• ShoeFy Announces $3.65 Million in Funding for Innovative NFT Platform with Utility Layer

  • ShoeFy, a decentralized project that combines non-replaceable tokens (NFTs) and replaceable tokens (FTs) on a single platform to add a new utility layer to NFTs, has announced a $3.65 million funding round. Investors include DuckDao, MoonWhale, ExNetwork, AU21, Basics Capital, Dutch Crypto Investors and others. Despite a heavily oversubscribed private sale, there were two funding rounds, with $800,000 allocated to a community round of multiple Launchpads, followed by a final public round of $250,000. Allocations will be distributed via a whitelist on the ShoeFy website.

    ShoeFy is doing two things at once. First, it’s diving into the art world of NFT with its first-ever shoe NFT (sNFT). The collection of 10,000 unique digital shoes is powered by four elements that build a decentralized platform where users can generate passive income in five different ways by leveraging FTs and NFTs in various forms, such as staking, farming, or adding liquidity. During the development cycle of sNFT, they wanted to add more value. So they came up with additional utility layers that could be added to NFTs through their DeFi toolset designed for passive income generation.

    After their launch, the ShoeFy platform will debut a new DeFi product, which finally adds some utility to the nascent NFTs. Unfortunately, NFTs are so nascent that they lack a solid utility layer and can only be bought, sold or held.ShoeFy aims to solve this problem by offering NFT farming and introducing an NFT swap or SHOE/SNFT liquidity pool (LP), which consists of pioneering FT/NFT pairs. Users can earn SHOE tokens and LP rewards as passive income from transaction fees by providing liquidity to this pool.

    The project is led by a team of experienced blockchain venture capitalists, creative NFT developers, and top marketing experts that range from Europe to Canada to South Korea and Thailand in Southeast Asia. The team members share a common goal and foresee a huge opportunity in the NFT and DeFi market space. In terms of their backgrounds, some are founders of reputable venture capital firms (VCs) and marketing experts. Other members have experience in well-known cryptocurrency projects and exchanges. In addition, they have a technical team of talented people building their platform.

    Michal Horvath, Chief Marketing Officer of ShoeFy, said.” We are passionate about art and DeFi and being able to combine the two mediums to bring real value to investors is what innovation is all about. We have partnered with other projects that have come up with different utilities for NFT to further add value and encourage mass adoption.DeFi is growing twice as fast as cryptocurrencies because people want better financing options. The traditional system has let many people down, and with the art of facilitation, DeFi technology can offer unprecedented value.”

    The team plans to use the funds to build the platform, release the sNFT series, and expand their community. The program has five different ways to generate passive income through various uses of SHOE tokens and their sNFT. shoeFy products include sNFT pools where users can earn SHOE tokens with sNFT shares, or users can do traditional shares and earn SHOE with their SHOE shares. an sNFT farm will allow users to bet on SHOE to farm different grades of sNFT. then, there will be two ways for users to provide liquidity, the traditional way is through SHOE/wrapped Ether (WETH) and SHOE/Tether (USDT) LP tokens that can be bet on the platform of your choice. Finally, with the world premiere of sLPl, users can earn SHOE with SHOE/sNFT bets to add utility to their sNFT, so users can generate passive income with their collections.

    ShoeFy IDO Launch Week

    The ShoeFy Community Round kicked off with PolkaBridge, which sold out in just 3 minutes.The SHOE Initial DEX Release (IDO) took place at a total of seven different launch pads.ShoeFy had impressive dual IDOs on Moon Starter and MultiPad.MoonStarter was sold out in the first 55 seconds sold out and MultiPad sold out within 5 seconds of its second round. Tomorrow, the third day of IDOs will take place on two other starter boards, DuckStarter and KwikStarter. the last day, October 14, is Oxbull and TruePNL.

    The following week, SHOE at the Gate.io Start-Up on October 18 will turn up the heat even further. Then on October 19 at 12:00 UTC, it’s listed on Uniswap’s Decentralized Exchange (DEX) and on Gate.io’s Centralized Exchange (CEX).

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