|Animoca Brands||NFT farming||NFTs||SuperFarm||yield farming|
Animoca Brands and SuperFarm are partnering up to launch exclusive NFT drops and farms based around some of Animoca’s brands. Users who will participate in these farming pool, will have a chance to acquire NFT collectibles. One of the first confirmed projects is Lympo.
Lympo started as a fitness application, but is now moving towards sports marketing and digital collectibles. Animoca Brands acquired that company a few months ago. Very likely we will see the REVV, SAND and GAMEE tokens from Animoca Brands move into SuperFarm as well.
As an investment company Animoca Brands have put money in project like Flow blockchain, Cryptokitties, NBA Top Shot, Axie Infinity and a whole lot more. They also own several studios and projects, including The Sandbox, F1 Delta Time and MotoGP Ignition.
To participate in the NFT drops on SuperFarm, users will need the SUPER token. According to CoinGecko SUPER is currently $1.19, down 0.7% compared to yesterday. The token only launched a couple of days ago. Three days ago we wrote about SuperFarm moving to Immutable X, giving users a gas free experience.
What is NFT farming?
We haven’t written a lot about NFT farming yet. However, as the market is getting more exposure, more people will want to learn about this. That’s why I feel it’s needed to cover this topic. It only makes sense, because everybody wants to be able to acquire exclusive game items or digital collectibles.
NFT farming is basically a way to generate value by locking value away. Users will need to put their tokens into a vault, and in return they will earn points. These points can then be redeemed for a limited edition NFT.
There are different ways NFT farming can work. In some cases you lock your NFTs away into a digital vault, and you get rewarded for doing so. Drops is going to that for example. Also on the Wax blockchain we see similar system, for example in R-Planet. In the end it’s a concept that was pioneered in August 2020 by MEME token.
A more complex version is seen in decentralized finance (DeFi). Here users need to add crypto tokens to a liquidity pool. For example, ETH and DAI needs to be contributed to the ETH-DAI LP. In return they will receive a receipt, shaped as LP tokens. These LP tokens then need to be staked or locked away on another platform to earn rewards.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.