GoFungibles: A Combination of DeFi, NFTs, and Gaming
Blockchain technology is disrupting the gaming industry, and the decentralized finance (DeFi) and non-fungible token (NFT) sectors are fueling this revolution.
The emergence of the play-to-earn business model, popularized by blockchain-based games, is taking the entire world by storm.
However, a new unique blend of play-to-earn games, DeFi, and NFT-backed capital from GoFungibles has recently captured the interest of the gaming industry. What is it, and what features does it bring to the table?
Meet GoFungibles
GoFungibles is a decentralized platform that offers a unique and exciting blend of blockchain-based play-to-earn gaming, a gateway for accessing the DeFi market, and a conventional NFT marketplace.
It is a DeFi-powered ecosystem that allows users to create, trade, earn, and leverage several non-fungible tokens along with several other features, including gamified yield farming, staking, and rewards, designed to provide users with an immersive blockchain gaming experience.
GoFungibles integrates several features of the DeFi, NFT, and gaming industries to give users a thrilling experience like no other.
The platform seeks to grant users access to a broad range of DeFi products backed by NFTs and various earning opportunities while increasing the liquidity of digital assets by gamifying some of the core features of the DeFi sector, including yield farming and staking.
GoFungibles utilizes a multi-chain solution, the InterPlanetary File System (IPFS), which makes NFTs truly interoperable, allowing multiple wallets and enabling users to seamlessly create and transfer tokens across multiple blockchain networks without running the risk of losing their value.
The platform also employs the Polygon layer-two solution, which allows users to carry out transactions for low transaction fees. It features an endless, addictive, and fun mobile runner game with high-end graphics, smooth gameplay, a crypto economy, and NFT digital assets.
Gamers can play and level up their in-game characters in single-player mode, or they can decide to test out their skills by competing against other players in multiplayer mode while earning rewards such as in-game currency and rare NFTs.
Additionally, GoFungibles seeks to address some of the problems plaguing the NFT market, including low liquidity, fragmentation, and high gas fees, while diminishing the entry barriers to the NFT industry.
When DeFi Meets NFTs
The DeFi sector has been disrupting traditional financial systems, and the NFT space has been disrupting the traditional collectibles market.
GoFungibles intends to create a unique yet potentially explosive combination of both worlds. How? Here’s how.
- Fractionalized NFTs: By definition, NFTs are non-fungible or indivisible assets. However, GoFungibles has created a way for NFT creators to sell fractions of their hot new and valuable NFTs to multiple buyers.
This makes the NFTs accessible to a wider range of investors and allows the creator to quickly sell the NFTs rather than waiting for a single buyer.
- Collateralized NFTs: GoFungibles allows creators to use their NFTs collateral when requesting loans to access liquidity without having to sell their assets.
- NFT Leasing: Users are not left out as they can lease their in-game NFT characters to other players for use in gameplay. This serves as a passive income stream for NFT holders in the GoFungibles ecosystem.
- NFT Farming and Staking: GoFungibles brings additional liquidity to NFT assets on its platform by enabling users to stake their valuable NFTs while farming platform tokens and rare NFTs. This presents yet another passive income stream for users.
- Artist Donations: Users can also show their appreciation by donating to their favorite artists. These donations act as morale boosters, motivating creators to create more quality NFTs.
GoFungibles Features
The platform provides users with a list of features.
- DAO: To eliminate centralization, GoFungibles created a Decentralized Autonomous Organization (DAO). This allows holders of the platform’s native token to get voting rights on certain changes to be made to the platform, community proposals, and creator white-listings.
- NFT Fee Structure: GoFungibles allows users to create, mint, and list an NFT with any media piece for free, with only a 2.5% fee that is payable once the NFT is sold.
The platform also addresses the issue of high gas fees by adopting Polygon’s layer-2 solution and Ethereum’s Lazy Minting.
GoFungibles brings further liquidity to NFT assets on its platform by enabling users to stake their valuable NFTs while farming platform tokens and rare NFTs.
- NFT Marketplace: GoFungibles boasts an innovative and user-friendly NFT marketplace that is equipped with all the features of some of the top NFT marketplaces but enhanced with several DeFi functionalities, including NFT farming, fractionalization, and more.
In the future, GoFungibles aims to expand its DeFi functionalities to offer NFT-collateralized lending and other financial instruments that underwrite NFTs.
- NFT Royalties: Artists are not often appreciated as much as they should in the centralized world. GoFungibles aims to make it better in the decentralized world by enabling creators to program royalties into their NFTs, which will provide them with passive income.
Announcing $4M Private Fundraising Round
The Polygon-based GameFi platform recently announced that they’ve closed a $4 million private funding round. Some of the investors in the round include Moonrock Capital, Genblock Capital, AU21, X21, and Oddiyana Ventures.
The global launch of the Metarun game is planned for the second quarter of 2022, but there will be early access available in 2022. It’s a play-to-earn game with NFT assets that may be traded across the NFT marketplace of GoFungibles.
The GFTS Token
GFTS is the native cryptocurrency of GoFungibles and is designed to power the activities carried out on the platform.
GFTS holders enjoy several benefits, including:
- Access to voting rights on platform changes, community proposals, and exclusive NFT approvals.
- Utilize GFTS tokens to promote and feature their NFTs.
- Obtain GFTS tokens for staking rewards and yield farming.
OhNoRipple via https://www.ohnocrypto.com/ @Danish Yasin, @Khareem Sudlow