Connect with us

Projects

Sync Network Brings Together DeFi and NFTs to create Real-world Scenarios for NFT Users

Published

on

Non-fungible tokens, often known as NFTs, need no introduction at this point. These digital treasures, which are a byproduct of blockchain technology, have risen to prominence as digital diamonds, presenting enormous new prospects in art, entertainment, and gaming.

Even though NFT sales are surging, financial experts worldwide are still disputing whether these digital collectibles have any practical applications. Most NFT projects haven’t been able to provide any use-cases for “JPEGs” to their satisfaction. The SYNC Network, on the other hand, is altering this for the better.

The SYNC network is actively transforming the DeFi ecosystem and reinforcing the presence of NFTs in the financial markets by merging NFTs and DeFi.

Introducing CryptoBonds, a New Crypto Asset Class

SYNC Network is an Ethereum-based platform that has launched CryptoBonds, a new asset class in the DeFi industry. CryptoBonds are time-locked NFTs with an ERC-721 contract that produce rewards for their holders. Okay! But, what exactly are they used for?

These NFTs are used to give liquidity to decentralized exchange protocols in simple terms. In today’s DeFi ecosystem, liquidity mining is perhaps the most popular incentive method. Investors utilize it to earn yields on their digital assets, while projects rely on it to create liquidity for users and keep their platforms running.

This incentive scheme contributed significantly to DeFi’s growth, but it is also to blame for the market’s instability. Why? Because investors have the ability to withdraw funds at any time, there is a sudden shortage of liquidity, price swings, and the failure of promising businesses.

CryptoBonds come into play in this scenario. This new asset class effectively preserves liquidity in DEX protocols while guaranteeing that long-term investors are fairly compensated for their contributions.

Let’s take a closer look at how CryptoBonds maintain liquidity and stability below the surface.

CryptoBond

The liquidity provider tokens (LPTs), SYNC tokens, and the NFT highlight artwork are the three major components of a CryptoBond. The artwork is generated uniquely for each new CryptoBond by an algorithm, and the NFT highlight is what gives CryptoBonds rarity and tradability. LPTs are the liquidity pair staked on the DEX protocol, whereas SYNC is the platform’s native token, which is locked in the CryptoBond with LPTs.

To build a CryptoBond, a user must go to a DEX protocol on the Ethereum network, such as Uniswap, and stake a trading pair in order to receive LPTs. The LPTs are then paired with an identical quantity of SYNC tokens and tied to an NFT highlight and CryptoBond ID to construct a CryptoBond on the SYNC platform.

Every CryptoBond has a lock period that can be anywhere from 90 days to three years long. During this time, investors will be unable to access their crypto holdings. However, because the bond is a rare NFT, it can be traded as a whole on NFT exchanges if the investor wants to get out of their stake before it expires. The entire ordeal occurs without disrupting the DEX protocol’s liquidity.

Liquidity provision on the DEX and interest on the SYNC component of the bond generate money for CryptoBonds. When the NFT matures, it is burnt, and investors receive all of the money and locked SYNC tokens and newly mined SYNC tokens, resulting in a far better yield than traditional liquidity mining. For context, the value of the 1,800 CryptoBonds generated thus far has increased by an average of over 203 percent, easily covering the recent crypto slump that caused SYNC to drop by 75 percent. The bigger the yield, the longer the lock is open.

A Wide Range of Use-Cases

The dispute over whether or not NFTs are helpful may now be put to rest thanks to the advent of CryptoBonds. NFTs are now being used in the DeFi ecosystem to produce liquidity and preserve stability and prevent risk. Pump-and-dump situations may now generally be avoided, safeguarding good developments. Aside from that, their scarcity makes them one-of-a-kind collectibles that can be traded for profit on NFT marketplaces. In the DeFi ecosystem, CryptoBonds can also be used as collateral for obtaining loans.

SYNC Network provides a peer-to-peer lending tool that uses CryptoBonds as collateral. The loan’s duration and interest rates are flexible and agreed upon by the borrower and lender. Additional promissory note NFTs are available on the platform, which can be sold on NFT marketplaces to allow the lender to recover their funds before the loan expires.

In short, this innovative platform can transform NFTs and the way the world perceives them completely. With $6 million in crypto secured across 1800 bonds, the project’s grandiose aspirations have already earned it a substantial success. This project’s future looks bright, and the team feels it has the potential to become DeFi’s stability standard.

NFT

To Be Sold for $70 Million, with Proceeds Used to Support NFT Purchases at MoMA

The auction of works by Renoir, Picasso, Bacon, and Rousseau will help the museum increase its online presence and maybe buy NFTs.

Published

on

This fall, the William S. Paley Foundation will hold an auction featuring works of art valued at at least $70 million in order to increase the digital presence of the Museum of Modern Art (MoMA) in New York and possibly acquire the institution’s first NFTs.

Since the passing of the co-founder of CBS in 1990, William S. Paley’s collection has been maintained by MoMA. Sotheby’s has been hired by Paley’s namesake organization, which includes endowment funds for museums and educational and cultural activities, to auction off 29 of the 81 items in the MoMA collection.

The sale proceeds will go toward growing the museum’s online presence. MoMA’s director Glenn Lowry stated in the Wall Street Journal that the museum had suggested several potential uses for the funds.

MoMA may start its streaming service, organize online exhibitions and video discussions with artists, or work with colleges and training organizations to offer online courses. More importantly for cryptocurrency enthusiasts, MoMA might also buy its first NFTs.

According to Lowry, the museum has a dedicated team monitoring the digital art scene to hunt for suitable artists to collaborate with or buy from.

In the interview, he added of NFTs, “We’re aware that we lend an imprimatur when we acquire things, but that doesn’t mean we should shun the domain.

What’s on offer?
The William S. Paley Foundation and MoMA have an agreement that gives MoMA the final say in how the collection is used. Other humanitarian endeavors championed by the late Paley will receive a tiny share of the proceeds from the autumn auction.

Most of the collection’s most famous works, such as Picasso’s “Boy Leading a Horse” from 1905–06 and Matisse’s “Woman with a Veil,” are not for sale. Rousseau and a Renoir, on the other hand, will be sold at auction, according to Lowry.

According to Sotheby’s, Francis Bacon’s “Three Studies for a Portrait of Henrietta Moraes” will be auctioned for at least $35 million in London in October, and Pablo Picasso’s “Guitar on a Table” will be sold for at least $20 million in New York this November.

It’s anticipated that the collection would bring in between $70 and $100 million.

Despite not yet owning a tokenized work of art on the blockchain, MoMA has already contributed to the development of NFTs. The MoMA gave all of its collection’s information in November of last year to the Unsupervised exhibition and NFT project by AI artist Refik Anadol.

Continue Reading

NFT

How NFT Projects Are Setting Up For Ethereum’s Network Shift to Stay Ahead of the Merge?

This week is finally predicted to see the occurrence of one of the most important occurrences in the history of cryptocurrencies. 

Published

on

The blockchain network will completely switch from its existing proof-of-work consensus process to the proof-of-stake model thanks to Ethereum’s significant software upgrade, known as The Merge. Ethereum is anticipated to carry on as usual, except that PoS authentication of cryptocurrency transactions will now be used instead of PoW.

Ethereum.org states that “The Merge signifies the combining of Ethereum’s new proof-of-stake consensus layer, the Beacon Chain, with its existing execution layer (the Mainnet).” It does away with the necessity for energy-intensive mining and instead uses ETH stakes to safeguard the network.

Sustainability, scalability, and security are the three key areas of concern that The Merge seeks to solve. Researchers at the Ethereum Foundation claim that the new architecture not only paves the way for future scaling improvements like sharding but also significantly cuts Ethereum’s energy consumption by more than 99% because miners won’t have a financial incentive to run computers constantly.

Further modifications to the NFT market are anticipated due to the switch from proof-of-work to proof-of-stake. The Merge may improve the tokenomics of the entire market, broaden the range of cryptocurrencies it supports, and potentially raise the price of NFT.

The bulk of NFTs are a part of the Ethereum blockchain, and many people are enthusiastic about the switchover because it is anticipated to use less energy, allowing users to mint and sell NFTs in a more environmentally friendly manner. However, other users worry that, as with every substantial technological change, there may be a chance for fraud, hacking, volatility, and confusion.

Do you have safe NFTs?
Due to duplicate NFTs existing as a result of the ETH proof-of-work chain and other future forks, it may be unclear which assets are “official” or “real.”

There is a chance that there will be two different types of NFTs when the merge is finished because Ethereum is projected to have at least one proof of work (PoW) fork that will continue to exist. Thus, NFT owners can experience a problem known as a “replay attack.” When a transaction is finished on one blockchain and then repeated on another, this occurs.

OpenSea, the largest NFT market, and well-known companies like Yuga Labs, the company behind the Bored Ape Yacht Club, have officially said that they will not accept the identical NFTs that are present on these chains. In a similar vein, Proof, the startup that is in charge of the Moonbirds NFT project, has stated that it will neither acknowledge or support any forks that are made after a merging.

The Merge will quickly establish itself as the dividing point between PoW-era and PoS-era NFTs. One of the first projects to launch during Ethereum’s new phase will be Supercute World’s SELFi3STM NFT collection. The project will be powered by Web3 developer platform, Alchemy, and will showcase the company’s new full stack NFT development capabilities.

Nikil Viswanathan, cofounder and CEO of Alchemy, stated, “Our objective has always been to bring web3 to a billion people, and we see NFTs being a crucial driver of that adoption.” We’ll keep investing in our full-stack NFT development offering and supporting innovative, exciting new projects like Supercute World to help reach that aim.

The first completely inclusive NFT initiative is SELFi3STM by Supercute WorldTM, which offers male, female, and gender-neutral variants so users can develop and represent the greatest versions of themselves online. Without ever changing the rarity score, holders will be able to select the best version of themselves.

The upcoming collection of 7,777 SELFi3S from Supercute World is anticipated to debut in October. Visit the website and follow the project on Twitter to keep up with developments and learn more about Supercute WorldTM.

Continue Reading

NFT

‘LG Art Labs,’ a new NFT marketplace, is introduced by LG Electronics

The second major South Korean television manufacturer to do so this year is the electronics giant, which just opened its own NFT marketplace.

Published

on

The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the LG home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

On August 12 of this year, LG submitted an application to register the Wallypto patent.

The two companies initially collaborated when LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

LG Electronics enters the NFT market

LG is not the first Korean TV maker to integrate NFT trading into the viewing experience.

To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway in March of this year.

Through a smart TV interface unveiled in January, users may view, purchase, trade, and display NFTs.

The Samsung MICRO LED, Neo QLED, and The Samsung NFT Platform supports the Frame TV models from 2022.

Continue Reading

Trending

bitcoin
Bitcoin (BTC) $ 18,920.75 0.83%
ethereum
Ethereum (ETH) $ 1,306.98 2.70%
tether
Tether (USDT) $ 0.999584 0.05%
chiliz
Chiliz (CHZ) $ 0.263735 1.44%
enjincoin
Enjin Coin (ENJ) $ 0.469037 2.69%
decentraland
Decentraland (MANA) $ 0.703712 2.83%
flow
Flow (FLOW) $ 1.66 2.89%
the-sandbox
The Sandbox (SAND) $ 0.874487 3.65%
wax
WAX (WAXP) $ 0.086551 1.79%
ecomi
ECOMI (OMI) $ 0.001261 0.68%