This NFT protocol is going to change everything for NFTs
The NFT market is mostly limited to buying and selling digital collectibles. But a new protocol aims to bring new use cases to the burgeoning sector.
Charged Particles, a new non-fungible token (NFT) protocol, wants people to ‘Do more with their NFTs,’ and its backers include the likes of DeFi builders from Aave and Synthetix.
NFTs, for the uninitiated, are blockchain-based representations of real-world or virtual unique objects that prove their holders are the true owner of whichever underlying asset they represent, with the latter ranging from crypto collectibles to in-game assets to real estate.
And while the use case of NFTs have been majorly limited to the above, Charged Particles takes it one step ahead: The protocol allows users to create NFTs that represent a basket of other token holdings with fully configurable settings.
Simply put, it’s like a traditional index fund, which holds hundreds or thousands of other equities, bonds, or real-estate products, locked in an ERC71 for users to own, trade, and collect. The team explains:
“A scarce NFT (e.g. art, collectibles, virtual real estate, in-game items, etc) can now be transformed into a basket holding a number of other tokens. Customizable time-locks and programmable yield offer infinite ability for creativity.”
It adds, “A “Particle” is ANY Non-Fungible Token that, via the Charged Particles Protocol, is minted with an interest-bearing token (e.g. aDAI) to accrue interest over time, giving the token a “Charge.”
The Charged Particles DApp is currently live, and allows users to hold multiple ERC-20 Tokens and even other NFTs. Users can integrate with Aave for DeFi Assets support, meaning their NFT is capable of earning yield that is completely programmable. “Direct it wherever you’d like,” the team says.
Charged Particles’ is a portfolio company of top crypto funds like Parafi, CoinGecko, The LAO, Longhash Ventures, and others. The lineup of angel investors, on the other hand, includes top developers and founders Leighton Cusak (PoolTogether), Stani Kulechov (Aave), Kain Warwick (Synthetix), Matt Ferrick (Nifty Gateway), and others.
For more information, visit charged.fi
Disclaimer: CryptoSlate holds a financial position in Charged Particles. CryptoSlate was given the opportunity to participate in the private sale of Charged Particles in exchange for news, project analysis, and other types of coverage. CryptoSlate was not paid for this article.