A Quick Overview of Five Projects Under the 2023 NFTFi Narrative: BendDAO, NFTperp, SudoSwap...
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A Quick Overview of Five Projects Under the 2023 NFTFi Narrative: BendDAO, NFTperp, SudoSwap...
NFTs are becoming an increasingly used and valuable technology, which is why NFTFi could emerge as a dark horse narrative in 2023.
Navigating Web3 tides with focused insightsWritten by: Rekt Fencer
Compiled by: TechFlow
NFTs are becoming an increasingly used and valuable technology, which is why NFTFi could emerge as a dark horse narrative in 2023. Therefore, let's take a look at five NFTFi-related projects.
NFTFi refers to the financial system built around NFTs. As NFTs evolve, more and more projects are providing infrastructure for everyone—from speculators to collectors.
BendDAO
BendDAO is one of the largest NFT liquidity providers. It allows you to borrow $ETH using your blue-chip NFTs as collateral. You can also stake your $ETH here and earn a 5.1% APR.
BendDAO also offers Ape staking, allowing you to maximize yield from Yuga Labs.
Additionally, during the staking period, you can still sell your NFT or use it on the platform to borrow $ETH without losing yield.
BendDAO’s $BEND token:
• Current price: $0.024 (down 80% from ATH).
• $13 million market cap, $247 million FDV.
• Used for governance and staking (with ETH rewards).
Nftperp
Nftperp is a perpetual NFT futures exchange that tracks the floor prices of NFT collections. Traders can go long or short on floor prices of projects like BoredApeYC and Doodles with any amount.
Nftperp’s $NFTP token:
• Not yet launched;
• Will be used for governance and potentially for staking;
• Provides users with an ongoing rewards program.
Sudoswap
Sudoswap functions similarly to Uniswap’s AMM but is tailored for NFTs. This means users buy or sell from liquidity pools rather than directly trading between each other.
Key advantages of Sudoswap:
• Charges a 0.5% protocol fee per transaction;
• Your wallet cannot be blacklisted;
• Instant liquidity for buying and selling;
• Ability to earn trading fees by providing liquidity.
$SUDO token details:
• Current price: $3.06 (down 24% from ATH).
• $130 million market cap, $180 million FDV.
• Used for governance.
Hadeswap
Hadeswap is an AMM-based NFT marketplace that improves NFT liquidity and trading experience. It enables users to trade and swap NFTs via liquidity pools, much like using Uniswap for cryptocurrencies.
Some advantages of Hadeswap:
• 0% platform fee;
• Gradual buying/selling of NFTs;
• Earn $SOL by providing liquidity.
$HADES token information:
• Current price: $1.44 (down 85% from ATH).
• Used for governance and auctions of Hades NFTs.
• 90% of protocol-owned liquidity profits are used to repurchase $HADES.
Treasure DAO
Treasure DAO is a decentralized NFT ecosystem on Arbitrum, built specifically for metaverse projects.
Each project listed on the Treasure marketplace uses $MAGIC within its metaverse, and each community creates its own lore and stories around this resource.
Treasure currently supports 13 games, with over $240 million in total trading volume on its marketplace. The ecosystem includes the following applications:
• Trove Marketplace (for NFT trading);
• MagicSwap AMM (for swapping GameFi tokens);
• TreasureTags (your gaming identity).
$MAGIC token information:
• Current price: $1.8 (down 71% from ATH).
• $370 million market cap, $620 million FDV.
• Used for governance, staking, and in-game purchases.
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