Technology company The MonkeyFirm has launched its “Token Backed NFT” packaging platform to make peer-to-peer transactions a fast, secure and simple process.
The MonkeyFirm is the first non-forgeable token decentralized autonomous organization, or NFT DAO.Monkey Firm is a new way for creators to commercialize their NFTs and a new way for the global blockchain community to support digital artwork.
Peer-to-peer or over-the-counter (OTC) trading has become a major part of cryptocurrency trading, but not without problems; especially for the multi-billion dollar illiquid or low-cap alternative coin market. Token-backed NFTs will simplify peer-to-peer transactions by creating a means to “wrap tokens” in the form of NFTs, sell them at a desired price, and process the entire transaction through a smart contract.
“With a token-backed NFT structure,” said Mark Berisha, CEO of The MonkeyFirm and APEcoin and founding member of BUSTA, “you can reduce the drama and stress of peer-to-peer transactions and go to bed knowing that your transaction will be completed by a serious buyer on a safe and secure platform.” The MonkeyFirm has been focused on a low-fee structure, as the seller will not pay a third party to facilitate the transaction, ultimately creating a seamless trading experience. In cryptocurrencies, the simplest ideas are the biggest. For example, the emergence of ERC-20 (tokens) or AMM (automated market makers). Token-backed NFTs are very simple and highly scalable, solving a real market problem.”
It’s worth noting that sellers’ funds are never held back, tokens can be redeemed at any time, and The MonkeyFirm simply provides a simplified solution for peer-to-peer exchanges.
A wrapped token is a standard that uses one set of tokens to interact with another – most NFTs are defined using a standard called ERC-721, which keeps each token as a unique id and defines how it can be exchanged individually. In contrast to ERC-20, the standard for cryptocurrency tokens, it allows tokens to be sent as multiples and fractions. Parcels allow NFTs to be stored in wallets and can be exchanged in multiples. It also allows for the creation of base liquidity to be exchanged for other tokens.