Genesis Shards has announced that they will be establishing an NFT marketplace on the layer 2 platform Polygon.
🌱 Thrilled to announce a collaboration with @GenShards, a pre-IDO token platform employing NFTs.
🎟 Gen Tickets (NFTs) on the system will examine Polygon’s L2 remedy, enabling a seamless & accessible UX.https://t.co/tJN7jUojTi
— Polygon (formerly Matic) (@0xPolygon) March 26, 2021
NFTs for Pre-IDO Tokens
In the circumstance of Genesis Shard, non-fungible tokens (NFTs) will not be regarded as collectibles, but instead as a wrapper for fungible tokens. The primary use case for this is to build liquidity for time-locked tokens for which there is no liquid industry but.
This is for instance the case for challenge founders, whose tokens should preferably be subject to a vesting period. In some circumstances, a vesting timetable also applies to tokens that are obtained in an IDO. Holders of these kinds of time-locked tokens will now be capable to wrap them into NFTs named Gen Tickets and sell their Gen Tickets on the secondary market. Gen Tickets can be redeemed for the fungible tokens yet again, once they unlock. In a further more stage, DeFi use scenarios may possibly also develop into achievable, for instance making use of these NFTs as collateral to get a personal loan.
Polygon to develop into the leading layer 2 platform for NFTs
Originally, Genesis Shards was made on Polkadot. The task will be growing to the layer 2 platform Polygon to capture accessibility to the vivid Ethereum ecosystem and to boost the scalability of Gen Tickets.
Genesis Shards has not been the only NFT-centric project to join the Polygon ecosystem just lately. Previously this week, the decentralized movie funding platform Mogul Finance has announced to mint digital artwork NFTs on the layer 2 network. A number of other people have joined since then, these kinds of as Ethermon and Aavegotchi.
— Polygon (beforehand Matic) (@0xPolygon) March 22, 2021
Moreover, generalized NFT marketplaces have also expressed interest in doing the job collectively with Polygon. With the present-day NFT hoopla and large gasoline charges on Ethereum, Polygon has so great likelihood to turn out to be a big participant in this booming market place and to greatly pace up the lagging adoption of layer 2 scaling solutions.