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In an exciting update for the NFT and digital asset enthusiasts at large, Superfarm, a cross-chain DeFi protocol offering easy, accessible, and innovative ways to create, farm, and sell NFTs, has announced the go-live of its NFT farming feature.
With the launch of this feature, $SUPER holders and partner projects of the protocol can leverage their holdings in a non-inflationary way. $SUPER is Superfarm’s utility token that participants use for governance, fees, staking, and NFT drops. Since the protocol’s launch on March 31, 2021, the addition of this core functionality is seen as the most vital inclusion in the journey of Superfarm.
Introducing a New Era of Value and Utility
The launch of SuperFarm’s claim portal and native launchpad SuperStarter preceded the launch of its NFT mining feature, showing SuperFarm’s commitment and diligence in delivering a robust and extensive product suite in regular phases.
The addition of the NFT mining feature is not vital solely because it incentivizes the token holders. It is also a crucial step for the entire protocol ecosystem because it allows SuperFarm’s partner projects to use the protocol in a mutually beneficial way.
The Growing Importance of NFTs in the DeFi Ecosystem
DeFi protocols and NFT as a component of the DeFi ecosystem have been growing significantly for some time. According to the latest numbers available for Q1 2021, the AUM or value of assets under management by DeFi applications grew from 20 to 50 billion USD, a 150% growth. The prime driver behind the tremendous growth of DeFi has been the growth in NFTs. During this period, the NFT industry registered an increase of more than 25-times in trading volume and valuations over 2 billion USD for some marketplaces.
SuperFarm explores the synergy of DeFi and NFT to make the most out of the combination of these two. The NFT farming provision will safeguard $SUPER holders from being “inflated away”. Since farmed NFTs can be of any shape or form, the projects will get ample opportunities to continue adding unique NFT properties and utility. The NFT farming provision will also help partner projects and collaborators to bring in a gamification aspect.
How to Farm NFTs?
The SuperFarm NFT farming process is easy and convenient. Users will stake their $SUPER tokens and earn points on a block-by-block basis depending on their proportional share of the total pool. They can redeem these points for SuperFarm Genesis series NFTs. These NFTs come with a lot of utilities. It allows, for instance, priority access to drops.
The native NFTs within the EllioTrades or SuperFarm collections can unlock items within immersive AAA video games. Wallets with SuperFarm native NFTs will get the first chance to mint some of the most exciting NFTs on the platform. The NFT holders also qualify for Super airdrops and super holder exclusive NFT pools. These NFTs will also have special in-game utility in upcoming SUPERVERSE games. Even if you fail to redeem all points at one go – they will have additional utility in the future.
There are four Genesis Series character categories for farming: Legendary, Epic, Rare, and Common. The number of total NFTs varies between 25 and 2500, depending on the type of character you choose. Working with several partners, SuperFarm has plans to enhance its NFT farming features into something more immersive and collaborative in the days to come.