For the purpose of rewarding users, NFTs crypto is preferable for its use cases and benefits but there exist dNFTs that come with other benefits, which may attract you, which you can check by yourself by reading this full article.
Concept of Farming and rewarding
In recent times in the blockchain world, various projects are seen to have used the concept of farming. What is farming?
The concept of receiving rewards at some time after the investment of money and time. For example, if we buy and place the seed, after some time, it gives us fruit or vegetables. The exact same concept can be realized on the blockchain.
Various platforms are coming up with the benefits of staking rewards in exchange for liquidity. Platforms like Uniswap. Farming of $UNI tokens has become so common for people using Uniswap.
NFTs crypto and rewarding
The term farming however can be more relevant for items that are unique from each other in their characteristics. Although farming on fungible tokens also makes sense in some platforms where liquidity is required, farming to gain Non Fungible tokens is more relatable for games. Consider the example of you are farming some sort of hybrid fruit, using various fungible tokens for the supply. After the given farming rate, the non-fungible token can be minted. MEME platform made a pretty good market, all starting as a joke and amazed everyone. The reader can learn about MEME in this link about how they used yield farming to mint NFTs. Starting from “Don’t buy MEME” to reaching about $2000 token price was the meme! Users are able to mint their favorite NFTs and sell them too.
On Ethereum chains, OpenSea and Synthetix smart contracts fork are being used commonly to have this minting of NFTs.
What dNFT has to offer
Let us now discuss what dNFT brings to the table. First of all, dNFT is currently on EOSIO chains and not on ETH chains. EOSIO chains are faster with no concept of gas fees but the concept of DPOS (Delegated Proof of Stake). Also, the EOSIO chain smart contracts can be upgraded easily as and when required, hence any possibility of bugs in smart contracts can be averted. It’s a swiss knife though, so the platforms you use should always be trustworthy.
We have noticed till now that in current systems, we either have to wait for full time to allow minting of NFT, dNFT at the same will allow you to be partial owners of different NFTs in the same given time frame. It will therefore increase the overall speed of the game. Different people can even consecutively farm the same Non-Fungible Token increasing the speed of farming and bringing in the competitive environment.
Also, dNFT will hence allow you to have flexibility when you want to farm and lock your tokens. One can unlock the tokens anytime one wants.
“The dNFT vision is to bring in collaborators of collectibles with more farming options in your limited supply”
Let’s wrap up the dNFT protocol for you
- More Farming options to users
- Increased speed of farming
- More collaborators of NFTs
- More valuation of NFTs in general
- Deployed on EOSIO chain
- No gas fees required to be paid by users
If you are interested in any such Defi project, feel free to contact us. To gain more insights on what dNFT is, follow this link.