You may have heard that NFTs are becoming increasingly popular as a new asset class that is welcomed by both traditional auction houses and crypto disruptors. For now, NFTs are a big thing. But can fashion, which is so reliant on the objects we wear, have a future in this area? If we look at what ShoeFy project offers, the answer is yes. Keep reading this Zatrun.com article to find everything you need to know about the project.
Fashion is a developing industry. However, the field is changing rapidly, and what is in fashion today can be absurd tomorrow. So, fashion businesses have started to use technology to quickly produce new collections. They use artificial intelligence algorithms to predict consumer preferences and speed up design processes. Algorithmic fashion perfectly complements fast fashion’s instant gratification approach. It disrupts traditional fashion seasons, bringing fashion from the catwalks to fabric shelves extremely quickly. The era of real-time fashion has arrived.
What is ShoeFy (SHOE) and How Does It Work?
ShoeFy is an innovative, decentralised blockchain platform that combines NFTs with cryptocurrencies. The platform utilizes the latest DeFi techniques to maximize users’ returns. Additionally, by combining DeFi with NFTs, ShoeFy transforms NFTs from simple digital images to more complex assets. ShoeFy expands the potential of NFTs by incorporating yield farming and staking to earn passive income. The project has two digital assets: the SHOE, platform’s native cryptocurrency, and sNFTs, which are unique shoe NFTs.
ShoeFy uses Ethereum blockchain, leveraging ERC-20 for SHOE and ERC-721 smart contracts for sNFTs. The shoe NFTs can be used for DeFi purposes such as staking and yield farming. Additionally, they allow users to draw attention through social media platforms like Snapchat. By acquiring these NFTs, users can benefit socially and earn high returns through DeFi products. There are a total of 10,000 sNFTs, each with different levels of rarity.
As an Ethereum-based blockchain project, ShoeFy combines NFTs and fungible tokens. sNFTs have advantages such as secondary market listings and reselling. The initial buyer earns a royalty every time the sNFT is bought and sold for a certain period. This is made possible by blockchain-based ownership. On the ShoeFy platform, sNFTs can also be used for staking and farming, allowing users to earn passive income in either case. This maximizes their profits.
Unlike typical NFT marketplaces where users must wait for a buyer to bid on their NFTs, ShoeFy overcomes this liquidity problem with an easy-to-use NFT exchange site integrated into the platform. This transition function is supported by an AMM-based liquidity pool that includes the SHOE/sNFT pair. In the future, the platform aims to create a metaverse called “ShoeVerse.” When this happens, the use cases for cryptocurrencies and NFTs will expand even further. In addition to shoes, NFT collections for socks, jeans, t-shirts, etc. may be added.
What is SHOE? Is It a Good Investment?
SHOE coin is the native cryptocurrency of the ShoeFy platform, an Ethereum-based ERC-20 token. This cryptocurrency is used in the ecosystem for various purposes such as staking sNFTs and yield farming. To make money by staking your NFTs or participating in yield farming with them, you need to own SHOE coin. Additionally, the asset will be used as an entry ticket to ShoeVerse in the future and to incentivize participation in “Play-to-Earn” games such as shoe fights, shoe races, and shoe fashion shows.
In addition to these use cases, the cryptocurrency also serves as the governance token for ShoeFy. As such, the platform is managed in a decentralised manner through a DAO, and owning SHOE allows you to participate in this governance. SHOE coin holders can join the platform’s DAO and vote on decisions made.
ShoeFy’s sNFTs are currently used in a range of metaverse platforms, allowing users to dress their avatars in sNFT shoes. Additionally, the project has released a Web 3.0-based Raze Racing game where users can earn returns. As a result, SHOE coin expects to be adopted with many features and products. However, the project’s price data is not very promising, with a market value of around $80,000, SHOE is the 2185th largest digital asset in the cryptocurrency market.