SuperFarm is a decentralized DeFi protocol, complete with a cross-chain platform for NFT farming, and it promotes token utility. That might sound like a mouthful, but don’t worry. If you’re new to crypto, we’ll explain what all of that means. And since we know all about the many decentralized finance (DeFi) platforms and protocols out there, we’ll also explain what makes SuperFarm different.
But before we do, let’s look at the traditional options a crypto speculator has after investing. There are only two when it comes right down to it – sell or hold. And many times, when a speculator gets involved early, the project launches without a product. That means its token has no immediate use case. Because the period between the token sale and product delivery can take a long time, the only option for investors in these situations is to “grind their teeth” and wait it out.
What is SuperFarm?
However, with the introduction of DeFi, there is a third solution besides “sell or hold,” which is the yield farming option. Even so, speculators must be careful because staking project tokens to get more project tokens can result in inflationary mechanisms diluting their value, especially when projects release additional tokens into the ecosystem that applies extra selling pressure. If you’re ready to learn about DeFi, make sure to join Ivan on Tech Academy and start your world-class education today!
So, what to do with tokens that need utility is where SuperFarm comes in. This cross-chain platform brings utility to any token in the DeFi ecosystem by turning it into an NFT farm. “Cross-chain” means that it works with other blockchains than Ethereum.
But the best part of getting set up on SuperFarm for those of us who aren’t developers is that no coding is required. Well, maybe that’s not the best thing for developers looking to earn a paycheck, but it’s useful for those looking to bypass paying high developer fees when they’re ready to set up an NFT farm.
What Are NFTs?
So, what are NFTs anyway? NFT stands for “non-fungible token,” and they could be the future of art, music, gaming, and even tangibles like real estate. But the terms “fungible” and “non-fungible” can be confusing, so let’s dig deeper.
Fungibility applies to both real-world assets and digital ones. It describes an asset’s ability to hold a standard value. For example, a $100 bill would be a fungible asset because one $100 note is worth precisely the same as any other $100 bill. A fungible asset’s superpower is that it simplifies trading between people. Consider how confusing it would be if John’s $100 bill was worth more than Mary’s. It wouldn’t work.
Fungible vs. Non-Fungible Assets
So, denominations of fiat currency are one example of fungible assets. Their values are standardized. On the other hand, a baseball card is an example of a non-fungible asset. Some baseball cards might appear identical to the untrained eye, but the finer details make them unique. Hence, baseball cards can command different prices.
However, the possibilities are endless when it comes to non-fungible tokens on the blockchain. These tokens or NFTs can represent many other assets, not just currency. NFTs are dependent on the blockchain. So, if you want to learn more about blockchain technology, join over 30,000 other students enrolled in Ivan on Tech Academy.
Here are a few characteristics that differentiate NFTs from the standardized fungible token.
- NFTs Are Unique
These tokens contain unique metadata.
- NFTs Are Rare
Scarcity is what makes NFTs attractive.
- NFTs Can’t Be Counterfeited
This characteristic is essential when it comes to tokenizing works of art and personal identity.
- NFTs Can’t Be Inflated
Unlike fiat currency.
There are many use cases for NFTs, but currently, blockchain-game collectibles are still the primary use case. And SuperFarm seeks to equip its users to farm whichever NFT use-case they want with an innovative suite of visual tools. Any person or project can set up a new farm and customize the rules and incentives to get the desired user behaviors. Also, creators can set up rules to incentivize longer staking, get more liquidity providers by offering higher rewards, or grant special access with NFTs.
If you want to learn more about NFTs, be sure to check out our article, “Non-Fungible Tokens – Could NFTs Supercharge The DeFi Sector?“
The House of NFT Farming
Now that you have a better understanding of what NFTs are, we’ll get into how SuperFarm can enable a project to add new utility to their tokens with them. And also how, with its simple set of building blocks, SuperFarm can connect tokens to products.
What the SuperFarm platform does is provide a mix of NFT farming along with crypto-to-crypto farming. So users can set up their farms and deploy new NFTs. And without leaving the platform, they can also set up their custom marketplaces to sell products. SuperFarm combines the essential features in the NFT infrastructure all in one place to provide a superior UX for its users.
Problem Solving with SuperFarm
In DeFi, setting up NFT farming has always been a complicated process that involves coding. By simplifying the process, the team believes that SuperFarm will do the same for NFT farming that Uniswap did for liquidity pools. SuperFarm seeks to solve NFT farming’s complexities by empowering users to set up NFT farms and quickly create their collectible ecosystem. And all of this without hiring developers or having to code themselves.
SuperFarm empowers a variety of functions that will be crucial to the future of NFTs. A few of the features are:
- NFT Farming
Any person or project can easily set up NFT Farms with customized rules powered by the SUPER token. However, one must obtain a minimum of 100k SUPER to open a Farm.
- NFT Store
The NFT Store is another feature of SuperFarm. This store allows users to redeem points they earn from farming. Or users can purchase NFTs directly with cryptocurrency.
- NFT Creation
This feature is the most anticipated, and it will enable users to generate NFTs from SuperFarm’s intuitive interface.
A Billion New Crypto Users?
Some have theorized that NFTs will bring a billion users to crypto. That’s because people like the team at SuperFarm believe that most of the world’s population is not financially literate enough to understand DeFi. Therefore, they believe standalone DeFi products will fail to attract the world’s masses.
NFTs and Video Games
NFTs, in contrast, are versatile and can be readily infused into products with a universal appeal—the most obvious being video games. Gaming is the top use case for NFTs since the number of gamers worldwide hovers around $2.6 billion. Not to mention the fact gamers spend approximately $180 billion on digital assets each year. Also, gamers are tech-savvy, with an average age of 32.
That demographic alone could potentially transform the crypto community. Billions of gamers spending hundreds of billions each year on their passion would be an excellent addition to help take crypto mainstream. But one has to ask the question, “if gamers and NFTs are such a perfect match, why aren’t they here yet?”
The Innovator’s Dilemma
There could be other reasons for gamers not onboarding en masse to the blockchain. But first and foremost, gamers don’t own in-game assets in the present-day video game model. Instead, they typically rent them.
Hence, game studios are in no hurry to implement blockchain and cryptocurrency technologies. That’s because gamers owning these assets would diminish their revenues. If gamers were allowed to buy and trade amongst themselves, that could severely undercut the studio in the second-hand sales market. Thus, it should come as little surprise that the major studios aren’t rushing to adopt the blockchain.
That leaves Indie studios and startups as the primary target market. But they are already fighting enough of an uphill battle without introducing new tech to their projects. That’s why some have called this the classic “innovator’s dilemma.” And in the case of the blockchain, it’s put the industry in a dilemma to find quality products.
That’s why its founders created SuperFarm. They seek to bridge the gap between the blockchain and the exploding gaming industry.
If you’re excited about building games on the blockchain, sign up for the Ethereum Game Programming course today at Ivan on Tech Academy.
SuperFarm’s NFTs, along with those from their official “Partner Farms,” stand to gain utility within real AAA video games (video games produced by mid-size or major publishers) if all goes according to plan. SuperFarm’s NFT users can access limited edition items within video games. They can also use and trade their assets in new digital frontiers. By so doing, NFTs can serve to unlock unique digital experiences.
If You Build It, Will They Come?
The founders at SuperFarm disagree with the cliche, “if you build it, they will come.” Other projects have adopted this mindset, but this team believes that merely hoping that someone will magically show up and build a killer game on your technology platform is wishful thinking. Instead, they have opted to break the mold of previous NFT projects and focus on putting utility ahead of infrastructure.
This brings us to the platform’s native token, SUPER token. It will have a wide variety of use cases in the SuperFarm ecosystem, but mostly for governance and fees. However, the SUPER token will also provide access to exciting opportunities via the Superverse (see below), Partner Video Games, and NFT Drops.
SUPER token holders can participate in governance by voting on proposals. And eventually, SuperFarm will evolve to full decentralization to be owned entirely by its token holders. Holding SUPER tokens will be a prerequisite for anyone wanting to use critical features of SuperFarm, such as exclusive NFT drops and access to the rarest NFTs.
Users can also stake their SUPER tokens to earn exclusive NFT rewards in the premium partner farms. These SUPER tokens will be available to purchase on Uniswap. And participants must purchase a minimum of 100k to set up a farm.
The reason to force users to put some “skin in the game” is to prevent spam attacks, increase farm quality, and drive demand for the SUPER token. The SUPER token will thus empower the SuperFarm network.
Within the SuperFarm ecosystem, there exists something commonly known as the Superverse. The Superverse will conduct exclusive NFT drops from a variety of the platform’s partners. However, to get special access to the Superverse NFT release, users must hold the required amount of SUPER tokens. Again, owning SUPER tokens comes with its privileges.
SuperFarm and Discoverability
The well-known crypto YouTuber EllioTrades is the cofounder of SuperFarm. The EllioTrades community has over 200,000 members across the Telegram, Twitter, and YouTube platforms and is considered the leading altcoin community. The extended network includes influencers in the crypto content creator community, with over 1 million crypto users worldwide.
Since EllioTrades helped created SuperFarm, this means SuperFarm can offer something others can’t – discoverability. Its discoverability is another point of differentiation from other platforms trying to do the same thing.
SuperFarm’s Investors and Partnerships
Some of the top NFT investors and biggest crypto influencers like Bitcoin.com, Animoca Brands, and Matic have already put some “skin in the game” and backed SuperFarm’s vision. And the team looks forward to partnering with the next generation of blockchain gaming projects – the more disruptive, the better!
All this NFT farming expansion could open up the possibility for massive value creation and launch SuperFarm to prominence for the next evolution of the blockchain industry.
Since many tokens lack utility, now that any community can leverage NFT farming’s power to drive demand for their tokens and enlist community engagement, this type of farming could prove valuable. And by offering an easy to use, code-free, and intuitive setup process, the entry barriers for NFT farming have been lowered significantly.
SuperFarm could be the next generation of NFT infrastructure, and there is always a growing need for value creation on the blockchain.
So, will SuperFarm prove to be yet another stepping stone down the path toward NFT development? With the growing appreciation for NFTs, it might be at the right place and time to revolutionize the NFT infrastructure.
Are you ready to enter a revolutionary industry with a red-hot job market? If so, you’ll need the best tools and training available for new blockchain developers. And you can find all of it at Ivan on Tech Academy. Join and start your education today!