deNFT Onlyups.xyz is ready to disrupt the NFT market with its upward moves
OnlyUps.xyz, as the name suggests, deNFTs (DeFi NFTs) are locked to do only one thing: go up.
Onlyups.xyz, a deNFT that can only be traded on the NFT marketplace OpenSea, has debuted to disrupt the NFT world. The onlyups.xyz tokens use DeFi technology while using hardcoded line-goes-up-forever price curves.
The original DeFi NFT – Aavegotchi – has also seen a sharp rise in popularity as the deNFT wave gains traction among the DeFi community. Aavegotchis are rare crypto collectibles that live on the Ethereum blockchain, supported by the ERC-721 standard used in popular blockchain games such as CryptoKitties, Axie Infinity, and Cryptovoxels. Aavegotchis have three attributes that determine their overall value and rarity in the Aavegotchi universe: side quests, traits, and wearables.
Each Aavegotchi ERC721 NFT manages an escrow contract address that holds an Aave-backed ERC20 security, or “aToken”. aTokens generate returns via the Aaves Lending Pool, which increases the amount of aTokens held in the wallet. Thus, the amount of aTokens held in Aavegotchi’s escrow address grows over time. The valuation of a deNFT comes from both its intrinsic value and its rarity value.
Net value is the denominated value of the pledged collateral. For example, if Aavegotchi is staked with 10 aDAI, then the intrinsic value will be 10 aDAI, plus the additional aDAI accrued from the lending pool. Initially, only ERC20 tokens listed on the Aave platform (aTokens) will be available as collateral. But when AavegotchiDAO is launched, the community will be able to vote on which new securities should be allowed.
Rarity value is determined by calculating the rarity of each of the deNFT traits and equipped wearables in the deNFT ecosystem. Unlike other NFT games, rarity is not a fixed value in Aavegotchi. It may change over time as Aavegotchis level up and equip different wearables. Thus, a rare Aavegotchi can become common one week, and vice versa, depending on the general distribution of traits and wearables in the Aavegotchi universe. This enables a new concept known as “rarity farming”.
The lead developer of the onlyups.xyz project, Daniel (@danie1) described OnlyUps as an implementation of positive sum game theory and a “first real DeFi on OpenSea”.
He added that the token uses a new version of the OpenSea contracts that unlock the DeFi capability of the market.
Daniel noted that the OnlyUps collection has some interesting fundamental game theories that support the DeFi experiment: each sale constitutes a step towards convergence to a continuously shifting equilibrium point.
Since OnlyUps is locked only to OpenSea transfers (buy/sell), the only strategy available to the holders is to maximize each other’s payout. He further commented that Conceptually, OnlyUps should be perceived as a DeFi non-fungible CD (Certificates of Deposit) instruments that continuously accumulate value for the holders over time.
Currently, OnlyUps.xyz is considered to be one of the two blue-chip tokens riding the DeFi-on-NFT (deNFT) trend: together with Aavegotchis, an AAVE-based return-generating NFT, these NFTs live on -chain DeFi ecosystems under the hood of their corresponding tokens. In a broader context, this DeFi total value locked (TVL) metric saw an uptick this week as well – up 1.84% to a total TVL of $90.38 billion.
Productive assets like these promise to bring utility to the recognized NFTs. Whether or not this latest upcoming trend of deNFTs captures a significant share of the larger NFT market remains to be seen.
About Onlyups.xyz
OnlyUps.xyz, as the name suggests, deNFTs (DeFi NFTs) are locked to do only one thing: go up.
Visit OnlyUp’s opensea site here:
Media contact
Company name: Onlyups.xyz
Contact person: Daniel Dolton
Email: Send email
City: London
Country: Great Britain
Website:
