NiftyPays, a decentralized liquidity protocol (LP) that supports the staking of nonfungible tokens (NFTs), has announced the upcoming launch of its initial DEX offering (IDO) on the popular launchpad Trustpad.
The IDO launch is scheduled for early November. NiftyPays aims to conduct a part of its public whitelisting process on Vulcan Forged Marketplace, a revolutionary blockchain gaming studio that upholds aspects of decentralization. Both platforms have gained massive transition in the NFTverse. Moreover, NiftyPays will release 100 rare and exclusive NFTs that allow users exclusive early access to the public sale.
“We see Vinshu and NiftyPays as our long term partners and are excited to launch its NFT whitelist sale on Vulcanforged marketplace,” said Jamie Thompson, founder of Vulcanverse
The Vulcan NFT Marketplace will also be instrumental in managing this public sale whitelisting process.
Supporting the upcoming NiftyPays sale is Trustpad, the famed IDO platform which will also be conducting the IDO for the native token NIFTY.
Will Eden, key adviser of TrustPad and managing partner of Tokenova said:
“NiftyPays have built a scalable model that will enable any NFT holder to unlock liquidity in their assets while retaining ownership. This is a fundamental step for NFTs, as it accelerates their integration with DeFi products. This is a giant leap forward for intertwining NFTs with DeFi, adding another layer of sophistication to ecosystems utilizing blockchain technology.”
Driving a wave of innovation in the NFTverse
Launched in 2021, NiftyPays aims to bring a different narrative to the liquidity of nonfungible tokens, recognized as Nifties, via its staking initiative. The liquidity of NFTs is a widely discussed subject across the crypto ecosystem. Despite the fact that nonfungible tokens have lately been pulling massive sales across various marketplaces, holders of these assets often have to wait for a long time before selling their NFTs off. Essentially, NFTs are illiquid.
However, NiftyPays is offering holders of the alternative asset class a unique proposition that allows them to earn rewards via staking their Nifties (NFTs). NiftyPays is beckoning more value to NFT holders in the sense that they can also stake their NFTs as collateral to obtain loans via its automated lending pool provided on the platform. The history and price predictability of the NFTs they own determine the amount they can obtain as loans.
There is more for NFT owners and holders of Nifties than staking. Users can fractionally own popular nonfungible tokens via the Fractional Pool Contract. Nifties rewards every fractional owner so that every sale benefits the whole chain and no one is left out.
Expanding the DeFi use cases through NFTs
NiftyPays is merging decentralized finance and nonfungible tokens through its staking products. Users can access existing tools in the DeFi ecosystem just by merely holding nonfungible tokens. Under NiftyPays' Nifty Finance product, users can earn annual percentage yields on their staked NFTs. This product has an inbuilt compounding gamified framework, meaning that the longer users have their NFTs staked, the more rewards or benefits they earn. Additionally, users get to earn NIFTY tokens for every staking on the platform.
What's more, NiftyPays is providing a platform for entrepreneurs to launch their products. Entitled Initial Nifty Offerings, new projects can roll out their NFTs on NiftyPays through these means. The buyer chain is incentivized on every consecutive sale.
Recently, NiftyPays completed its fundraising from top investors including NonceVC, Au21, 7X VC, X21, SL2 Capital, Phoenix VC, ChronosVC and a dozen others. The private sale round was nine times oversubscribed. NiftyPays team went ahead to conduct a pre-IDO on Launchpool and received investors on up to 1.6 million liquidity pools staked for a small $250,000 worth of NIFTY. NiftyPays will also begin the launch of most of its products by the end of this year.
NiftyPays is an NFT project managed by experienced personnel who have pivoted several high-profile projects in the past. The CEO of the platform, Vinshu Gupta, served as an ex-banker and worked with blockchains for almost seven years. Gupta has worked with 200 big and small blockchain projects including the likes of Polygon, XinFin, DAOVentures, Embersword, SuperFarm, Sandbox and Vulcanverse, among others. He is bringing his experience over the years to NiftyPays, giving the best to users on the platform.
The NiftyPays ecosystem will revolve around the NIFTY token. NIFTY has a total supply of 180 million. The total supply will be distributed to investors, the NiftyPays community, treasury and team for contributing to the future success of the project.
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