NFTs were not truly valued until the emergence of great sales recorded by certain people. As of August 2021, NFTs projects had a combined market cap of $25 billion with an average daily trading volume of $4 billion. Yet, the development of these new items was still at the beginning stage. OpenSea, Rarible, and Mintable were also launched and opened the potential of NFTs.
Beyond these marketplaces, play-to-earn games, as well as other projects, came up and the use of NFTs was expanded beyond just pictures minted by artists to in-game items that hold value. NFTs also saw application in representation of physical assets. Games like Axie Infinity and League of Kingdoms have recorded huge success in the gaming world having a market cap of millions of dollars. Still, with all this progress made, the intrinsic value of NFTs has not yet been unleashed.
So beyond holding an NFT, there are no means of earning passive income from it, or these tokens cannot be liquidated easily like fungible tokens. ShoeFy wants to unveil the potentials in and unlock the future of NFTs and fungible tokens (FTs) now.
What is Shoefy?
ShoeFy is aimed at revealing the true value of NFTs and FTs to Web3 users. The current trend for the use of NFTs is just related to buying, holding, and selling. For the team behind SheoFy, there is more to NFTs and FTs than just what is seen today.
ShoeFy is planned to be a platform that will allow NFT and FT holders to earn passively. The two tokens class will have values that can be interchanged using the Shoefy tokens ($SHOE) as the intermediate. As development gets better, this will turn into a Shoeverse that will lead to a revolution of what NFTs and FTs can be.
Read this also:
Features and Functionalities of the ShoeFy Ecosystem
ShoeFy will feature a series of on-chain algorithmically generated 10,000 sNFT minted. They will be released in batches as the first 3000 will be the Genesis sNFT which will be used as criteria to join the SHOE club in the future. People who spend their time collecting shoes, shoe collectors, will be called Shoe Beast.
In the ShoeFy platform will be a ShoeFy Dex. This tool will help create a sustainable liquidity system where sNFT and $SHOE tokens can be staked, farmed, mined, and swapped. It will be easy to use to facilitate activities. And alongside the ShoeFy Dex will be a Wallet integration that permits access to the ShoeFy platform via Metamask and later Trust Wallet.
ShoeFy will function as a Semi-Centralized platform at the initiation stage of the project. As development continues and more features are added, the team will evolve into Decentralized Autonomous Organization (DAO). At this point, changes and amendments made are decided by the community of those who own the tokens of ShoeFy.
As the platform progresses, it will be transformed into a ShoeVerse. Users will have access to it with a wearable digital shoe where there will be exciting activities like shoe contests, shoe battles, and shoe fashion shows, and later a Shoeverse play-to-earn game.
The entire process of entering the platform to making money in the Shoeverse will follow this process:
ShoeBeasts will mint sNFTs and are allowed to resell or stake their sNFTs to make money out of it.
For each sNFT that is sold at Step 1, royalties can be earned each time they are sold to someone else in the secondary market. sNFT can also be staked on the ShoeFY platform to earn passive income.
Degens can Stake $SHOE tokens, while Yield farmers can farm the sNFTs to earn $SHOE tokens with other rare sNFTs.
ShoeBeasts, Degens, and Yield Farmers connect on the ShoeFy platform to create the LP program.
Earn Profit from minting, reselling, trading, staking, farming, and the LP program on the ShoeFy platform.
Enter the ShoeVerse and explore the digital world with other gamers and users to unlock the profit of the play-to-earn game of ShoeFy.
Tokenomics of Shoefy
sNFTs and $SHOE are the two tokens of the ShoeFy platform. sNFT is a Shoe collectible while the $SHOE token is the native token in the ShoeFy platform.
sNFTs are ERC-721 tokens and are 10,000 in number with unique features and attributes. $SHOE tokens are of ERC-20 standards with a maximum supply of 100,000,000 SHOE and they will be bridged to other chains like BSC, Matic, etc
Users can make money with the sNFTs and $SHOE tokens by staking, and farming them. They can also be swapped vice versa. See more about $SHOE here.
Challenges and Road Map of ShoeFy
ShoeFy is a project that is targeted at one of the most important utilities in the blockchain space: NFTs. That market is growing so wide and a lot of projects are coming in. StepN is one project that has some similarities with ShoeFy. It has grown to be a relatively successful step-and-earn DeFi platform. The market is so volatile and there’s so much for every new project to learn along the way.
2021 was focused on ideation, assembling of the team, planning, and development, beta version launch, IDO listings, and other initial activities to kickstart the project.
Plans for 2022 on the ShoeFy project are about the release of the mobile version, the launch of PlayToEarn, NFT swap mechanism, expansion into the fashion world, and further expansion with popular brands.
ShoeFy is backed by big brands like DuckDao, MoonWhale, ExNetwork, AU21, Basics Capital, Dutch Crypto Investors, and more. It launched its IDO across 7 different reputable launchpads. Michal Horvath, the CMO of ShoeFy is the only known team member of the project.
Conclusion
ShoeFy is one of the many projects launched to explore the opportunities in the decentralized space with attention to use cases of NFTs. Beyond ShoeFy, NFTs have a lot to offer the entire blockchain ecosystem. It will be interesting to see how ShoeFy is able to capture value and make it native to its platform.
What do you think of this article? Share your comments below.
