DEGO Finance continues to innovate in the BSC, launching its NFT Market v2 on top of their GigaFactory 2 NFT mining partnership with Bounce finance.
A Complete NFT Ecosystem
DEGO Finance is a non-fungible token (NFT) ecosystem that supports mining, auctions, and trading using NFT’s. This goes beyond the primary use of traditional NFT’s as it combines decentralized finance(De-Fi), allowing users to further interact with their NFT’s, giving them more value than suppose an art piece.
DEGO’s initial vision was a De-Fi project, but they are now attempting to give NFT’s a broader use case. Their open NFT ecosystem allows blockchain users to interact with NFT’s in an ecosystem that takes care of their entire lifecycle. Users can sell or trade their NFT’s on the open market and use them to “mine” for other tokens, creating a more extensive use case than most traditional NFT’s.
Key Advantages of DEGO Finance
— DEGO introduces an ecosystem that provides value to its NFT’s making it more than a digital art piece
— A community governance and De-Fi application allows users to insight change through the laws of code, hence the NFT-Fi application
–Users who own and stake their NFT’s are eligible for rewards in BOT or DEGO
NFT Minting, Auction and Trading
DEGO NFT’s are defined based on the following attributes
-Grades: Bronze, Silver, Gold, Platinum, Diamond, and Kryptonite
-Productivity: Core factor in determining each NFT’s mining efficiency
-Par Value: DEGO value in return of minting an NFT
-Mining Efficiency: Represents the mining speed of an NFT
-Power: Represents mining yield -Power = DEGO Par Value * Mining Efficiency-
-Decomposition: Users can decompose their NFT’s in return of previously locked tokens
These attributes are what set DEGO NFT’s apart. Not only do they provide artistic value, but they provide value as they grant users rewards. The grading and power metrics allow NFT’s value to be derived from yields an NFT generates, on top of its artistic significance. The following table below is provided by the DEGO Finance team for users to assess their NFT’s returns.
GigaFactory 2 Release
DEGO’s newest release is a collaboration with NFT auction house, Bounce. Coined “GigaFactory2” users will be able to mine $80k BOT using BOT NFT’s. Users can “cast” – mint– these NFT’s on DEGO’s website for 1 DEGO. The reward is evenly distributed for 30 days after release. There is a pseudo-lock-in period, for NFT’s unlocked in the first 72 hours of staking, 10% of your reward will be deducted.
Auction and Marketplace
DEGO NFT’s can be sold on their platform either through a typical market format or through an auction. NFT auctions last 24 hours, and the NFT is won by the highest bidder, either in ETH or BNB. In the last hour of the auction, new bids will increase the time limit by 10minutes, but only up to an hour of extra time will be allotted.
The following logic map displays how the auction revenue system operates. In short, 95% of the auction rewards will be allocated to the rewards pool for users who stake their NFT’s, while the remaining 5% will go to the team to continue development.
Currently, the NFT market operates similarly to most marketplaces. Sellers can post their assets for an asking price, where buyers then have the option to purchase NFT’s for BNB or ETH. At this point, there is a 2% fee that is barred by the seller.
DEGO’s NFT Market v2 launched yesterday, Nov. 18, allowing users to sell their new BOT NFT mining pieces on the open market. This is DEGO’s latest update and will enable users to maintain the whole lifecycle of their BOT NFT’s.
Tokenomics and Distribution
Key metrics to keep in mind here are presale amounts, fully diluted valuation, max supply, and the allocation towards miners. These numbers point out that there are only about 1/3 of the total tokens in circulation right now, where the remaining will be mined through NFT staking.
Currently, the DEGO team is continuing to innovate in the space and has many updates in the works. The following updates can be expected but do not have concrete release dates at this time:
DEGO swap – across-chain automated market maker (AMM)
Hunter – a yield aggregator product
DEGO Lending –possibly NFT based lending
The DEGO finance team is innovating to bring a whole new meaning to NFT’s. The fact that DEGO provides custodial services for the entire life cycle of an NFT makes it very appealing to users interested in collecting art. It also includes yield farming rewards for the time being. This offers more than the average NFT does to users as it allows them to earn rewards in DEGO, giving them access to DEGO evolution, a governance mechanism. Ultimately the team has visions of creating a digital Lego, one that has an integrated marketplace. On top of this, they plan to incorporate many De-Fi applications, such as an AMM, yield aggregator, and lending products. With these developments in the pipeline, it is evident that DEGO is trying to capitalize on the NFT market. As the De-Fi and NFT space continue to expand I’m sure we will find DEGO at the cunning edge of this space, both on the BSC and Ethereum network.
Source : bsc.news
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