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.
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
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.
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.
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.
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