World-first innovation streamlines the illiquid, multi-billion dollar altcoin trading market through the power of NFTs
The MonkeyFirm announced the launch of its marketplace for token NFTs that will enable users to mint and trade blocks of crypto assets in a single NFT transaction. By utilising NFTs to trade tokens, over-the-counter (OTC) traders will not have to rely on trusting other people with their funds like third-party escrows or be subject to high slippage and fees when using centralised and decentralised exchanges.
In a bid to make end-to-end transactions seamless, traders are only required to mint a Token NFT, List the Token NFT, and use the unique URL produced to be able to shill their Token NFT. MRFM also provides an online chat for traders to request certain Token NFTs to be listed or discussed.
Latest Fintech News: Financial Institutions Face Risk with Models, New RMA Study Finds
When making significant trades using centralised or decentralised exchanges, high slippage can be costly to the user, with extraordinary fees adding to their woes. MRFM’s token NFTs also provide an alternative to the existing illiquid altcoin market OTC trading market which is valued at over $3.5B. Here, users are sourcing third-party escrow services to facilitate trades between trusted buyers and sellers. This, however, does come with its own set of headaches, as it is expensive and not always trustworthy. In addition, these trades are also subject to wild market price swings in short periods, which can instantly affect a trade.
Among the safeguards built into the platform to protect buyers and sellers, the MFRM development team recently added to the platform a “Price Band” that allows OTC traders to set the sale of tokens at certain percentages below or above market spot prices. The initial sell price and price floor is “locked-in” at the time of listing an OTC trade, so the traders can sleep well knowing the desired sale price won’t go below their threshold. Chainlink Price Feeds help secure the unique “Price Band” feature.
“Our fees are exceptionally low. Currently, a trade will only cost the seller 1 percent once the transaction is complete. When this is compared to the exorbitant fees charged by escrow holders, it is easy to recognize our service as a financially sound and viable option,” said Hazel Bouvard, GM of The MonkeyFirm.
Latest Fintech News: AppTech Payments Appoints Julia Yu as Senior Vice President of Corporate Finance and Accounting
“MRFM provides accurate price market data feeds, one of which is an integration with Chainlink for 40 of its pairs across the four networks MRFM offers: Fantom, Polygon, Ethereum, and BNB Chain. “We look to expand beyond these 40 pairs in future development. Any token pairing can be listed on our platform,” Bouvard said.
“Token NFTs are an innovative approach to streamlining OTC market trades using blockchain technology. We’re excited for Chainlink Price Feeds to serve as a crucial backbone to MFRM’s innovative NFT solution,” stated Tomasz Wojewoda, Head of Global Sales at Chainlink Labs.
“Chainlink Price Feeds were our go-to price data solution because they align with MFRM’s vision to build a token NFT trading platform that was secure, reliable, and available to any user across the world. We were able to move fast and expand our selection of both assets and blockchains due to Chainlink’s robust oracle infrastructure.” – Hazel Bouvard, GM at MFRM.
Latest Fintech News: First Fractionalized NFT on Tier 1 Exchange
[To share your insights with us, please write to sghosh@martechseries.com]
