Decentralized NFT Liquidity Protocol, NiftyPays announces a successful fundraise of $2.5 Million led by reputable investors and VC firms. According to the official announcement, NiftyPays has amassed increased attention as the private round was 9 times oversubscribed. NiftyPays is striving towards integrating the world of Defi with NFTs.
Unique Value Proposition of NiftyPays
NiftyPays is a platform looking to revolutionize the way NFTs work. Tackling the main problem of illiquidity, they have devised a solution that could satisfy anyone looking to partake in this newly emerging space. Founded by Vinshu Gupta, a well-established label in blockchain technology with a series of accolades to his name, the project is bringing Defi powers to NFTs.
With Defi ramping up at a fast pace and NFTs following suit, NiftyPays offers the best of both worlds by finding a middle ground between the two. Using mechanisms set up to calculate the value of an NFT based on certain parameters, the NiftyPays system will allow holders to earn money on NFTs without outrightly having to sell them. It becomes a form of staking similar to what you would find on Defi platforms. You can now make money on owned NFTs by ‘staking’ them for profit.
Vinshu Gupta, CEO of NiftyPays said,
“With NiftyPays our vision is to classify NFT as a new financial asset rather than an illiquid collectible. The market and financial use cases around NFT space are huge and we are just beginning to scratch the surface”.
This is not the only new addition to the system. NiftyPays will also allow borrowing and lending of NFTs between users as well as locking those same tokens as collateral for loans. It widens the options available in the NFT space. For those who can’t afford to own the NFTs outright, they can now rent them and the NiftyPays platform will take care of making sure payments are made by the lender until the NFT is returned to its initial owner.
Multiple Investors Come On Board
NiftyPays has managed to raise $2.5 million to further its goal towards a Defi-NFT ecosystem for the masses. Among the investors were prominent names such as NonceVC, AU21, 7xVC, x21, SL2 Capital, Phoenix VC, ChronosVC, etc.
NiftyPays is powered by famed dev studio, NonceBlox. The pre-IDO was extremely successful, getting 27x oversubscribed for a relatively small amount of $NIFTY tokens on offer. The IDO is set to launch in late October and the protocol to fully commence before the end of the year, the NFT space could be about to witness a significant boost.
NiftyPays is an innovative and revolutionary concept, deeply and strategically brainstormed to benefit the exponentially increasing holders of Nifties (Non-Fungible Tokens). It will further fuel the wave of buying and holding NFTs, making them lucrative to investors looking for short-term gains apart from the increased value of NFTs over time and the pride of owning them.
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Published By : Yahoo! Finance