NFTb Introduces NFTb Earn Phase 1 Incorporating Yield Farming Into Their NFT Marketplace

NFTb brings significant updates to their platform, including yield farming and their new Auction feature!

NFTs and Yield Farming  

The Non-Fungible Token (NFT) marketplace NFTb now looks to institute yield farming to their protocol. Introduced on July 2nd, through NFTb’s recent Medium article, the upcoming update includes yield farming of NFTb’s native token, $NFTB.

The yield farming launch is planned for July 16th, at 9:00 AM EST. The update is titled Phase 1. The $NFTB is the currency used to purchase NFTs on NFTb, which means users can now stake their coins for potential huge returns on their money.

NFTb offers three different lock-up vaults, each with massive Annual Percentage Yield (APY) returns. The vaults range from 30 – 60% APY, with lockup durations running from 2 months to 6 months. Users can stake their $NFTB, the token used on NFTb to buy NFTs and experience passive returns for locking up funds over a period of time. 

NFTb released estimates of the projected yield farming feature when it goes live. Users will need to stake at least 1,500,000 NFTB. The APYs elevate based on the locked vault duration.

The 6month vault will collect the highest APY at an estimated 60%. Users can expect around 30% APY for the 2-month vault and 40% APY for the 4-month vault. 

NFTb has also recently been cleared by CertiK in an audit and is currently under review by Hacken. NFTb has also launched a brand new feature to their platform for virtual artists called Auctions, which is now live. 

NFTb’s Feature Spotlight: Auctions

The now live Auctions is a brand new feature that looks to bolster content creators’ ability to earn money through their virtual artwork. Artists using NFTb can now easily list an item for sale and let the community drive up the price value of the artwork. 

Artists will be able to set a reserve price on their piece of artwork. The reserve price is the minimum price a seller is willing to accept for their item in an auction. On NFTb, when a potential buyer offers to pay the reserve price, it kicks off a 24-hour timer that, when ended, closes the auction. Anyone can place a higher bid during the 24-hour window to claim the NFT. 

What’s interesting is on NFTb, if the countdown timer is within the last 10 minutes and a higher bid is placed, NFTb will extend the auction and reset the timer for another full 10 minutes. This extension continues to happen until no further bids are placed.

This system aims to provide bidders a large window to place bids while also allowing the value of the NFT to be driven up exponentially higher. For virtual content creators, the new auction system offered by NFTb should increase the returns on their artwork. 

‍

Upcoming Updates

NFTb plans on releasing three total update phases to their platform. Below are descriptions of Phase 2 and 3: 

Phase 2: New vaults with double-sided assets and leveraged yield and staking bonuses 

Phase 3: NFTb Earn will allow other tokens to be listed and paired with the platform’s Automated Money Maker function 

What is NFTb?

NFTb is an NFT exchange protocol built on the Binance Smart Chain (BSC) network. The platform can be accessed anywhere around the globe and is rumored to have partnered with hundreds of graphic designers. The project’s chief concern is providing a powerful and easy-to-use platform for content creators to use while at the same time creating an affordable experience for NFT collectors by leveraging the power of the BSC network. 

Source : bsc.news