Celphish Finance Become the next Decentraland, the sandbox?
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At the time of writing, the NFT market is worth more than USD 11 billion. Another research report from Verified Market Research (VMR) predicts that the NFT market will be worth an estimated USD 230 billion by 2030.
While NFT market valuation varies depending on the source and their Compound Annual Growth Rate (CAGR) estimates, all we can infer is that NFTs are here to stay and will continue to rise to multi-billion dollar values in the future.
OpenSea, one of the pioneering NFT marketplaces, is worth more than 10 billion USD, other top marketplaces include Rarible, Foundation, SuperRare, Nifty Gateway, LooksRare, and so on.
Celphish Finance, a newcomer to the NFT trading space, will support easy NFT liquidity and target the aforementioned top NFT marketplaces, including metaverse-based marketplaces such as The Sandbox and Decentraland.
Let’s see more about the NFT market and Celphish Finance below.
What is an NFT Marketplace?
NFT marketplaces are platforms designated to create/execute, buy and sell NFTs in pools or as a single project. It is difficult to find internet-savvy users who do not know what an NFT is or means. An NFT marketplace is where all activities involving the creation and trading of NFTs are resolved.
With the increasing NFT demands and interests, NFT marketplaces are needed en masse to handle NFT transactions efficiently and quickly. A major problem faced by early NFT marketplaces was liquidity. Celphish Finance is one of the few emerging NFT marketplaces that aims to change the narrative and enable cross-chain NFT interoperability.
Why we need cross-chain NFT marketplaces
Cross-chain protocols have faced some security setbacks recently, this makes it very difficult to trust these protocols with our assets. However, cross-chain protocols are strongly needed for the following reasons:
1. Easy liquidity
Cross-chain NFT marketplaces make it easy to convert NFTs across multiple chains quickly and easily. These types of marketplaces allow different blockchain networks to communicate by removing the barrier of chain exchange.
For example, Ethereum NFTs (ERC-721) can be exchanged or sold in another protocol such as Solana or Polygon NFT, this makes it easy for anyone with any blockchain standard token (ERC-20 or BEP-20) to create and auction NFTs without hassle.
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2. Fast transactions
The simple chain exchange makes liquidity cheap and easy to obtain. You can create and auction your NFTs on one platform that supports different blockchain networks. For example, OpenSea supports around four to five blockchain networks; this makes it very easy to use tokens or coins for any of the available blockchain networks and their underlying NFTs.
3. Improved user experience
Cross-chain NFT marketplaces improve the user experience due to their readily available liquidity and fast transactions. Users can easily exchange NFTs across multiple chains and get their payments through different crypto options.
4. Improved efficiency
Cross-chain NFT marketplaces have better efficiency and results than single-chain marketplaces because there is an overall work output and faster transaction speed than many common NFT marketplaces.
What is Celphish Finance?
Celphish Finance is a DeFi ecosystem that offers seamless DEX and NFT services. It also seeks to have smartphone interoperability that will make crypto and NFT operations available to mobile users.
Celphish Finance’s goal is to create a platform where NFTs and cryptocurrencies can be exchanged at the lowest possible cost and also at a faster transaction speed.
Celphish Finance introduces us to a new cryptocurrency – its native cryptocurrency – called CELP. CELP will be at the center of all the activities that go in and out of the ecosystem, plus activities that revolve within the ecosystem.
To get started with Celphish Finance, you need to purchase and hold the CELP token. You can buy the CELP token via pre-sale on Celphish Finance’s main page. Otherwise, wait for a public launch that will introduce the token to a decentralized or centralized exchange.
What makes Celphish Finance unique
Celphish Finance is almost similar to many projects/protocols out there, so what makes it unique? Why should you trust it? Here are some features you should understand about Celphish Finance that should give you a glimpse of what it has in store for users and traders in the community.
The CELP token
The CELP token is at the center of the Celphish Finance ecosystem and controls how transactions are executed and validated throughout the platform. CELP can be traded in a centralized or decentralized exchange where it is whitelisted.
CELP will also be used for future governance and community driven incentives such as pool staking and so on, on Celphish Finance. Holders of CELP tokens will earn proportions of the network fees sent during normal transactions in the AMM DEX.
CelphishSwap
CelphishSwap is a protocol on Celphish Finance where crypto trading activities take place. CelphishSwap is an automated market maker (AMM) that creates a pool where liquidity providers can deposit liquidity and earn a portion of the transaction fees for each completed transaction.
CelphishSwap will also provide cross-chain liquidity to increase liquidity generation and efficiency on the DEX. CelphishSwap will be featured in a mobile application to provide smartphone users access to liquidity with a simple one-click feature.
Celphish Finance NFT Marketplace
Celphish Finance’s NFT offer is unique, and together with CelphishSwap will be featured in a mobile application. As a decentralized protocol, users can determine their activities on the platform by holding the CELP token.
Celphish Finance’s NFT marketplace will offer cross-chain NFT services to create super-fast and easily accessible liquidity via NFTs. The marketplace, such as OpenSea and Rarible, will allow easy minting and auctioning of generative and decent NFTs.
How Celphish Finance follows Decentraland, The Sandbox
Decentraland is one of the most sought-after NFT metaverse platforms in the DeFi space. The same applies to The Sandbox, which has been in the gaming industry before fully joining DeFi.
Both Decentraland and The Sandbox provide the template upon which Celphish Finance’s NFT services are modelled. Celphish Finance follows these platforms to provide an intuitive platform for its users and prospects. It also looks to fix small issues experienced on these platforms to make a better version of them.
Celphish Finance will partner with industry leaders and also attract the most enthusiastic members of the community and DAO steering groups to scale the ecosystem and introduce more innovations.
Members of the Celphish Finance community can be any group of people who hold the CELP token and are willing to lock them in to help grow the ecosystem. Community members and network contributors will be heavily rewarded with a portion of the fees generated on the protocol. Members also get to increase their revenue margin by using the CELP token as they can participate in occasional giveaways and airdrops held in the ecosystem.
How to buy Celphish Finance token (CELP)
If you are keen to join Celphish Finance, you need to have the token easily locked in your crypto wallet. This means that you should have an active wallet where you send and receive digital assets.
Next is to visit Celphish Finance’s main page where it is currently on pre-sale and sign up for the offer. The pre-sale is intended to last between 60 and 90 days; during this period, Celphish Finance plans to dedicate more than 40% of its token supply (about 86 million tokens) to private and public buyers.
There will be plenty of bonuses that apply to early buyers. Some of the rewards include 40% cashback when you buy within the first 30 minutes of signing up for the pre-sale. Furthermore, you can earn up to 115% cashback when you buy the CELP token multiple times after you register. The good news is that these cashback bonuses increase the more you participate in the pre-sale.
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*This article is paid. Cryptonomist did not write the article nor has it tested the platform.
