An under-the-radar small-cap altcoin is turning heads after printing mind-boggling gains in a span of seven days amid skyrocketing interest in non-fungible tokens (NFTs).
Non-Fungible Yearn (NFY) is a new breed of crypto asset that leverages the hallmark features of NFTs and decentralized finance (DeFi).
NFY Finance aims to allow users to stake their crypto assets in various pools to earn NFY while also setting itself apart from traditional DeFi staking platforms.
“The NFY platform creates an ecosystem where instead of an account being connected to a certain stake, an NFT represents the rights to a stake… The process will be the same as any other staking platform. The key difference is that when a user stakes their cryptocurrency, an NFT will be minted and inside that NFT the details of the stake will be stored.”
The project has caught the attention of crypto influencer and analyst Tyler Swope, who covered the coin while it was trading around $31. In a video, Swope explains how the project opens the doors to a wide range of opportunities.
“What this does is create an ecosystem where instead of wallet addresses that represent the right to a stake, an NFT will represent the right to the stake funds and the yield they generate. You’ll be able to trade your staked tokens and future yield via an NFT. Basically, it turns yield-bearing DeFi liquidity pools into NFTs, which creates so many possibilities like pre-baked and ready-to-go yield-farming NFTs for the person who doesn’t know anything about it or wants to farm themselves, yield-bearing gaming NFTs, art pieces that earn yield and so much more.”
NFY is taking the NFT hype to a whole new level after meteorically rising from $5.95 on February 27th to its all-time high of $604, representing growth of over 10,000% in a span of a week. Its market cap also soared from around $356,000 to over $37 million within the same time period.
At time of writing, the crypto asset is trading at $427.94 according to CoinGecko.
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