NFTs in DeFi Land: A Quick Tour Through Digital Collectibles

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@ks.shilovKirill

Blockchain enthusiast developer and writer. My telegram: ksshilov

Buckle up and get ready for a wild ride as we take an exciting journey through the NFT universe. Just like Alice in Wonderland, you will plunge into the non-fungible world of magical cards, royal families, and arcades created by DeFi projects from around the globe. We’ll see how each project is different from one another and what makes EmiSwap’s Magic Card concept outstanding. Ready, steady, go!

Collect me! NFT in a Nutshell

A non-fungible token, or NFT is a type of token on the blockchain that represents a unique digital asset: crypto-collectibles, gaming units, or even art pieces. Each NFT has unique characteristics that are permanent and unalterable, while creating verifiable digital scarcity. 

NFTs are hardly a new concept in the blockchain industry. The first NFT-like token was introduced by Coloured Coins, aka Bitcoin 2x, back in 2012. It was to be built on top of the Bitcoin network, but the most common example of an NFT is the ERC-721. Remember CryptoKitties? Yes, this famous Ethereum-based game used ERC-721 NFTs on the Ethereum blockchain to represent unique in-game assets. 

Why is NFT like a Planeswalker?

Today, digital collectibles are trending in DeFi with gaming, art, and real-world asset tokenization leading the way. By adding gamification to the yield-farming process, NFTs promote user engagement and foster mass adoption. “The audience of crypto enthusiasts and gamers has always overlapped,” says Evgheny Turvinenko, CMO at EmiSwap. “So it’s natural that gamification has taken root so well in the world of decentralized finances.”

AnRKey X and a new gaming m$sports genre

The AnRKey X startup pioneered gamifying liquidity mining via the concept of m$sports, or Money Sports. The first game to be released is called Battle Wave 2323, which will allow players to compete with their virtual armies to produce the highest annual percentage yield through gamified liquidity mining, NFT staking, and trading. 

TokenFighter’s multiplayer NFT

TokenFighter is another example of NFT use in the eSports industry. Being a P2P crypto-economic DeFi game, it has its non-transferable virtual currency, called Bytes, that is used to collect Fighter NFTs. These collectible cards can be exchanged, bought, and sold without any restrictions in the secondary market. The game is already live for the first community tests, though it does not include liquidity or NFT mining mechanics for now. In order to play and collect Token Fighter NFTs, players need to pay the Ethereum gas fees.

KingSwap’s royal NFTs

KingSwap is a DeFi liquidity pool platform with its native token KING, which is given as a reward for liquidity mining. KING tokens can be used to purchase NFTs or to participate in KingSwap games. The royal NFTs—Knights, Queens, and Kings—can be staked to earn higher yields and limited-edition collectibles tradable on the secondary market. The more expensive the NFT is, the higher APY it will produce. The platform is already live whereas NFT staking is expected to be launched in December 2020.

BakerySwap on Binance Smart Chain

BakerySwap is a food-themed DeFi protocol built on the Binance Smart Chain. Its native BAKE tokens can be farmed through staking or by providing liquidity to the pools and then staking the BLP liquidity pool tokens. The exchange also allows you to mint special meals called NFT Combos. The more BAKE you commit, the higher tier NFT Combo you are able to create. These grant you more staking power, thus increasing your BAKE yield.

NFT Magic Cards by EmiSwap

With the focus on real decentralization and a balanced economic model, EmiSwap’s AMM DEX stands out among other DeFi projects. Its native token, ESW, is the governance token that makes holders owners of the project with a right to get a share of the profits and make decisions on EmiSwap’s future development. 

To stimulate activity and bring an element of luck to the platform, EmiSwap introduces its NFT Magic Cards that are digital collectibles earned by purchasing or farming ESW. Each Magic Card contains a special bonus, regardless of how rare it is, and can be exchanged on the EmiSwap market. The possible bonuses include a certain amount of extra ESW tokens, with a 2x or even 3x multiplier for an exchange, or extremely valuable collectible cards.

Card collectors are also offered an opportunity to participate in special events, such as Card Wars and closed draws, that increase the profit from liquidity mining compared to other DeFi projects.  As such, Magic Cards by EmiSwap are not only tradable and farmable NFTs but also an instrument that has practical yield-boosting benefits within the EmiSwap ecosystem.

To get your first NFT Magic Card, you can participate in the public token sale. Later it will become possible to earn cards as a result of farming or staking different currencies on EmiSwap’s decentralized exchange.

The long-term union of DeFi and NFTs

Being promoted as the next big thing in the world of decentralized finance, NFTs help expand the variety of collaterals and create fun interactivity, which is likely to attract many people outside the crypto realm and contribute to the long-awaited mass adoption. Being a great entry point for newbie market participants, NFT-friendly projects like EmiSwap will definitely live long and prosper.

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Blockchain enthusiast developer and writer. My telegram: ksshilov

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