NEW YORK, NY, March 21, 2022 (GLOBE NEWSWIRE) — Crypto startup LOFI-DEFI and its native token, LOFI, including Applied Tokenomics, LLC’s unique blockchain-based, decentralized social media platform. The platform will include a built-in NFT marketplace and gallery that caters specifically to creators and investors. To that end, the company is inviting all musicians and artists to discover a virtual space where they can build their brand, sell their work, and enjoy passive income with the LOFI token. Users of the platform can discover and support hot new talent, while, at the same time, investors can navigate the platform to explore opportunities in both the NFT and crypto space.
Timing is everything and LOFI-DEFI is capitalizing on an emerging worldwide trend that is growing exponentially more popular everyday—non-fungible tokens or NFTs. And the company is joining the NFT craze by providing an efficient way for artists and musicians to monetize their content as they build their brand.
So, what are NFTs? Non-fungible tokens are a one-of-a-kind digital token issued/stored on the blockchain, which is a form of digital ledger. NFTs are quickly becoming the new asset class of interest in the crypto space. In short, an NFT can literally be anything digital, but the popularity of NFTs seems to surround digital art and music.
Enter LOFI-DEFI as the go-to social media platform offering artists and musicians a one-stop shop for their NFT needs. Users and artists will be able to cash in on their talent by minting NFTs of their work directly on the platform, while simultaneously building a community of fans and followers with the ability to share their content out to their own social accounts. This all-in-one approach is an effort to simplify the process for both creators and collectors, and it’s something new that LOFI-DEFI aims to bring to the space.
Completing the deal from artist to investor is the LOFI token, the exclusive currency used on the LOFI-DEFI platform. The LOFI token was launched in August 2021 on Pancakeswap, which is a widely popular decentralized exchange. Since then, the token has found a home on two centralized exchanges, WhiteBIT and Coinstore. The company’s exclusive currency will essentially connect creators, fans, and investors alike as the token is used for tipping, subscribing and purchasing NFTs on the platform through the Binance Smart Chain (BSC).
Volume in the NFT marketplace continues to balloon monthly, and since August 2021, the NFT space has enjoyed incredible growth. The amount of money pouring into NFTs reached its highest level ever in January of 2022. LOFI-DEFI incorporating an NFT marketplace and gallery into its social media platform is an ideal approach to growing its collection quickly. Given the success other companies have seen with this model in different genres, LOFI-DEFI should also expect to benefit from more trading volume of its NFTs. According to DappRadar rankings of NFT trading volume, Axie Infinity, amassed $4 billion in trading volume in just 3 years on its NFT-based online video game. The CryptoPunks collection has raked in $2.61 billion in NFT trading volume, while Bored Ape Yacht Club ranks third in DappRadar’s rankings with $1.35 billion in NFT trading volume. Developing a media platform that exclusively attracts musicians and artists will provide LOFI-DEFI with an even wider collection of NFTs to choose from than most popular marketplaces currently offer.
LOFI is a deflationary asset with a passive rewards system. The way it works is the smart contract features a reflection mechanism which rewards holders with extra tokens when trading occurs, and a burn mechanism which passively lowers the total supply as part of each transaction in order to make the remaining tokens more valuable.
Currently, development of the LOFI-DEFI platform is in Phase 3 of the company’s 4-phase plan. The development team has meticulously laid out a segmented roadmap from its Phase 1 launch of the LOFI token to the company’s growth strategy in Phase 2. Now, in Phase 3, the company will focus on expansion and releasing a Beta version of LOFI-DEFI platform . This development plan will culminate with Phase 4 and the company’s fully functional launch of the platform and its NFT marketplace and gallery.
LOFI-DEFI’s goal is to give creators control over their content and an ability to monetize that content. Because the company is centrally focused on creators, LOFI-DEFI executives believe their platform will be the industry standard for musicians and artists who are looking to build their communities and sell their work. With plenty of excitement surrounding the platform and its unique concept, the community is encouraged to participate in the journey and take part in the beta testing phase as the company progresses towards the full launch of LOFI-DEFI.
To learn more about LOFI-DEFI visit https://lofi-defi.com