2022-11-02 09:51:22
Peak Finance and NFTA have an affiliate partnership with Envelop (NIFTSY) protocol to deliver next generation wrapping technologies to unlock practical use cases for NFTs on Metis Andromeda Layer-2, and beyond.
Envelop is a public-utility that has been under development for 3 years, their wrapping protocol has been battle-tested to unlock reverse-compatible utility for NFTs. The wider NFT and cryptocurrency ecosystem is only now beginning to realize that the next stage of NFTs is headed beyond speculation and toward utility.
Peak Finance will be an NFT Wrapping hub on Metis Andromeda, supported by the team and DAO over at Envelop. The recently released Peaking Duck NFTs is the first step to taking this "Tomb-fork" to places never explored.
By wrapping Peaking Duck NFTs, DeFi users will be able to apply collateral to their NFT that enhances earning potential during liquidity mining events. With no upfront fees, wrapped NFTs can be traded on the secondary market like any other NFT, the difference is that most of the royalty fees applied to sales will accumulate the target asset to grow the wrapping contract. Ultimately, with greater NFT trade volume, each wrapped NFTs share of the underlying asset increases at redemption.
Peak Finance will unlock functionality to not only existing and emerging NFTs on Andromeda, but will enable PROJECTS to implement the following:
- Wrapped NFT staking contracts to BOOST yield upon specified collateral and time-lock conditions being met.
- To release NFTs with an implicit price floor based on the underlying collateral assets.
- To increase token retention and offer a new vehicle for trading assets.
- NFT Staking mechanics to Andromeda protocols as means of unlocking further yields.
- SOUL-BOUND TOKENS. Non-transferable NFTs verified through a decentralized KYC to ensure evenly weighted say in DAO activities. No longer will the whales with the biggest bags determine the fate of a protocol.
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