CoinMarketCap takes a deep dive into one of the upcoming NFT platforms.
Non-fungible tokens (NFTs) have often been hailed as the next big thing in crypto. In the last few months alone, major brands, celebrities and prominent blockchain firms have thrown their hat into the NFT ring, leading to a wave of interest in their capabilities.
What Is SuperFarm (SUPER)?
The platform looks to make NFT farming an open, accessible practice by letting users quickly open up their own farm, purchase NFTs with points generated by farming and create their own unique NFTs, helping to break down the technical challenges that typically come with digital collectibles.
The SUPER token is a major component of the SuperFarm product suite. For one, SUPER token holders help to govern the SuperFarm network by voting on governance proposals that will help shape how the platform develops. Users will also need to stake 100,000 SUPER to create their farm — ensuring only high-quality farms are launched.
SuperFarm conducted the final round of its token sale on Polkastarter in February 2021, and the SUPER token is now trading on several prominent exchange platforms, including Binance and Uniswap.
How Does SuperFarm Work?
As we previously touched on, SuperFarm lets creators deploy their tokens and sell them through a custom marketplace. While NFT collectors and fans will be able to buy NFTs, trade them and farm them.
SuperFarm gives creators and projects a way to connect with the audience while earning an additional potential revenue stream by dropping their own line of NFTs on a custom marketplace — similar to what Patreon did for YouTubers. End-users will also be able to stake project tokens from a range of cross-chain platforms to “farm” NFTs.
The platform will first target the gaming industry by allowing game developers to easily launch NFTs that have utility within their video games. These may include limited edition in-game items, unique experiences and pieces of gaming memorabilia, to name a few possibilities.
The platform completed its first NFT drop on Mar. 21, 2021, which saw SuperFarm release five designs from its Genesis Series Drop. As of April 2021, the basic versions of the marketplace and farming products are said to be “weeks” from launch.
What Makes SuperFarm Unique?
SuperFarm is centered around providing a superior user experience for both NFT creators and end-users while making NFTs more accessible and appealing to the broader market. It looks to achieve this by providing an all-in-one NFT ecosystem that makes not only creating and distributing NFTs simpler but also making them more useful and hence desirable.
The surrounding SuperFarm network is known as the SUPERVERSE. This combines the three key tenets of the SuperFarm, i.e. the NFT ecosystem, its partners and the AAA games building their NFT functionality with SuperFarm. The SUPERVERSE is built around the ethos of utility first, by providing high-quality experiences right from the beginning, ensuring it appeals to the masses.
To begin with, the SUPERVERSE will focus on three AAA video games, all of which will include NFT functionality. According to SuperFarm, these will include a "a card ‘autobattler’ like Hearthstone Battlegrounds, a team arena combat game, similar to Overwatch, and a social deduction game like Among Us."
A large part of SuperFarm’s go-to-market strategy revolves around leveraging its extensive list of partners. These include collaborations with big names like COTI, PARSIQ, Injective Protocol and Polygon Network, and strong backing from the likes of Spark Digital Capital, GBV Capital and Animoca Brands (a prominent game developer and NFT pioneer).
What Are Non-Fungible Tokens (NFTs)?
Non-fungible tokens, or “NFTs,” have been causing quite the stir both in crypto and traditional circles in the last year, due to their potential to disrupt the way we think about ownership and value.
This property makes them ideal for use-cases where provable scarcity and uniqueness is important, since NFTs can be used to represent ownership of physical goods, works of art, in-game items, company stocks, real estate and more.
The use cases for NFTs are still being explored, but today, they are largely used to represent digital collectibles.