Egggg yolk, what’s the howl with my dogs, the Chico army but if you're new here, no
stripes yet you're just a lowly viewer of the tube!
My name is Sergeant Tyler, and when I ask, if you're ready to go, I better get a good
response, kind of like this pooch owner...well,
was that a yes, or was that a no?
It’s time for Chico Crypto!!
Well here comes the next wave of decentralized financial products, which could get the DeFi
markets a moving once again.
NFTs...or non fungible tokens.
The leaders of DeFi, are creating NFTs.
Andre Cronyay, and his yearn finance are turning nexus mutual insurance contracts into NFTs,
which can be traded.
And guess what?
They are now the top traded category, yinsure NFTs on the opensea NFT marketplace and look
just below that...Rarible NFTs are the 2nd highest traded category, that NFT project
I covered last friday.
Then you have those leaders tweeting about them left and right too, Andre Cronyay tweeted..
Spent some time looking into Meme from Jordan Lyall, who is a Consensys developer...I'm
honestly amazed.
The art and NFTs are amazing.
I'm now a proud owner of a Legendary.
The $MEME design itself is fantastic, From a tokenomic & gamification perspective this
is one of the coolest things I have seen.
The token allows you to mint NFTs, but its capped and time gated, you need to choose
which cards you mint with your limited resource, and these cards have actual resale value.
Now you guys, MEME, it started out as a joke, literally.
Decrypto covered it’s beginnings last month, August 15th in an article titled “How an
anti-meme coin joke backfired into a $1.2 million meme coin” and the article states
“The latest meme coin, $MEME, was birthed accidentally when an anti-meme coin developer
poked fun at meme coins.
Less than a day later, and $MEME is closing in on $1 million in daily trading volume”
And then DeFi dude, tweeted this the same day “Please stop buying $MEME guys, this
is getting out of hand.You will probably lose money.It's literally a meme token that's now
in the hands of the community.
It does LITERALLY nothing, unless they want it to.
Which they have chosen to do just that in 1 month, Andre explained it, its an NFT farming
platform...the coin Meme is used like this 1.
Stake $MEME (capped for all users), earn normal credits
2.
Stake $MEME-WETH LP (capped), earn legendary credits
3.
Spend credits to mint NFT cards (max capped) 4.
Sell or keep the minted NFT cards
Well one of those cards, a legendary Sergay...sold for 7ETH, it was immediately relisted on OpenSea
and then sold for 77ETH.
Well back in August, Decrypt covered what happened in their article...back on August
15th they said “Trading has since dipped, and the coin’s currently worth about $7”
Well look at it yesterday….almost 220 bucks and trading volume is 3.3 million.
Now this is not an endorsement or anything for MEME...as these digital cards, are just
cards, but anything can have value as long as people say it does...and look where DOGE
is right now, a coin built on a dog MEME, and it has a 354 million dollar marketcap,
with 128 million dollars in 24 hour trading volume.
So, crazy things can happen, and other projects are moving on this NFT concept too.
Have you heard of AAVEgotchi and their eco governance token ghost?
Well these are DeFi powered NFT cryptocollectiables, staked with AAVE’s interest bearing atokens,
like AAVE LINK, AAVE ETH, AAVEUSDC and more.
Soooooo NFTs, they are hitting the scene faster than charlie sheen & admittedly too fast,
as Ethereum blockchain is not ready to handle mass minting, or widespread NFT type games...we
all remember what happened with crypto kitties.
Now, there is a project I have been excited about, called Reality Cards, where the NFTs
you own, are an underlying bet on an outcome.
It’s a prediction market, but instead of betting on outcomes, you own the outcome,
which means the outcome can become a piece of DeFi.
So, to explain this let’s say we have 3 outcomes for the presidential election, Trumpster
takes it, Biden brings home the bacon, or neither or no election.
You “bet” on these outcomes by renting the NFT, with a daily rental price in DAI.
Although if someone wants to take the NFT off your hands, they can, by providing a higher
daily rental price.
When the outcome is determined, the pool is distributed to those who owned the winning
NFT, all the owners, based on how long they owned the NFT for.
Long hold time, higher payout percentage of the pool.
Lower hold time, lower payout of the pool.
Now of course, Reality cards was originally planning to build on Ethereum and still are,
but the team noticed this was not feasible with the current gas fees...so where are they
gonna go in the meantime?
Well, DeFi dude posted this article on medium...Reality Cards is live on the xDai mainnet and the
article states “Greetings reader!
While we’ve been heads-down building in preparation for the anticipated V1 release,
we’ve been no stranger to the outrageous and increasing gas costs on Ethereum and decided
we should see what we can do about it.
After some thought, we’ve decided to test out our very first market utilizing a layer-2
scaling solution: xDai”
Reality cards insert an interesting play with NFTs, as those hold “potential value”.
While the outcome is still being decided, those NFTs can be rented by another DeFi user,
transferring the ownership to them.
Time based NFT outcomes and the pricing dynamics of this, bring a whole new level to the prediction
market sector, which will integrate very nicely with DeFi as a whole and its deploying on
xdai
Now, here is the biggest endorsement regarding xdai, in my opinion.
Gitcoin, who provides the Gitcoin Grants to developers, funding development on Ethereum,
in a decentralized manner.
They are in round 7, of their grants, of which vitalik was tweeting about multiple times,
retweet and then congratulating yearn for their contribution to the funding round.
Now Gitcoin, they didn’t run a utility token ICO, they speak about it on the website...but
they do speak about the options they are looking at for monetization, and one of them is NFTs.
As we can see, they have moved on this, with gitcoin kudos, NFTs for the gitcoin developer
community, which includes a marketplace for buying and selling.
Well, I wonder if Kudos is being held back?
Well CEO of gitcoin, is Kevin Owoki, aka Woki to the future on twitter, he said this “Thinking
about migrating Gitcoin's native NFT, Kudos over to xDAI.Mainnet has been too expensive
for this use case lately.
Anyone doing NFTs on xDAI?
What should i know?
xDai and NFTs, like two peas in a crypto pod but of NFTs, Digital cards, collectibles,
they are nice to look at...it's a growing sector, but I see the biggest ecosystem growth
from NFTs, are from ones that have utility, underlying value or potential value and the
proof is in the pudding, that’s why you see the top traded item category, on opensea
is yearn’s insurance contracts, as there’s an insurance contract backing the NFTs.
And in a bit we going to dive into another projects, utilizing yinsure NFTS, but 1st
it’s time for a sponsored segment of this video, being supported by Gods Unchained,
Ethereum’s most popular NFT trading and battle card game...who just went into season
1...
Now Gods Unchained, like other NFTs, the Ethereum blockchain proves your ownership of cards..but
unlike other NFTs the cards actually have utility in game, you use them to battle other
players and unlike other crypto games, in the space, gods unchained is polished, and
is a seriously enjoyable experience, if games like Magic the Gathering are your flavor.
Which would make sense, as the former game director of Magic the Gathering, Chris Clay,
is now directing Gods Unchained.
Plus they have major backers, from the likes of Coinbase, Galaxy Digital and Naspers, one
of the largest tech investors in the world.
So, Season 1 has kicked off with the release of their latest expansion pack, called Trial
of the gods which for only less than 12 more hours, has a discount on the pack and chest
purchases of 15 percent, so if you want to get in on the rarity, new cards, characters
& more.
But, Gods Unchained is free to play, just for signing up for the beta, you are given
a free set of cards, of course link for that is in the description, use it and get your
free cards….and then for playing the game you earn other more powerful cards, so in
actuality it's a play to earn model, as those cards you earn can be sold on NFT marketplaces.
As we can see from Non Fungible.com, there has been over 550 thousand card sales, with
a lifetime volume of nearly 3.9 million dollars.
So the DeFi potential is large with this Game, and they have expanded on that more with the
concept of chests.
Chests are basically, unopened Gods Unchained packs.
So in the cardwordl, unopened packs are a huge market, this is what chests are, as they
contain a bundle of 6 unopened packs.
And these chests are minted as ERC20’s meaning they are tradeable on Uniswap, OpenSea & more...so
the Genesis sale of Cards, which sold out oh so quick in October of 2019 there are still
packs out there in chests, if you want to hunt for those older cards, which one of those
Genesis cards a Titan, sold for a whopping over 60 thousand dollars in Ethereum, back
in February of 2019.
Now, what I wanna finish this episode off with, is a DeFi lego block getting looks from
around the space, but the looks, left quicker than the eyes set upon them.
Andre Cronyay tweeted about it saying “Disclaimer; this is not a promotion (since apparently
everything I tweet is seen as a promotion).
But this is cool, stake your insurance cover and earn $SAFE.
An incentivized insurance fund to get users to protect themselves.
Very awesome idea (I have not looked at contracts).
So, what they are doing is incentivizing, yield farmers and DeFi users, to get insurance
for their positions, with Yearns yinsure NFTs.
You stake the yNFTs with Yield Farming.Insure and you are rewarded with SAFE tokens...basically
NFT insurance mining.
Now the reason I believe this has such a big area for growth is the fact of what is going
on in DeFi...there is 9.15 billion dollars locked in DeFi.
Now the underwriter of yinsure nfts, is nexus mutual, and as we can see only 75million dollars,
is insured through Nexus Mutual.
That is only about .82 percent, not even 1 percent covered.
There is a lot of room for coverage growth, and now a way to earn off of that coverage
with STAKE, which should be a self-reinforcing loop, pushing those who are uninsured to insured,
as they can earn off of it.
Buttt, just like the world of DeFi, things can awry in a second.
SAFE because of its concept and support form big names, it pumped all the way up to 4000
dollars per coin, but as of today, has crashed to under 400...all of this in under 48 hours...what
happened?
Well the creator of yieldfarming insure, ChefInsurance on twitter, posted a blog explaining it...the
project got infiltrated by greedy SOB, named Azeem & the future of the project is up in
the air.
Chef says this “Through all this, as suggested by Andre, I still plan on developing the original
vision that I have been discussing with my fellow devs.
Whether this means having a token migration or creating a new token.
If you would rather join Azeem's project, I wish you good luck”
So, if you couldn’t tell...the world of NFTs and DeFi, is a place where anything can
happen.
Non Fungible properties opens up DeFi, where more robust innovative products, can be built,
but be warned...the more this opens up, the bigger the attack vectors.
Cheers I’ll see you next time!