Yieldly Unveils New Staking Pool Partnership with NFT Marketplace, AlgoGems
There’s a new addition to Yieldly’s growing range of ASA-staking pools — AlgoGems, a next-gen non-fungible token (NFT) marketplace built atop the Algorand ecosystem. The AlgoGems platform features an incentivization scheme for NFT artists and a feeless trading environment for users looking to gain exposure to Algorand NFTs. The first AlgoGems pool will launch 2 November on Yieldly.
What does the AlgoGems partnership entail?
The collaboration will allow Yieldly users to stake AlgoGems’ eponymous native token, GEMS, to earn rewards. Akin to previous Yieldly staking partnerships, the partnership seeks to foster further utility for the Algorand ecosystem and unlock liquidity for emerging ASA projects.
GEMS is a multi-purpose token used to reward creators and spotlight quality content on AlgoGems. The token is used as a tipping mechanism, allowing users to support their favorite artists and creators. The token is used as rewards for sellers of the marketplace, and as a governance token for the Community Treasure. Creators who receive the most tips earn greater exposure on the marketplace. GEMS is also a deflationary asset. For each sale on the marketplace, 5% of the total amount will be used to buyback and burn GEMS tokens, reducing the supply over time.
The AlgoGems platform makes it easier for artists worldwide to create, share and earn revenue via their various NFT creations, and allows customers seamless access to a vast network of digital content creators without excessive trading or minting fees. AlgoGems achieves this by harnessing the power of the Algorand blockchain, one of the most eco-friendly and efficient blockchain networks available in the industry today.
“We are thrilled to be launching our first staking pool with Yieldly to help foster a new user base and create better liquidity for the AlgoGems project. Connecting with new communities is integral to our long-term success, and we’re excited to establish an entire ecosystem of NFT artists and buyers with the support of Yieldly,” said Audran Thomas, AlgoGems CEO.
“AlgoGems was developed to provide a universal tool, for anyone who wants to get involved in crypto and NFTs. Users are empowered through a free, ecological and efficient platform…with minimal requirements for those who want to create, and express themselves!” said Anthony R. Guichard, AlgoGems Head of Marketing.
The launch of the GEMS staking pool precedes the announcement of another yet-to-launch staking pool — the Asia Reserve Currency Coin (ARCC) from the International Blockchain Monetary Reserve (IBMR). The first IBMR pool opens tomorrow on October 27th.
IBMR’s mission is to break the cycle of poverty, exploitation, and wealth disparity in failing emerging markets through the decentralized network effects of blockchain technology.
A recap of our live partner pools
Recently, Yieldly introduced Smile as one of its staking pool partners, a project that seeks to help decentralize the gaming market by allowing users to view, manage, and track their playing activities using an open and transparent system. The Smile Coin Network (SCN) looks to establish a decentralized ecosystem that allows gamers to manage and control the use of their gaming data while leveraging niche AI-driven tools to help optimize their performance.
Yieldly also recently launched the Opulous (OPUL) pool. Opulous is a project that seeks to help revamp the way in which funding within the music industry works. The platform allows users to gain access to music copyright contracts that are powered by NFTs. Opulous tokens, OPUL, offer their owners a portion of the underlying musical copyright, enabling artists to maximize their royalties.
More partner pools to come. Stay tuned.
Originally published at https://yieldly.finance on October 25, 2021.