To all of our users — we greatly appreciate your participation in Tinfoil Finance so far. Tinfoil continues to grow and expand, incorporating new functionalities as we strive to best serve our users.
Our roadmap for upcoming additions includes the following main points:
- Users will be able to buy non-fungible tokens (NFTs) with TIN, our native token.
- Users who buy these NFTs will be able to use them to farm more TIN.
Adding the capacity for this type of token on Tinfoil delivers new benefits and new opportunities to our users, as expounded upon below:
Non-fungible tokens, or NFTs, are a new type of digital asset with many unique attributes that make them optimal for a variety of functions in the decentralized finance (DeFi) space. First of all, NFTs are different from cryptocurrencies because they are not interchangeable. Both fiat and cryptocurrencies represent an underlying body of assets, and thus one unit of these currencies has the same exact function and value as an equivalent unit. For example, one US dollar is interchangeable for any other US dollar. In contrast, NFTs represent something unique and therefore cannot be interchanged.
Furthermore, NFTs provide a secure certification of ownership over digital objects for buyers. Thanks to their blockchain basis, these NFTs cannot be revoked or destroyed by any external party, and are fully owned by however is in possession of it. This infrastructure protects and generates the value of the token, as well as functioning to serve as an indicator of ownership of whatever the token represents.
Due to these attributes, NFTs are ideally suited for use in online ecosystems. NFTs are gaining popularity for use in DeFi, along with a multitude of other digital industries. Just to give a few examples, these tokens are often used to represent digital artworks, online or in-game items/achievements, virtual event tickets, and platform boosts.
Rationale for Adding NFTs to Tinfoil:
NFTs have become incredibly popular in DeFi and beyond, and are only gaining momentum. For example, musician Grimes auctioned off 8 NFT digital artworks for a total of nearly $6 million, demonstrating both the mainstream potential and significant financial value of these tokens. Furthermore, esteemed 250-year-old British auction house Christie’s has recently welcomed NFTs onto its platform, further demonstrating the importance and wide reach of NFTs.
Thus, by welcoming NFTs onto the Tinfoil Finance platform, we embrace the utility of these increasingly popular and useful tokens. Specifically, we enable users to purchase NFTs with TIN and then use them to farm more TIN, allowing these NFTs to act as a value generating mechanism for our users.