OIG Partners with NiftyPays:
An innovative and revolutionary concept, deeply and strategically brainstormed to benefit the exponentially increasing holders of Nifties (Non-Fungible Tokens).
OIG is proud to announce our partnership with NiftyPays. NiftyPays is a very interesting project because their goal is to find new and improved NFT utilities. NiftyPays is a staking ecosystem that allows NFT holders to use their NFTs as collateral or stake their idle NFTs to earn rewards from different ecosystem projects listed on the platform. Rewards will be calculated by the ecosystem’s intelligent gamification algorithm and based on time spent by a user in the ecosystem. The more time spent in the ecosystem, the greater and better the reward. The NiftyPays platform further ignites the wave of buying and holding NFTs. Their ecosystem makes NFTs a lucrative investment for those looking for short-term gains apart from NFT value increase overtime and pride of ownership. Today we’ll highlight some interesting aspects of NiftyPays and make sure you are resourced around their IDO launch happening today!
Current NFT Industry State and Challenges
Those familiar with the blockchain have begun seeing a sharp increase in NFT popularity from NFT art collections themselves, to NFT gaming with in-game NFT assets such as weapons, armour and tools which can be traded in marketplaces. Other types of NFTs include but are not limited to photos, videos, and audio. The NFT market has actually increased to three times its size since 2020! Emerging NFT marketplaces allow users to buy, sell, trade and display NFT’s however, these assets remain illiquid and thus cannot be utilized to their fullest potential in the current DeFi ecosystem. Another market issue is that it is very costly for artists to start up and become known due to the quick increase in competition and the high start up costs/time investment of trying to gain crowd attention and engagement. This type of growth is unsustainable without sustainable market solutions.
NiftyPays’ Market Solution
NiftyPays has identified the unsustainable element of the NFT industry and determined new utility for NFTs aside from the traditional use of trading, selling and general artistic appreciation. NiftyPays uses its native token as the platform currency — $NIFTY — to incentivise users to perform transactions which generate them short term gains. Some of these transactions are: pooled borrowing, P2P borrowing, fractionalization of NFTs for increased liquidity, and voting on various features and parameters of the platform. NiftyPays is beneficial to its listing partners because there is product exposure and delegated staking. Overall, NiftyPays makes owning NFTs lucrative beyond their gradual appreciation and increased selling value. NFT owners now have the opportunity to generate profit with their NFT investments in the time between buying and selling them!
NiftyPays’ Platform Functionalities: Some of NiftyPays platform functionalities are as follows:
Lending — Users will be able to receive loans against their staked NFTs as collateral. Depending on the history and price predictability of the collateral, there will be two lending options available: P2P lending, and lending via a pool.
Price Discovery — NFTs which can be assigned a value, i.e. some trade history and participation in a well established NFT family, are traded as standard digital assets, while those with no valuation follow a P2P model. (please reference NiftyPays WhitePaper for a thorough breakdown on the specific methods implemented: Whitepaper — NiftyPays )
Lending Solution — The lending solution follows industry-standard functionalities of pooled lending and a dynamic, curve-based interest rate based on the lending pool’s current utilization.
Collateral Liquidation — In the event of a failure to repay and a NFT collateral needs to be liquidated, the liquidation will be done as a three-step process:
- The NFT will be auctioned off as a whole with the minimal sale price being slightly higher than the loan value.
- If the above step fails, the NFT will be fractionalized and sold via the exponential bonding curve as described in the fractionalization step above. Since the curve pays royalties, the cost of purchasing all fractions will be significantly higher (3x) than the original NFT valuation. A 3x price on the bonding curve ensures that the value of the collateral will be recovered as long as 70% of the fractions are sold.
- If all of the above fail (partially or fully), the lender will receive compensation from the NIFTY reinsurance pool.
Reinsurance — The NIFTY reinsurance pool will be a voluntary participation pool of $NIFTY tokens. This pool can be used to compensate lenders in case an NFT collateral cannot be sold to fully repay a loan. Participants in this pool will be rewarded with a percentage of all fees collected on the platform in exchange for them securing the loans.
Fractionalization — The platform will support fractionalization of NFTs and sale via an exponential bonding curve with back pay of royalties.
Fees — The platform will charge fees for various actions such as:
- Unstaking (0.5% fee)
- A % of the interest on all loans (3% margin)
- Liquidation of collateral (5% fee)
- Fractionalization (0.5% fee)
- Weekly promotions / lotteries
Closing Thoughts on NiftyPays and IDO Details!
NiftyPays is a groundbreaking platform dedicated to finding new, sustainable utility for NFTs. In a market that is growing at such a quick pace, it is extremely exciting to see a company finding new ways to generate user profit while developing the industry as a whole. NiftyPays’ Public Sale has just begun on TrustPad! Here is an article with everything you need to know about their IDO sale, as well as a link to the sale itself:
NiftyPays IDO Specials FAQs: https://firstname.lastname@example.org/niftypays-ido-specials-faqs-3b0bcb1defb0
Trustpad IDO Link: https://trustpad.io/pool/niftypays
To learn more about NiftyPays and get involved, connect with them on their socials:
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