NEW YORK, NY, March 21, 2022 (GLOBE NEWSWIRE) — Crypto startup LOFI-DEFI and its native token, LOFI, include Applied Tokenomics, LLC’s unique blockchain-based decentralized social media platform. The platform will include an integrated NFT marketplace and gallery that caters specifically to creators and investors. To this end, the company invites all musicians and artists to experience a virtual space where they can build their brand, sell their work, and enjoy passive income with the LOFI token. Platform users can discover and support hot new talent, while, at the same time, investors can browse the platform to explore opportunities in both the NFT and crypto space.
Timing is everything and LOFI-DEFI is capitalizing on an emerging global trend that is becoming more popular every day – non-fungible tokens or NFTs. And the company is joining the NFT craze by offering artists and musicians an effective way to monetize their content while building 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 capitalize on their talent by creating NFTs of their work directly on the platform, while simultaneously building a community of fans and followers with the ability to share their content on 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.
The LOFI token, the exclusive currency used on the LOFI-DEFI platform, completes the transaction from the artist to the investor. The LOFI token was launched in August 2021 on Pancakeswap, which is a very popular decentralized exchange. Since then, the token has found its way onto two centralized exchanges, WhiteBIT and Coinstore. The company’s proprietary currency will essentially connect creators, fans, and investors, as the token is used for tipping, subscribing, and purchasing NFTs on the platform through the Binance Smart Chain (BSC).
The volume in the NFT market continues to swell every month, and since August 2021, the NFT space has seen incredible growth. The amount of money paid into NFTs reached its highest level ever in January 2022. LOFI-DEFI integrating an NFT marketplace and gallery into its social media platform is an ideal approach to quickly grow its collection. Given the success that other companies have had with this model across different genres, LOFI-DEFI should also expect to benefit from greater trading volume from its NFTs. According to DappRadar’s NFT Trading Volume Rankings, Axie Infinity has amassed $4 billion in trading volume in just 3 years on its NFT-based online video game. The CryptoPunks Collection garnered $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 reward system. The way it works is that the smart contract has a reflection mechanism that rewards holders with additional tokens when trading, and a burn mechanism that passively reduces the total supply under each trade to make the more valuable remaining tokens.
Currently, the 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 the launch of phase 1 of the LOFI token to the company’s growth strategy in phase 2. Now, in phase 3, the company is will focus on expanding and releasing a beta version of the 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.
The goal of LOFI-DEFI is to give creators control over their content and the ability to monetize that content. Because the company is creator-centric, LOFI-DEFI executives believe their platform will be the industry standard for musicians and artists looking to build their communities and sell their work. With much excitement around the platform and its unique concept, the community is encouraged to join the journey and take part in the beta testing phase as the company moves towards the full launch of LOFI-DEFI.
To learn more about LOFI-DEFI visit https://lofi-defi.com
LOFI is the exclusive currency of the LOFI-DEFI platform, and it will be used for tipping, subscribing and buying NFTs. The LOFI-DEFI social media platform will connect creators and investors on the Binance Smart Chain.
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