I am one of those who believe in cryptocurrencies, their functions and carefully chosen NFTs have a wide range of uses in my opinion. It won’t happen overnight but what gmoney and 9dcc are offering now could become common practice for high-ticket items in the next few years. To put it into practice, gmoney partnered with Anthony Trotta of Vernon Capital, giving holders of 9dcc’s ITERATION-01 drop the opportunity to put their T-shirt and/or NFT up as for a collateral loan of $125 with 20% APY.
A more important differentiator for the platform is that $LOOKS can be earned as rewards by trading popular collections. Once a collection has achieved 1000 ETH of trading volume on LooksRare, both the buying and selling parties are eligible to claim proportionate $LOOKS. Roughly 44.1% of total token supply has been allocated as ‘trading rewards’ for high-volume NFT collections – an attractive prospect for both buyers and microsoft spying may have had bigger sellers. This value will likely be highly volatile in the coming days as supply is gradually increased. LooksRare is left with under $1.247 billion in “real” trading volume and 195,170 legitimate transactions when stripping away the potential wash trading. That means virtually all high-value traders were likely wash trading efforts to inflate the numbers and make the platform appear like a potential competitor to OpenSea.
LooksRare is the community NFT marketplace with rewards for participating. The fees being cheap compared to other platforms is what makes LooksRare stand apart from the crowded NFT space. LOOKS is also displaying extreme bullish sentiments and could hit a new all-time high in the next bull run.
Gmoney believes that giving the entire resale market access to asset lending could be huge. Secondly, owners can access cash loans without having to flirt with selling their items. When considering items that sell for $200 but can get anywhere from $2,000-$10,000 on the secondary market, being able to loan even $500-$1,000 on that could make a dent in someone’s cash flow. He’s describing the potential of the asset lending program built into 9dcc, his web3-savvy brand that began with a T-shirt drop. Each shirt within the collection is infused with short-range wireless connectivity technology that allows holders to scan the label and claim a companion NFT that signifies ownership, authenticity, and historical provenance. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3.
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