The Non-Fungible Token (NFT) space has been in the spotlight for all the right reasons in recent times.
This fast-rising sphere is set to receive yet another boost as decentralized tech platform, Drops (DOP), strategically partners with Enjin (ENJ) blockchain. According to a press release shared with Altcoin Buzz, the partnership with Enjin will make it possible for Drop users to take part in staking, and borrowing activities. The borrowing, according to the press release, will be done against ENJ-based NFTs, and also its in-game assets.
Enjin is well known in the crypto space as a pacesetter in the blockchain gaming and NFT space. Interestingly, the platform launched the first-ever NFT minting protocol; it also designed the ERC-1155 NFT standard. Enjin NFT minting platform also currently supports a huge amount of blockchain-based assets. Most of the crypto assets minted on ENJ also have real-world value as they are mostly imbued with Enjin native token ENJ.
ERC-1155 and ENJ Support
Drops partnership with Enjin is a welcome development for the recently launched end-to-end decentralized technology platform. The partnership will furthermore provide ENJ-based ERC-1155 with better utility as they will be integrated into the Drops platform.
Drops is well-known for its focus on bringing together the DeFi and NFT space. Also, thanks to the partnership with Enjin, Drop users will also be able to borrow ETH-powered assets; stablecoin inclusive with their ENJ-based NFT, and other in-game assets. The twist is that this borrowing will be done without users having to sell their NFTs and in-game items. Interestingly, ENJ will also join the list of tokens that can be used as collateral on the Drops platform. This means that interested persons will be able to borrow assets like USDC, WBTC, and ETH while using ENJ tokens as collateral.
The borrowed funds can also be used for a myriad of activities such as yield farming, etc.
More on Drops and Enjin
As previously stated, Drop is an end-to-end decentralized tech platform looking to bring together both the DeFi, and NFT space. The multi-chain protocol also has plans in place to incorporate Enjin’s highly-anticipated NFT blockchain – Efinity. Therefore providing even more utility for NFT assets not currently in use. Simply put, interested users can now obtain loans, have access to liquidity, earning yield, all by simply leveraging their idle NFTs.
To do this, it simply;
- Converts NFTs to DNFT (Fungible ERC-20 tokens) backed by liquidity pools.
- LP tokens can also be borrowed and then staked to earn rewards.
At the time of publication, DOP was trading at $0.330638 with a 24-hour trading volume of $74,360. The token price is down by 15.5% over the last 24 hours.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.