ShoeFy, a decentralized project that combines nonfungible tokens (NFTs) and fungible tokens (FTs) on a single NFT platform to add new utility layers to NFTs, has raised $3.65 million in a fresh round of funding. DuckDao, MoonWhale, ExNetwork, AU21, Basics Capital, Dutch Crypto Investors, and others are among the investors. Despite a hugely oversubscribed private sale, there are still two rounds remaining, with $800k allocated to community rounds across numerous Launchpads and the remaining $250k for public rounds. A whitelisting of ShoeFy’s website will be used to distribute the allotment.
ShoeFy Raises $3.65 Million for Innovation NFT Platform With Utility Layers
ShoeFy is doing two things at the same time. First and foremost, it is a foray into the world of NFT art with their debut shoe NFT (sNFT). The four aspects are used to fuel a decentralised network that allows users to earn passive income in five different ways by using FTs and NFTs in various forms such as staking; farming, and adding liquidity. They sought to add more value to the sNFT during its development cycle. As a result, they developed additional utility layers that can be added to NFTs using their DeFi toolset, which is designed to generate passive income.
Following its launch; the ShoeFy NFT platform will introduce a new DeFi product, which will finally give the embryonic NFTs some utility. Unfortunately, because NFTs are so new, they lack substantial utility layers and can only be purchased, sold, or kept. ShoeFy intends to address this by offering NFT farming and establishing the NFT swap; also known as the SHOE/sNFT Liquidity Pool (LP), which comprises of the first FT/NFT pairings. By providing liquidity to this pool, users can earn SHOE tokens as passive income from transaction fees and LP awards.
A team of seasoned blockchain venture capitalists, creative NFT developers; and top-tier marketing specialists from Europe to Canada; as well as South Korea and Thailand in Southeast Asia, is leading the initiative. The members of the team have similar ambitions and see a tremendous opportunity in the NFT and DeFi markets. Some are founders of reputable venture capitalist (VC) businesses and marketing professionals, according to their backgrounds. Others have worked for prominent cryptocurrency projects and exchanges. They also have a top-notch IT team working on their platform.
Michal Horvath, chief marketing officer at ShoeFy, said: “We are passionate about art and DeFi ; and to be able to combine the two mediums and; come up with a real value for investors is what innovation is all about. We have forged partnerships with other projects; that have come up with different utilities for the NFT to add value further and encourage mass adoption. DeFi is growing at twice the rate of crypto because people want access to better finance options. The legacy system has let a lot of people down, and with DeFi technology fueled by art; we can provide value like never before.”
The donations will be used to develop the platform, release the sNFT collection, and grow the community. The SHOE tokens and associated sNFTs can be used in five different ways to produce passive income for the project. The sNFT pool, where users can stake sNFTs to acquire SHOE tokens; or users can do traditional staking and stake their SHOE to get SHOE, are two ShoeFy products. Users can stake SHOE to farm different kinds of sNFTs on a sNFT farm. Then; for LP tokens that may be staked on the platform of your choice; there will be two options for users to supply liquidity: the traditional manner through SHOE/Wrapped Ether (WETH) and SHOE/Tether (USDT). Finally; the sLPl makes its debut; allowing users to stake SHOE/sNFT pairs to earn SHOE while also adding utility to their sNFT; allowing them to earn passive income with their collectibles.
ShoeFy IDO Launch Week
The ShoeFy Community round began yesterday, Oct. 11, with PolkaBridge, which sold out in less than three minutes. The SHOE initial DEX offering (IDO) is being implemented across seven launchpads in total. ShoeFy had outstanding twin IDOs on Moon Starter and MultiPad today. MoonStarter sold out in less than 55 seconds; and MultiPad sold out in less than 5 seconds in its second round. The third day of IDO will take place tomorrow on DuckStarter and KwikStarter, two more launchpads. Oxbull and TruePNL have the last day, October 14th.
SHOE on Gate.io Start-Up on October 18th turns up the heat even more. Then; on October 19 at 12:00 PM UTC; Uniswap will list a decentralised exchange (DEX) and Gate.io will list a centralised exchange (CEX).
Source: NEWSBTC