NFTY DeFi Protocol price

NFTY

NFTY launched on September 21, 2021 with 5 million tokens. There is no maximum supply, but new tokens can only be minted through staking. The number of tokens staked and the length of a wallet’s staking streak determine the number of NFTY tokens minted once they are claimed by the staker.

Stakers must use their NFTY to endorse auctions if they want to claim their reward. The advocacy process does not spend or burn any existing NFTY tokens, but locks them to prevent unstaking until the endorsed auction closes.

NFTY is the product of a team lead by Chris and Clinton Mills, renowned video game developers with multiple Webby awards under their belt, while their father Ed Mills is an experienced Hollywood talent agent with a strong finger on the pulse of what the creative community needs to see before they’re willing to enter the NFT space en masse.

Rounding out the team is AI and privacy expert Evelyne Chevry, onboarding and project manager Chrissy Cook, head writer and content creator Adam Alonzi, advisor and billion-dollar social project entrepreneur Jake Collins, and an ever growing support team across the globe.

This team came together over the course of 2021 to address the problems of reputation and access for NFT artists and collectors after countless conversations revealed the many systemic gaps holding back the most talented from stepping into the arena.

NFTY rewards excellence in the NFT space through unprecedented gamified DeFi mechanisms.

Stakers are presented with the challenge of finding the best strategies to “endorse” auctions based on their ability to close the sale, potential payout, quality of the NFT, and the number of other advocates currently endorsing the auction. Successful strategies result in greater payouts called “farming rewards.” The reward for each auction is 7.5% of the final sale value.

This reward is distributed proportionally to all advocates based on the proportion of NFTY tokens they allocated to endorse each auction. For example, if Person A allocates 10 NFTY to an auction and Person B allocates 20 NFTY to it, Person A gets 1/3 of the 7.5% advocacy reward. Allocated NFTY tokens are locked and cannot be unstaked until the auction is completed and the NFT is sold, at which point they are unlocked for reallocation or unstaking.

This paves the way for an array of possible strategies without incentivizing the endorsement of non-sellable, low-quality, fraudulent, or spammy content - doing so is economically unviable. The result is a filter and data analytics platform; users can determine the degree of desirability as well as the expected sale price of an NFT.

Altogether these mechanisms create a reputation layer akin to likes, upvotes, or favorites on social media platforms while using economic incentives to ensure quality is promoted. Scams, spammy, and low-quality NFTs are filtered out while top-quality auctions are signal boosted to potential buyers.

NFTY is currently available for trading on the DeFi automated market maker platform Uniswap with an Ethereum (ETH) pairing.

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