The NFT (non-fungible token) sector is on the rise. These unique digital assets are now more popular than ever. You can find NFTs across the market, from gaming to artwork, all the way to real-world assets. A lot of progress has been made in the NFT sector to date. Now, the developers behind DeCEX believe they have what it takes to launch the entire industry a step forward.
An NFT is a unique blockchain asset. Unlike Bitcoin, which is fungible, every Bitcoin represents the same amount, much like how any dollar is still equal to a dollar. NFTs function differently. They are not interchangeable. Think of a plane ticket. They all look alike, but they all represent different seats and values. NFTs are the same.
The NFT market blossomed from tokenized real-world assets such as cars or debt into a thriving crypto division. Reports have shown that by July 2020, the total sales of NFT exceeded $100 million. Much of this growth can be attributed to the expansion of the blockchain-based gaming sector. This sector relies heavily on these tokens to represent in-game objects. The art section has also embraced NFTs.
Amazingly, NFT technology has begun to shift the paradigm in terms of art investing strategies. This year saw a stark increase in the investment of digital-only artwork. This artwork has some serious advantages over its real-world counterparts. Primarily, its scarcity is blockchain verifiable. There are no fakes, counterfeits, or other scams that can occur with this token due to its underlying technology. For these reasons, NFTs have skyrocketed in value recently.
DeCEX Seeks to Keep the Momentum Going
DeCEX combines the best aspects of NFTs with DeFi (Decentralized Finance) to create new opportunities for all. Users can stake their NFTs in yield farming pools using DeCEX. Staking is a blockchain protocol that allows you to lock your unused cryptocurrency into a smart contract and receive rewards.
In the beginning, staking was used as an alternative way to secure blockchain networks. Today, there are all types of staking protocols. DeFi has introduced various versions of this protocol recently. Yield farming is a perfect example of a newer staking model. In the yield farming scenario, users take over the role of banks. Specifically, you can lend out your crypto to other users. In return, you receive repayment plus interest.
Yield farming is prevalent for some key reasons. One, anyone can use this protocol successfully. You don’t need to understand the market very well to earn profits. Compared to trading cryptocurrencies, yield farming is much more comfortable, and the results are more consistent. Also, those who stake in the yield farming pools don’t have to worry about loan defaults.
Interestingly, liquidity pools are set up to draw new funds to cover delinquent loans. Lenders always receive timely repayment. Additionally, the collateral and earned interest ensure that the pools continuously grow in value. Best of all, the more value the pool holds, the more value the pool’s tokens are worth. Investors receive tokens to represent their participation in liquidity pools. In addition to their interest earned from loans, they also enjoy higher token values when the pool’s liquidity increases.
Dual Staking is Here
DeCEX users gain access to two staking liquidity pools. The first pool allows you to stake your DCX tokens to earn profits. DCX is the native governance token of the DeCEX network. It’s also used to complete transactions within the network. Also, there is an LPV2 Staking option users can leverage. This feature allows anyone to earn GrassV2 to exchange NFTs in the ecosystem. Notably, there is a 5% fee on any liquidity pool contribution.
Grass is Greener
Grass is the rewards token for the system. You receive all rewards in grass. This token can then be traded for DCX tokens directly or for NFTs. This layout is conducive to future growth because it promotes more NFT usage in the market.
Auction of Your NFTs to the Highest Bidder
One of the best features found on DeCEX is its proprietary NFT auction system. This protocol functions kind of like an eBay for NFT collectors. Users can see what NFTs are going up for auction and then bid on the items. The highest bidder takes home the collectible. Similar to other auction protocols, the network allows you to set a starting price for your event.
Network Fees Feed into the Liquidity Pools
The DeCEX network was set up to increase its liquidity pool holdings continually. Every time someone sends a transaction, they pay a 5% transaction fee. A small percentage (1%) of this fee goes directly into the DCX/ETH liquidity pool. This deposited crypto is then locked into the pool permanently. This strategy removes tokens from circulation and boosts pool liquidity.
Feeling Lucky Buddy?
If you are the type of person who has decent luck, you may find it wise to participate in DeCEX’s year-round lucky draw promotions. Users can win collectibles, DCX, and Grass tokens utilizing this fun game. The protocol functions as a lottery. Users purchase entry tickets to participate. Best of all, the platform’s decentralized nature ensures that all users have full transparency regarding winners.
The DeCEX Crowdsale Is Only Days Away
DeCEX is ready to unleash its revolutionary NFT platform on the market. The firm intends to utilize a four-stage release strategy. Each stage will introduce another 100,000 DCX tokens into circulation. Notably, each launch will slightly increase the cost of DCX tokens. The event will conclude with an official listing on the world’s top DEX, Uniswap.
DeCEX — Combining to Fast Growing Blockchain Sectors
DeCEX developers are way ahead of the curve. Allowing NFT users to earn profits without selling their crypto is a genius way to attract these users to the platform. When you combine these features with the market’s growth rate, it’s easy to imagine a scenario where DeCEX plays a pivotal role in NFT adoption moving forward.
To promote the public sale of DeCEX, the developers build up a referral system for all the investors. The user who buys tokens or claims airdrop can get a unique referral link. If someone buys DCX through your link, you will get a 5% bonus of the purchase amount.
Zemm has been making art about cryptocurrencies since 2017. Recently, he illustrated for Yearn Finance’ yGift project and has sold out several series of NFTs on Rarible. Zemm is known for melding dexterous pen drawing with digital graphics and animations to articulate and explore the mythos of emergent technology and shifting cultures in the crypto sphere.