If you have ever wondered whether nonfungible tokens, or NFTs, are just a hype bubble or genuinely the next stage in digital asset ownership then look no further. Fomo Lab is championing NFT utility in unique ways that truly live up to the project’s name to convince even the biggest doubter that NFTs are here to stay!
It has been a whirlwind of five months for the team at Fomo Lab, and you would be forgiven for thinking this is a project that has been around for years, considering the amount of IP, world-class partnerships and development they have made in just six months of being live.
Some of the most innovative projects start with humble beginnings but it seems Fomo lab has started off with a knockout, bringing lineal heavyweight champion Tyson Fury to the crypto world with their first-ever NFT release. After releasing an NFT collection for Tyson Fury, things quickly progressed into the team becoming a decentralized finance (DeFi) Powerhouse on the Binance Smart Chain (BSC) with staking pools for the token reaching an all-time high of over $14 million + total locked value (TVL).
In the true Fomo Lab fashion, their first foray into the space led with an NFT character drop for the FEG community that raised over $800,000 in a little under six days — over $150k of that being within the first 10 minutes. Revenue in under five months amounted to over $2.3 million with 5% of profits being burnt in the native FOMO token. To date, 576,816 FOMO have been burnt, equating to 1.58% of the circulating supply.
From the inception of Fomo Lab, the principal objective remains to be “bringing NFT’s to the masses,” as the slogan states. With a team of crypto/DeFi experts, the Fomo Lab platform has been built to ensure an easy-to-use experience for collectors to gain access to digital collectibles and metaverse assets. The FomoGAMES Universe (currently in development) will be a landmark moment for the company and also the whole crypto space when it goes live between Q4 2021 and Q1 2022.
Fomo Lab has recently launched V.2.0 of their exclusive NFT marketplace called The Avenue. The Avenue presents itself as more than a standard NFT marketplace. It is a deflationary marvel that maximizes the token utility by requiring 25 FOMO to be burnt on any listing created. With just 10,000 users making 100 listings each, the project will burn 25 million FOMO (25% of total supply) which should benefit token holders massively. The marketplace will also bring multichain functionality that currently comprises Ethereum and BSC — with many other chains to come.
Fomo Lab is working hard to make The Avenue the first NFT marketplace to introduce true NFT bridging technology for ERC-115 and ERC-721 tokens. This pioneering functionality will change the way the sector looks at cross-chain compatibility and open the doors to true multichain NFT utility.
The Avenue provides the solution for artists and collectors to have full control of their digital collectibles. It facilitates the ability to view, sell, buy and mint NFT’s that exist on both Ethereum and BSC, with future chain support in the works.
The Avenue is poised to be the most exclusive NFT marketplace and the impressive metrics verifies this:
Over 600+ user accounts created
More than $4.5 million in assets listed
Over 75,000 FOMO listing fees burned
1,000+ live listed NFTs
Over $600,000 secondary market sales
Innovation seems to be at the core of everything Fomo Lab does, constantly pushing the boundaries of what is possible. It is not simply for the sake of innovation but to make novel experiences for their community and the extended crypto community as a whole.
As the first phase of the FEG TCG project is completely sold out, the only way for collectors to own FEG NFT character cards is by purchasing them on the secondary market, TheAvenue, with resale activity seeing bidders purchase Ultra Rarity cards such as the Glitchy Gorilla for 55 Wrapped Binance Coin (WBNB) and Diamond Rarity cards. Because of this, there is evidently fomo being created and a huge demand for the first cards ever released for the FEG Community.
Fomo Lab could very well be creating a competitor to the leading gods unchained if they execute correctly.
These are the first steps in what promises to be a truly transformative intervention into the NFT gaming space. Alongside player battles and an adventure mode, the future will see FEG character cards integrated into different games with the metaverse in mind. To find out more about the project and explore the NFT marketplace, visit https://t.me/FOMOlab, fomolab.io and theAvenue.market.