We keep hearing about NFT? But, what is it? (But first Stake.Cafe soft launch)
NFT may seem like a 2020 concept, but it was actually first indirectly introduced through Cryptokitties in 2017( for those who remember). The literal definition of NFT is: “A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature.” (Source: Wikipedia)
Did we lose you there?
Simply put, NFT abides to one of the core use cases around Blockchain: decentralized and democratized ownership. Why is this important? Have you ever thought how much of your own data that’s out on the internet? How about, how much data others have of you? These topics come up in debates, and there are no real answers. You are the best judge of that.
However, NFT solves some of the data sovereignty problems that may exist; Especially data such as digital art, collectible cards, and even memes! Imagine owning the data to a masterpiece you’ve created and even monetizing off of your hard work! This is an extremely high level overview of NFT. If you like to learn more, please read Vision’s document on the background and market research around NFTs.
Stake.Cafe’s mission is to leverage DeFi’s innovation in order to help entities around us. We have seen many projects that help its’ community members financially. What if we’re able to to help others (e.g. businesses negatively impacted by Covid19) as well as ourselves? Stake.Cafe plans to execute this vision through different phases:
Phase 1 (Q1/Q2)
We will compile a % of daily emitted tokens (Click link to our Funds Allocation doc) to the donation wallet every week towards a community-voted entity (e.g. organization/charity/business/community). In our note to the recipient, we will raise positive awareness on the crypto space!
What does the NFT part of the article have to do with this? Keep reading!
Phase 2 (Q3/Q4)
We will create an NFT platform that will generate an NFT dedicated to a different community-voted entity… every week! Like artists being able to sell their digital art, the in-need entity can now:
- Sell their NFT on our platform to raise immediate capital; Or
- Stake their dedicated NFT in our pools for exclusive APY through yield farming. Only they get access to the exclusive rates because they own that NFT, and we will dedicate the special rates only to those NFTs. This can help them generate passive income, in CAFE tokens.
It is Stake.Cafe’s culture to help our community members and in return, they can help those around them. Let’s use the innovation that Blockchain has offered us to do more good in this world!