Bringing Digital Currencies to the Masses: GoFungible’s Gamified Multichain NFT Marketplace
September 15 2021 - 8:42AM
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On May 22, 2010, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for
two delivered Papa John’s pizzas, essentially the first use case of
a cryptocurrency. On July 30, 2015, Ethereum was launched as the
first broadly using application-layer blockchain, allowing for the
creation of decentralized applications, cryptocurrency tokens and
non-fungible tokens. In 2021, progress has been towards bringing
digital currencies into mass adoption. Out of the over 11,800
digital currencies listed on CoinMarketCap, few have built a
genuinely usable ecosystem that brings value to its users. The
Difficulties with Utility There have been numerous issues with
digital currency projects and how much utility they bring to their
users. These fall into three major categories: Centralization: Some
are centralized with a single leader or company driving the
project’s development, making it seem more like a corporation than
a decentralized digital currency. Prohibitive Fees: This is most
obvious in the NFT space, where creators have recently been forced
to pay $50, even $100, to mint an NFT. This is not a user
experience that makes it easy for new artists to start using NFTs
as their medium. Sustainable Incentive System: While many projects
encourage their faithful participants to “HODL”, the volatility of
cryptocurrency decreases the benefits to do so unless a system is
in place to reward holders through staking. Additionally, creators
are vital to a flourishing NFT ecosystem, but incentives need to be
in place to bring them to that system. Projects like GoFungibles
combine several essential technologies in the digital currency
space – the technology of NFTs and decentralized finance – to build
a next-level ecosystem. GoFungibles is a DeFi-Powered platform for
creating, trading, earning and leveraging NFTs with gamified yield
farming, staking and rewards. About GoFungibiles GoFungibles
combines several hot features under one roof. GoFungibles utilizes
a multi-chain solution allowing multiple wallets and enabling users
to create and port tokens onto multiple chains—without worrying
about high gas fees. It features an endless mobile runner game with
a play-to earn mechanism. A gamified non-fungible token (NFT)
platform is a bridge for accessing DeFi markets and NFT backed
capital. It’s an easy to use e-commerce store that soothes the user
experience. By gamifying DeFi activities like yield farming and
staking on the platform, GoFungibles aims to increase the liquidity
of digital assets and give users access to an unlimited range of
new DeFi primitives backed by NFTs. The GoFungibles Platform will
also address low liquidity, fragmentation, and adoption barriers in
the NFT market by adopting NFT farming and a multi-chain solution
while providing an intuitive front end-user experience. Utilizing
IPFS (InterPlanetary File System), GoFungibles makes NFTs truly
interoperable by removing the risk of NFTs losing their value if
the platforms they were built or listed on shut down. Solving the
Difficulties with Utility: Unique Features of the GoFungibles
Platform 1. DAO The solution to centralization is the establishment
of a DAO. DAO is short for Decentralized Autonomous Organization.
Token holders get voting rights on platform changes, community
proposals, and moderate creators. 2. NFT Fee Structure and Staking
The solution to prohibitive mintings costs was solved. Minting and
listing NFTs is free, and a 2.5% fee is only payable upon sale of
the NFT. GoFungibles brings further liquidity to NFT assets by
enabling users to stake their valuable NFTs while farming platform
tokens and rare NFTs. 3. Sustainable Incentive System: Royalties
and Lending This implementation enables creators to claim a
percentage of sale value from every future sale of their NFT.
Decentralized finance is disrupting legacy Centralized Finance
through a superior savings & lending user experience leverage
blockchain. NFTs are disrupting numerous fields because they are
disrupting traditional means of recognizing ownership. GoFungibles
leverages both and enables users to use their NFTs as collateral
and request loans to access liquidity without selling their assets.
$GFTS Token The $GFTS Token will power the GoFungibles platform.
Some key highlights about the $GFTS Token: Token holders get voting
rights on platform changes, community proposals, and exclusive NFT
approvals. Sellers can utilize $GFTS to promote and feature their
NFTs. Holders can use $GFTS tokens for staking rewards and yield
farming. Marketplace GoFungibles houses a state-of-the-art NFT
marketplace equipped with all the features of existing NFT
marketplaces but augmented with features like DeFi functionalities,
Fractionalized NFTs, and NFT Farming. In the future, GoFungibles
aims to expand the DeFi functionalities to offer NFT-collateralized
lending and other financial instruments that underwrite NFTs. Find
out more about GoFungibles across all social media: Twitter |
Telegram | Website | Instagram
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