This platform is blending NFT avatars with DEX activity – Cointelegraph

this platform is blending nft avatars with dex activity cointelegraph

This platform is blending NFT avatars with DEX activity – Cointelegraph

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Today, the world of decentralized finance (DeFi) is seen as revolutionary to the traditional banking system. Unfortunately, before the masses can leave traditional financial processes in the past, users must be willing to adopt this new way of doing things. In general, the concept of gamification has been proven to increase participation in a non-gaming environment and make learning a new process or concept easier.

Wallstreetbets, a decentralized exchange, is encouraging new users to embrace this world of DeFi, by offering a DEX NFT game that is tied back directly to DEX activities like contributing liquidity.

Founders of this DEX, Wallstreetbets, share the belief that “the blending of NFT avatars tied directly to DEX activity is the future of DeFi.” 

Community-owned, user-driven

Wallstreetbets is set up like most other standard decentralized exchanges. On the platform, users have the ability to trade tokens in any pairing on the Ethereum network without a third party. The company founders share that providing these features is in alignment with their mission to “create an exchange where [users] can trade what they want, when they want, 24/7 with no intermediaries.”

Wallstreetbets also has a governance token, the $WSB, that, according to the platform, allows holders to vote for the platform’s future direction, including upgrades to the exchange and other initiatives put forth by the development team. In this sense, the platform is promised to be wholly owned by its users.

The ethos of Wallstreetbets is to be community-owned. Many times in crypto, the founding team retains a significant amount of the tokens and influences the future direction of the platform. For the platform to be truly decentralized, the community insists on maintaining the tokenomics structure. 

Tokenomics refers to how a token is structured in a way that will compel users to adopt it and take part in building the ecosystem around it. 

More insights about wallstreetbets here

How it works

To see the gamification of this solution in action, users can expect the first version of NFT’s (also known as Wally’s, which is an ode to their ape mascot, Wallstreet Wally) in a tab on the decentralized exchange. Similar to other NFT games, which have tokenized in-game assets and allow players to collect them as nonfungible tokens (NFTs).

Blockchain-based games will differ slightly. While some will reward players in cryptocurrency, others will enable players to collect in-game NFTs.

In the case of Wallstreetbets, certain NFTS can only be accessed when users perform certain actions on the DEX. Common actions may include holding a certain token, providing liquidity, or maintaining a certain trade volume. In return, users will receive an NFT that the team shares will be created in collaboration with artists. 

In addition to holding these NFT’s, users may decide to upgrade, buy or sell them with the platform’s governance token, $WSB in the future. . 

The team behind this NFT game has already outlined version 2, Wally owners will be able to see others who own Wallstreetbets.com NFT’s in a landscape with other Wally’s. Users will be able to see other Wally’s “Banana Farms,” a depiction of the NFT owners liquidity stakes on the WSB Dex. Therefore, potentially DEX actions like yield farming, liquidity providing, or trading tokens can be completed in the landscape itself.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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