NFT's have become a staple of DeFi <
Whether as a reward, a "buff", or a way to reduce fees, the DeFi sector has nearly universally adopted NFT integrations into its tech-stack. The exact integrations are fairly diverse, and in many cases are no more than "exclusive rewards" able to be earned through yield farming (whether as a reward purchased for the protocols native reward token, or in some cases distributed based on staking LP tokens for a predetermined amount of time, or varying other models). Aside from earnable/buyable collectible rewards, there are numerous innovative ways of integrating NFT's into the DeFi ecosystem. As a couple of examples; Surf.finance created exactly 100 NFT surfboards, of which the holders are entitled to a substantial allocation of the platform fees. (I believe; correct me in the comments if I'm mistaken); Kingswap offers NFT's that increase the holder's APY based on the tier of the NFT, and as potentially the most interesting (and most rewarding) example, Alpaca.city offers breedable NFT alpacas with a variety of traits which can be staked to farm the platforms native token, $ALPA. While the yield farming returns have certainly been steadily adjusting to the rapid growth of the game, the potential for a recurring passive revenue stream is still significant. At the time of this writing, and with a mediocre alpaca squad staked to farm; I'm earning ~560 $ALPA per week, which is currently a total value of almost $200 USD. Granted I did invest a fair amount initially, and haven't tracked my earnings/expenses to the letter, it's reasonable to assume that I've earned back my initial investment and am steadily profiting from my collection of cartoon alpacas. [if you sign up, please add me as your referrer, thanks! 0x3a3355805181ba5752cB52CEBE8C95c0F3ED3d61]
To come back to the intended focus of this article; the influx of the DeFi audience into the NFT space. coupled with the ongoing bull run, has (based on my observations) severely impacted the NFT art market. To most people this may seem irrelevant, but for a surprising number of digital artists in the NFT space, art accounts for most, if not all, of their relied-upon income; so watching people spend hundreds, and sometimes thousands of dollars on NFTs that offer no utility and would likely sooner be displayed on a fridge than in a frame, it can be very frustrating. Similarly, as an advocate of the arts, and a casual NFT art collector, seeing the market volume for what amounts to little more than doodles, while artists of incredible talent are struggling, is difficult to comprehend. With these factors in mind, and adding the observation that 'social tokens' are poised to very rapidly become a source of revenue and value-generation for creators, influencers, etc., the solution seeming presented itself without a focused attempt at finding one. (I had a personal project in mind and found a way to implement it, which led to the idea evolving) Soon to be announced with more flair, more details, and dates for the token presale and public platform launch; DeFi/ne Art will be a social experiment attempting to bring together the benefits of DeFi, high quality art NFTs, and "personal tokens" to provide benefits to creators, collectors, and yield farmers. For creators, the aim will be to increase visibility and provide an appealing incentive for LP providers of their personal tokens. For collectors, there will be oppurtunities to earn exclusive artworks from familiar names while also improving the market data of the creators token. For yield farmers, the benefit will come in several forms: a reward token that has very strong potential to shoot for the moon as well as the ability to collect high quality art from recognizable artists instead of scribbles or low-effort memes. While I don't claim to be any kind of expert, and certainly not any authority when it comes to the diverse world of art; I do know the difference between legitimate effort and two-minutes with a meme generator. As an example; which of these NFT's would you rather have an oppurtunity to earn through yield farming rewards?
I hope it isn't necessary to point out that the question was rhetorical; and if that wasn't blatantly obvious, you may be part of the problem.
(no offense intended)
To stay up to date on the rapid development of the DeFi/ne Art platform, learn more about the token economics, or be the first to hear about the confirmed artists and other ecosystem partners that will be offering exclusive NFT rewards to LP providers who stake their LP tokens to earn $ARTx, follow the official twitter account @fineartfinance, join the telegram at t.me/cryptoart_finance, and follow me here, where details updates will be posted hours or even 1-2 days before being published anywhere else!
Posted Using LeoFinance Beta
As a perfectionist I am having a hard time deciding what to make as my first NFT on NFTShowroom. It is truly incredible the art that some are capable of and although some shoddy work is getting sold these days, since it is so permanent I want it to be great. What sorts of things should be tokenized? I am very interested in exploring these use cases.
Posted Using LeoFinance Beta
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