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Filecoin Launchpad Accelerator Demo Day is Tuesday, September 28, 2021. Those who register will be able to see the product demos from the twenty different projects.
There are several companies building NFT solutions on Filecoin. Those who are looking for decentralized, permissionless, and fractionalized ownership of the world’s most valuable NFTs should check Nftfy.
Nftfy helps investors, collectors and artists monetize NFTs. Nftfy is the first decentralized protocol, which enables NFT holders to fractionalize their Non-Fungible Tokens (NFTs) in a trustless and permissionless manner.
The highly sophisticated, yet user-friendly Nftfy platform utilizes smart contracts to fractionalize digital assets into several ERC-20 compliant components while ensuring that each component is backed by the NFT itself.
Through fractionalization, users can sell a small part of the work or collection. As a side effect, users will have more people who will own a piece of the NFT providing shared ownership of NFTs.
The concept of fractionalization will revolutionize the way people create, sell or collect NFTs and the fractionalization concept is already growing fast across the NFT community. This is an opportunity to take advantage of this unique moment and possibly have NFTs sold, or publicize portfolio to more and more people as a collector or artist. Most NFT`s creators get their art stuck on a marketplace and never get sold. This revolutionary Fractionalization platform will empower NFT creators, traders, and speculators like never before.
To get started, you have to simply connect your wallet to the Nftfy platform and select your NFT to Fractionalize. From there, you just need to set the Exit Price that someone needs to pay to extract the NFT.
Once the transaction is approved, the NFT is transferred from your wallet to the smart contract. You receive 1,000,000 ERC20 tokens representing Fractions of your NFT, effectively turning your NFT into its own market.
If someone wants to buy the whole NFT, this person must redeem the NFT by paying the predetermined Exit Price. This payment can be issued with any mix of Fractions and coins to reach the price. After that, the NFT is transferred to the buyer’s wallet and the amount paid is stored in the smart contract’s vault.
What if someone buys the whole NFT, and you still hold Fractions of it? All you have to do is to Claim your participation. The protocol will exchange your Fractions at the click of a button for a proportional amount of coins stored in the smart contract`s vault.
