NFTs, or non-fungible tokens have been a hot topic of conversation for some time now. As the new industry emerges, new collections are being created, utility is being expanded, and social groups are emerging.
Now, it looks like an NFT-centric social network is just around the corner.
LOFI-DEFI to Launch an NFT Social Network
In a press release, LOFI-DEFI announced that it will launch an NFT-based, decentralized social media platform that includes a built-in NFT marketplace and gallery. The company said the platform was developed to allow musicians, artists, and investors to connect in ways they never could in the past.
In the release, LOFI-Defi invited musicians and artists to discover a virtual space where they can build their brands, sell their work, and enjoy passive income, thanks to the LOFI token, the cryptocurrency that’s central to the social network.
The company went on to explain that users can discover hot new talent, while investors navigate the platform to explore opportunities in both the NFT and crypto space.
LOFI-DEFI plans to build the platform as the go-to social media network by offering artists and musicians a “one-stop shop for their NFT needs.” According to the release, users and artists will be able to mint NFTs directly on the platform while building a community of fans and followers by integrating the platform with their own social media accounts.
The company went on to explain that this “all-in-one approach is an effort to simplify the process for both creators and collectors.”
The company also went on to explain that the LOFI token is central to the economy in the LOFI-DEFI platform. The token, launched in August 2021 on Pancakeswap, is already beginning to gain some traction.
The company went on to explain that LOFI is a deflationary asset with a passive rewards system. Holders are rewarded with extra tokens when trading occurs and a burn mechanism will passively reduce supply of the token over time, making the token more valuable via scarcity.
LOFI-DEFI went on to explain that the company is on Phase 3 of its four phase plan. During this phase, the company will focus on the expansion and release of the Beta version of the platform. The fourth step is a planned ull function launch of the platform including its marketplace and gallery.
The Bottom Line
The bottom line here is simple. LOFI-DEFI will soon launch a social network that will act as a platform for artists to monetize their work and investors to connect with artists while generating passive income. It’s a win/win for all and the platform has a real chance of becoming a leading project ahead.