By Mark L - Cryptocurrency Specialist - 01-10-2021
Non-fungible token (NFT) investing draws in new people daily, from artists to experienced investors who invest in cryptocurrency and other digital assets. NFTs are commonly minted on the Ethereum (ETH) network where creators buy Ether to purchase and sell crypto art collections on the marketplace.
An Ethereum blockchain-based Decentralised Finance (DeFi) initiative, ShoeFy, brings together Fungible Tokens (FT) and NFTs onto one platform. Recently, the NFT DeFi project has announced its collaboration with COINS CAPITAL.
ShoeFy uses farming and staking to build passive income while even boosting the NFT's worth. Reportedly, ShoeFy will be featuring two tokens $SHOE (ERC-20), and sNFTs (ERC-721). According to ShoeFy, both tokens will be produced at random on-chain, and will algorithmically create a digital pair of shoes per NFT.
The shoe NFTs are designed for users like Shoebeasts who are shoe collectors that wish to show off their new digital shoe products on social media platforms like Snapchat. Furthermore, ShoeFy also offers special shoe racks for virtual sneakers so that users can earn revenue with $SHOE tokens by staking them on the site.
ShoeFy has stated that its long-term goal will begin by investing into multiple ecosystems, which include industries such as collectibles and gaming. The decentralised platform also plans on building a metaverse with digital shoes; through this metaverse, ShoeFy can collaborate with influential shoe fashion brands. ShoeFy will be able to show the way for further development into additional goods.