serious about NFTs, you probably have accounts with OpenSea, Rarible and their BSC equivalent. Just imagine in one or two years from now when there will be several platforms and marketplaces on each major blockchain and layer 2 solutions… What a nightmare!
But the guys at Spores Network have you covered. The platform is built with a cross-chain bridge at its heart, with automated processes that don’t need user intervention. Let me illustrate this with a simple example.
Let’s say you are interested in two different NFTs. You buy the first one from the marketplace and it is minted on the Ethereum blockchain while you win an auction for the second one, which is minted on BSC. In both cases, once your payment is made, in crypto or fiat, wrapping and cross-chain atomic swap protocols settle payment and transfer ownership seamlessly for you. Whatever the underlying blockchain of the NFT.
This is the truly great advantage of the platform because it will appeal to both seasoned NFT users and newcomers alike. Experienced users will happily migrate to Spores instead of having to deal with all the back and forth between chains while beginners will start right away with the smoothest user experience possible.
SPO token and IDO
Spores Network will issue $SPO, a fungible ERC20 token, that will incentivize participants across the ecosystem. The rewards will be given in $SPO to:
- NFT creators for each newly minted NFT on the Spores platform.
- Buyers and sellers on the marketplace and the auction platform.
- Liquidity Providers on the platform.
In the true spirit of decentralization, the token holders will also have a word to say about the platform governance through votes.
Last but not least, $SPO tokens will grant membership to an Elite Club where members will be able to access exclusive NFT drops and earn NFTs through airdrops.
Spores IDO will happen on the 28th of July 2021 on Cardstarter.
Telegram community channel: https://t.me/sporeseng
Telegram announcements channel: https://t.me/sporesofficial
This article is for informational purposes only. It contains no financial advice. Always do your own research before investing in any crypto project.