NiftyPays is a Decentralised NFT liquidity Protocol enabling lending-borrowing and staking opportunities against NFTs (aka Nifties).
DeFi, Yield Farming, and now NFTs, these buzz words on 2021 are all the rage even though the ideas behind the technology were sown many years ago. With artists, athletes, and players from various sources now launching their own Non Fungible Tokens, only time will tell whether or not the collection of digital memorabilia made it to the mass market.
Nevertheless, for those that are early in the space, new and improved protocols are innovating on how more to monetize these unique digital tokens for the hodlers.
One such project NiftyPays (not to be confused with Nifty of the National Stock Exchange of India), is working on a concept to allow NFT holders to lend out their tokens to interested borrowers to “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”, the official blog says.
What does NiftyPays offer?
Non Fungible Tokens is a niche market with a niche audience, in some cases they are simply a digital proof/certificate for the buyer while the actual art piece is kept elsewhere. With that said, many individuals want to buy NFTs, but lack of liquidity and proper incentivization has obstructed global adoption, says the company. NiftyPays wants to evolve NFTs as an Alternate Asset Class( AAC) via;
Users will be able to receive loans against their NFTs as collateral. The lending mechanic depends on the history and price predictability of the collateral.
- Staking/Delegated Staking
NiftyPays drives community adoption through its staking farm. Under the staking model, a user staking NFT from a listing partner on our staking module. Users who stake their NFTs on the platform will receive airdrops from partner projects on the platform, as well rewards in $NIFTY.
The NFT market has been highly overpriced and most investors want to enter the market but the ticket size of popular NFTs is too high. With the help of $NIFTY tokens, you can jointly own an NFT and sell your stake or earn royalties.
- NFT Renting
NiftyPays also provides NFT renting where anyone can hold the NFT for a short span and pay rent to the original owner for that time span. Once the contract expires between both parties, the NFT is returned to the wallet of the creator/owner.
The founder and CEO (CNO – Chief NFT officer), Vinshu Gupta has spent about 8 years in the blockchain space. Gupta studied information technology at the Guru Gobind Singh Indraprastha University, started as a blockchain freelancer, then blockchain architect and eventually started his entrepreneurial journey by founding Nonceblox Private Limited that provides blockchain specific services and solutions to an ever growing clientele list.
Large part of the team is Indian, making Niftypays one of the many innovative ideas coming from India into the global Crypto space.
NiftyPays have an IDO on the cards, and the roadmap and whitepapers can be found on their official site.
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