IOTA meets NFT Staking

The full article was originally published by TangleSwap on Medium. Read the full article here.

Wait… Does that mean I’ll be able to have my NFTs generate passive rewards?

Yes, you heard that right!

But just when I thought I was catching up with all this DeFi and NFT stuff…

Take a deep breath, head to the meditation chamber at section B-32 of the TangleSwap spaceship (aka The Tangleship), and keep reading. We promise it won’t be hard — just try not to get distracted by the astounding views out of the window.

NFT Finance or ‘NFT-Fi’ refers to the concept of leveraging your Non-Fungible Tokens to use just as you would do with any fungible token or cryptocurrency: buy, sell, swap, stake, lend, borrow… It’s nothing other than that.

At TangleSwap we are now thrilled to lift the curtains on our plans to introduce NFT Staking to the IOTA ecosystem. To the best of our knowledge, we are one of the first few DEXs ever — all blockchains/DLTs considered — to actively support this feature.

In addition to our standard suite of DeFi products—Swapping, Liquidity Pools, Farms, Staking Fields — TangleSwap explorers will also be able to lock some of their precious and hard-earned NFTs into unique pools that will passively generate APY (Annual % Yield) in VOID or other native IOTA tokens.

Be mindful though, not all NFTs are born equal.

For example, some may be designed from inception with NFT-Fi capabilities in mind, while others might not have a place for it at all. Some projects may be about purposeless profile pictures, while others integrate NFT elements as part of a grander vision around community building and real-world utility.

We recommend that you always DYOR before comitting to any given project. Ideally you want to ensure that, as a pioneering explorer, you deeply understand the value proposition and risk/reward ratio from every collection you jump into.

Having said that, we firmly believe that the right combination of our and other project’s NFT-Fi products will help transform a considerably illiquid global NFT market into a highly dynamic and fruitful one — initially starting within the IOTA network, and later expanding beyond its event horizon.

With just as much excitement, we would like to also announce that we have partnered with no other than renowned IOTA 3D artist & animator Merlo�� to inject the proper amount of thrust to our NFT Staking engines: TangleSwap will also launch its own utility-based Genesis NFT collection on the magnificent Soonaverse Marketplace — and appropriately enough, we call it ‘The Big Bang’.

Utility-based NFTs?

Read the full Article

The full article was originally published by TangleSwap on Medium, where people are continuing the conversation by highlighting and responding to this story.

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