The founders of Humswap want to give utility and purpose to NFT on their upcoming DeFi platform based on the Neo N3 blockchain.Humswap is one of the Neo Frontier Launchpad Excellence Award winners and was developed by Mario Lopez and Jason Tezanos. In episode 59 of the Neo News Today podcast, Lopez and Tezanos discuss their vision for the platform.
Humswap will provide a liquidity pool for various tokens, a marketplace for NFT, and token swapping. It will also provide an opportunity for users to play games and win prizes.
Two blockchain-based use cases inspired the Humswap project. The first is CryptoPunks, randomly generated collectible art NFTs on the ethereum blockchain. the second is trading on decentralized exchanges such as Binance’s Pancakeswap and Ethereum’s Uniswap. the intersection of NFTs and DEXs led the pair to design Humswap. says Tezanos.
We have an idea for NFT integration. What would happen if we gave NFTs a purpose, other than being an NFT? What would happen if they worked in a DeFi product?
In addition to the DeFi use case, Humswap’s founders sought to make the platform fun for users to access and engage with. The platform’s first game, “Pita Toss,” allows users to spend a small amount of GAS to randomly generate a Pita NFT (99% chance) or a Hummus NFT (1% chance). A rare NFT, such as Hummus, can provide the owner with bonuses or unlock other features of Humswap.
Lopez and Tezanos, engineers at PayPal, wanted to include a carnival-like game in their app to make it more appealing to users. But instead of throwing darts at balloons and trying to win a giant stuffed teddy bear, users would use NFT as a reward. Tesanos said.
Here’s the idea. You can win some of the more common NFTs, or you hit the big one, you hit the goal, and you get some really great, rare NFTs.
The founders planned to integrate unique uses for rare NFTs, such as using NFTs to incentivize liquidity providers, multiply LP rewards, or offer the chance to reward Pita Toss. Ultimately, the two seek to integrate new utilities in NFTs to encourage more users to participate in the Humswap platform.
Humswap’s NFTs are built to the NEP-17 standard, which is more flexible than the NEP-11 NFT standard. “This was a conscious decision, given that our NFTs will serve a purpose in our DeFi product in addition to being art,” said the founders. However, they have not ruled out supporting both standards for Humswap NFTs.
Looking ahead, Lopez and Tezanos will focus on designing the NFTs, as well as their auction and marketing features. Later, steps will include more DeFi-related uses, such as developing the ability to swap and liquidity pool collateral.