The gaming sector is one of the fastest-growing internationally. In the crypto space, it is just starting to break the surface and is poised to explode. The Play to Earn crypto sector alone has a market cap of $9.7 Billion.
GoFungibles is a DeFi-powered platform for creating, trading, earning and leveraging NFTs with gamified yield farming, staking and rewards. It has created an immersive blockchain gaming experience like no other.
The following takes a deeper dive into certain elements:
Play and Earn
Users will soon be delighted to experience a fun and addictive mobile runner game which features high-end graphics, smooth gameplay, and NFT digital assets. The team at Go Fungibles has rolled out a beta version of the game, available exclusively only for people within the community, which is free to download on GoFungibles’ telegram!
Users can play and level up their character in single-player mode, or they can test out their skills by competing against other players in multiplayer mode while earning rewards such as in-game currency and rare NFTs.
DAO
$GFTS is the utility and governance token of the GoFungible ecosystem. It will be available to buy from various exchanges or earned from within the mobile game by converting in-game currency to $GFTS.
DAO governance: Holders of $GFTS tokens will have voting rights on platform changes, community proposals, and creator white-listings.
DeFi: How Yield Farming Works
Yield farming allows high returns or rewards for users in exchange for staking or lending crypto assets they hold.
Yield farming is currently the biggest driver of growth in the DeFi sector, and its rapid increase in popularity has helped boom the market cap of $10 billion in 2020. As of mid-September 2021, it is now ver $130 billion, per CoinMarketCap data.
Yield farming protocols boost liquidity providers (LP) to stake or lock up crypto assets in a smart contract-based liquidity pool. These incentives can be a percentage of transaction fees, interest from lenders or a governance token. Returns are communicated as an annual percentage yield (APY). As more financial backers add funds to the related liquidity pool, the value of the issued returns decrease in like manner.
Liquidity mining happens when yield farming users earn token rewards as additional compensation. Most yield farming protocols presently reward liquidity providers with governance tokens, which are tradable on decentralised exchanges like Binance and decentralised exchanges like Uniswap.
GoFungibles is unique because it has two applications of DeFi:
1) By enabling users to stake their valuable NFTs while farming platform tokens and rare NFTs.
2) By allowing holders of the $GFTS to use their tokens for yield farming or staking.
Advertisements:
Ads come into play in the GoFungibles ecosystem.
NFT Sellers can utilise $GFTS to promote and feature their NFTs. The more great artists are attracted to the NFT marketplace, the more collectors there will be. The combined power of this ecosystem will increase the value of $GFTS and create demand for advertising NFTs. Doing so will generate more interest in NFTs from collectors, which will continue to expand the GoFungibles ecosystem.
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