The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses. Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading. Through its Earn product (crypto interest…
The DeFi Yield Protocol’s CEO and founder, Mihai Nicusor Busica, revealed he purchased an NFT from the Bored Ape Yacht Club collection on January 3 through a Twitter post. Mihai acquired the #1112 Bored Ape for a whopping 80 ETH, which is the equivalent of $304,000.
His announcement comes two weeks before the launch of the protocol’s NFT collection, the Cats and Watches Society. The event set to unroll on January 17 will also entail the launch of its V2 marketplace.
According to Mihai, his first purchase from the BAYC collection is his way of showing his support towards NFTs and celebrating the upcoming launch of DYP’s NFT collection. Furthermore, he considers it the best time to join the BAYC movement.
So far, the BAYC collection has been making a name for itself in the market, holding some of the most coveted pieces in the space. According to a Dune Analytics report, the collection has garnered over $500 million since the start of its sale.
The collection contains 10,000 Bored Ape NFTs, with some selling for over 700 ETH. Mihai is now among the many who have invested in BAYC. This exclusive group includes notable figures, such as Snoop Dogg, Eminem, Jimmy Fallon, Post Malone, Steve Aoki, and more.
DYP NFT Collection – The Cats and Watches Society
The Cat and Watch Society collection is a brainchild of the DYP protocol, leveraging the support of the Binance Smart Chain, Avalanche network, and Ethereum blockchain. The collection, dubbed PAW, will include 10,000 cats with 182 traits. Any interested party can choose from different clothes, colors, and watches, among others.
To avoid bias during the sale, the protocol will ensure that every PAW NFT sells at the same price. That cost will be $250 for every Cat, while eliminating price tiers to prevent price differences.
Owning a Cat gives you exclusive access to members-only benefits, including access to the marketplace and a Society Account. However, you need to own a MetaMask wallet account to complete the process. Lastly, Cat holders will receive rewards from 20% (10% from minting fees and 10% from selling fees) of all sales made every week.
DYP and its team take advantage of the green pastures that the NFT market is laying out for crypto enthusiasts. Mihai’s purchase could seem like a rash decision for some. However, it stands as an indicator of his faith in the sector.
Furthermore, creating the Cats and Watches Society collection can open more doors for the protocol as a viable investment opportunity. As it stands, it has managed to bury its roots into the DeFi industry, offering lucrative yield farming opportunities while protecting its investors from market manipulation.
The collection aims to bring innovation through its NFTs while offering watch enthusiasts a chance to make the most out of the present trendy elements. Nonetheless, more is to come, which means greater potential for the PAW collection.
Soon, the cryptoverse should expect more, including a PAW metaverse, a Play-to-Earn opportunity for holders, PAW staking options, free watch minting, and more. These steps combined with its marketplace will make DYP a crucial part of the current and future NFT market.