The NFT, or Non-Fungible Token is a digital representation of an asset that exists on the blockchain. They have been around for decades but recently gained notoriety after starting to be integrated into video games like CryptoCribbage and Cryptokitties. Experts say this tokenization trend will continue as more companies take advantage of the new technology that enables them to become decentralized players in their industry with no need for a centralized authority such as Amazon Web Services or Apple’s App Store.
NFTs, or Non-Fungible Tokens, are a type of cryptocurrency that can be traded and transferred. The “selling nft” is a way to create NFTs.
Many of us are already aware with ENS, an Ethereum-based name system, and a large percentage of NFT fans own at least one ENS domain. But have you considered coming up with and owning your own unique names for your NFTs? The first decentralized NFT name registry, NFTR, is a new service that will enable NFT holders to give their NFT the final touch by giving it a unique and verifiable name.
ENS has been a huge hit, and it’s clearly one of Ethereum’s most popular applications. The startup rewarded its customers with a big token airdrop in November of this year, with many of them getting tokens valued more than $20,000. The platform will utilize a unique tokenomics approach to produce long-term value for its users, with the goal of becoming the ENS of NFTs.
Your NFT’s Name
Nifter’s native token, $RNM, is used in the NFT registration procedure. NFT holders will have to pay 365 RNM per NFT to give it a unique name, which may be bought with ETH or farmed. The name you choose must be alphanumeric, have only single spaces, and be case sensitive. The choices are unlimited; you may base it on your NFT’s characteristics, a favorite movie character, or your own personality; only your imagination is limited!
Users may give any NFT a name as long as it is an ERC-721 coin. The portal will, however, have a selected project list, beginning with the first NFT project, CryptoPunks. To utilize per NFT name, owners of an NFT from a curated project will earn 365 dropped RNM (dRNM).
The Nifter DAO will curate blue chip NFT initiatives each month via a selection process. These projects will be able to take part in RNM “Hold Farming” and get free dRNM drops. A Curation Competition will be held, in which projects with the most named NFTs will compete for extra positions in the curated list.
Generating RNM Yield & NFTR DAO
Hold Farming is a way of generating RNM yield by keeping a named NFT from a curated project. Hold Farmers may claim a total of 365 RNM per NFT every year, which means they get one additional naming or renaming of an NFT.
Users will be able to stake RNM in the Nifter Protocol and earn RNM at a set rate of 20% APY in the first year. Each year, the APY will decrease until it is phased out by year 5. In addition, NFT holders may stake sLP tokens on NFTR.name to offer liquidity to the RNM-ETH pool on SushiSwap and get 100% APY against the given RNM (APY tapers by 50 percent annually, reaching zero by year five).
The establishment of an NFTR DAO will be utilized to make community choices on a range of NFTR matters, such as RNM Hold Farming, Staking, and Liquidity Providing rates and tapering; voting weight distribution, needed quorum totals and percentages; Curation process; Burn rates; and more.
The First Publication
The roadmap is packed with intriguing innovations, including a Golden Ticket presale event featuring a list of 1,000 of the most sought-after names as part of the impending pre-launch (date to be revealed). Tickets will be minted and burnt on a bonding curve and may be bought using ETH. The ETH raised through the Golden Ticket bonding curve will be used to give liquidity to the RNM-ETH pool, as well as to buy back RNM and finance NFTR Treasury projects.
So get your creative juices flowing and prepare to nab the greatest NFT names before someone else does! To learn more about the expanding NFTR ecosystem and other ways you may engage as an RNM holder, see the full information here.
Join Discord >> Here
Name your NFT >> Here
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