Connect with us


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



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.


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.


Additional $64,260 is Donated to Charity by the Next Earth NFT Project



Next Earth, one of the most recent new NFT initiatives, was founded with a dual goal in mind: to produce the first blockchain-based duplicate of our globe while also contributing to the environment.

Next Earth has made significant progress on both fronts, having raised more than $1.3 million in the world’s first Initial Tile Offering, with over $130,000 going to The Ocean Cleanup and Amazon Watch. A simple Discord-based poll was used for the inaugural donation, in which community members voted on the allocation of funds to each charity.

Now, with their charity DAO, or Decentralized Autonomous Organization, Next Earth has taken it to the next level.

What is the Name of the Next Earth DAO?

The Next Earth DAO was recently utilized to allocate new cash to four charities: The Ocean Cleanup, SEE Turtles, Kiss the Ground, and Amazon Watch, among others. In addition, next Earth sold $640,260 worth of virtual real estate in September, with 10% of the proceeds set aside for philanthropic donations. Virtual landowners selected how that 10% would be shared up with the Next Earth DAO.

These landowners determined that The Ocean Cleanup would get the most money, with 86 BNB, followed by SEE Turtles with 24.57 BNB, Amazon Watch with 18.25 BNB, and Kiss the Ground with the remaining 17.55 BNB.

Next Earth can alter the concept of donation because of this DAO-based approach. This is a genuinely democratic method in which community people dictate how the project’s funding should be allocated. This is not a conventional governance system in which corporate organizations such as banks or large tech firms make the decisions. Instead, this is an open community with equal voting rights for all members.

Why DAOs Are the Future of Charity

In terms of form and usage of blockchain technology, the Next Earth DAO is revolutionary. This is the first time a DAO has been utilized to allocate monies generated from an ongoing metaverse tile offering. Furthermore, it is rethinking the concept of a metaverse since it understands that the physical and digital worlds are intricately linked and that we must act as stewards of the Earth.

The use of DAOs to decide how to allocate funds is not merely a theoretical exercise. Instead, it’s a valuable tool with real-world implications, improving the health of our planet through philanthropic donations.

As blockchains gain popularity and usability, it becomes evident that they may be used for much more than just cryptocurrency. They are collaboration, development, governance, and transparency platforms.

Next Earth is setting a paradigm for other blockchain projects to follow when they begin their token sales or fundraisings later this year and beyond by employing DAOs to select how their virtual real estate funds should be managed.

How Can You Participate?

Decentralization is the way of the future for charity contributions.

Decentralized applications, or dapps, are increasingly being used by individuals worldwide to help them with everything from sending money to friends and relatives to purchasing plane tickets. The Next Earth DAO is an excellent illustration of how we can make a charitable donation as simple as participating in a crypto project.

The more projects like Next Earth that follow this approach, the better it will be for individuals who need help from others, whether in the form of financial support or simply raising awareness about a worthwhile cause. They’ll also help us get closer to our vision of a genuinely global community by doing so.

Continue Reading


Sotheby’s has Launched a Curated NFT Platform Dubbed “Sotheby’s Metaverse”



Sotheby’s has announced the creation of its own NFT platform.

The portal, dubbed ‘Sotheby’s Metaverse,’ will feature curated NFTs from the Sotheby’s team and let users to buy NFTs with ETH, BTC, USDC, or fiat currencies. According to the auction house, future capabilities will include dynamic auctions and the option to mint generative artworks.

Mojito, a business that builds NFT systems and maintains compliance, is powering Sotheby’s new NFT platform.

Natively Digital 1.2: The Collectors, a collection of 53 NFTs from 19 collectors including Pranksy, j1mmy.eth, and Paris Hilton, is the inaugural sale on Sotheby’s Metaverse.

Like rival Christie’s, Sotheby’s has increased its involvement in the NFT art market this year. It sold a sculpture by Pak for $17 million in April. Sotheby’s has auctioned CryptoPunks, Bored Ape Yacht Club, and other NFT art projects since then.

“It was evident right away when Sotheby’s first entered the realm of NFTs earlier this year that we had only scratched the surface of the potential of this new medium — and NFTs,” said Sebastian Fahey, Sotheby’s Managing Director of Europe, Middle East, and Africa. “This next market breakthrough, in my opinion, is one of the most fundamental and exciting yet, and we at Sotheby’s are in a unique position to apply our experience and curation to the emerging world of art for the digitally native age.”

Continue Reading


What OpenSea will Gain from Coinbase’s Entry Into the NFT Market



Nifty Gateway, SuperRare, and MakersPlace were among the first to establish themselves in the non-fungible token market. However, it has since been suffocated by the website OpenSea.

OpenSea, which handled about 35% of NFT trading volume between February and April (including a Quartz article sold at auction in March), has increased its market share to over 95%, making it the clear leader in the business of connecting buyers and sellers of what is essentially proof of ownership for a digital asset stored on a blockchain.

According to data collated by The Block from the crypto websites Dapp Radar and CryptoArt, of the $2.8 billion spent on NFT marketplaces in September, $2.72 billion was spent on OpenSea. SuperRare had less than $25 million in trade volume in September, ranking it second among NFT platforms.

While OpenSea appears to have quickly established supremacy in the NFT sector, an impending incumbent may jeopardize its position in crypto. Coinbase, the second-largest cryptocurrency exchange globally, said on October 12 that it would launch its own NFT marketplace. It’s an open challenge to OpenSea, one that will put the top player in an emerging market to the test.

NFTs for the masses

To utilize OpenSea, users must first purchase the cryptocurrency ether on a crypto exchange like Coinbase and then log in to the site using a crypto wallet like MetaMask. Customers could buy NFTs immediately on the exchange with a credit or debit card on a Coinbase NFT platform, simplifying the procedure.

NFTs are still a specialized market. According to the website Nonfungible, there were only roughly 10,000 active NFT wallets each week during the last month. However, Coinbase, which has 68 million users (pdf), can bring NFTs to a much larger audience. In addition, the possibility of having a single home for cryptocurrencies and NFTs may appeal to Coinbase clients who are already participating in the NFT market. At the same time, those new to the tokens may find a reasonably simple pathway to buy or sell them.

According to Mike Proulx, a vice president at market research firm Forrester, “the company is betting on differentiating itself with a simple [user interface] that demystifies the NFT process and makes it more accessible to the average creator and collector.”

OpenSea and Coinbase Compared

Technically, OpenSea is in a good position, despite being a relative newcomer. It supports a variety of blockchains, provides robust statistics, and has established trust through verified user accounts, all of which will make it tough to dethrone as the leading NFT exchange.

Coinbase, on the other hand, brings NFTs to a whole new audience. The company is one of the most popular crypto platforms, especially for newcomers. Moreover, Coinbase has all but guaranteed a slice of the expanding NFT market by lowering the barriers to entry and allowing users to buy an NFT using a credit or debit card.

“Many are predicting Coinbase to be the OpenSea killer, and it certainly has the potential to be,” said Pedro Herrera, a senior blockchain analyst at DappRadar. “At this point, I’d say it will impede OpenSea’s supremacy, but OpenSea will remain a dominant marketplace for the time being. In any case, I’m getting my popcorn.”

Continue Reading


Bitcoin (BTC) $ 62,196.00 1.88%
Ethereum (ETH) $ 3,821.60 1.12%
Tether (USDT) $ 1.01 0.28%
Chiliz (CHZ) $ 0.315956 2.75%
Enjin Coin (ENJ) $ 1.61 4.00%
Decentraland (MANA) $ 0.752479 3.85%
Flow (FLOW) $ 14.77 3.86%
The Sandbox (SAND) $ 0.739182 0.62%
WAX (WAXP) $ 0.284165 0.46%
ECOMI (OMI) $ 0.006975 3.82%
Terra Virtua Kolect (TVK) $ 0.195308 0.58%