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ShoeFy Fetches $3.65 Million To Introduce New DeFi Utility To Non Fungible Tokens

Tali Kon

ShoeFy, a decentralized platform that integrates homogenized tokens to NFTs, has announced that the company has raised $3.65 million for a new project. Investors include Dutch Crypto, DuckDao, Basics Capital and more. The company focuses on adding a new DeFi utility layer to NFTs and enlarging their community. Furthermore, the company also launched their sNFT collection.

Adding DeFi Utility to NFTs

ShoeFy launch an NFT collection themed around their debut shoe NFT (sNFT). The collection consists of 10,000 unique digital shoes, powered by the four elements stated on the webiste. Through their DeFi toolset , users can earn passive income by utilizing FTs and NFTs. Users can participate in staking, farming, or adding liquidity to do so.

Notably, NFTs are still in their infant years and thus are missing solid utility layers. They can only be bought, sold or kept hold of. As such, ShoeFy strives to launch a new DeFi product that will add some utility to the emerging NFT market. ShoeFy is working to allow NFT farming and is implementing an NFT swap or SHOE/sNFT Liquidity Pool (LP), to allow users to earn SHOE tokens and LP rewards from transaction fees.

Michal Horvath, chief marketing officer at ShoeFy, claims: “We are passionate about art and DeFi, and to be able to combine the two mediums and come up with a real value for investors is what innovation is all about. We have forged partnerships with other projects that have come up with different utilities for the NFT to add value further and encourage mass adoption. DeFi is growing at twice the rate of crypto because people want access to better finance options. The legacy system has let a lot of people down, and with DeFi technology fueled by art, we can provide value like never before.”

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ShoeFy IDO Launch Week

The ShoeFy IDO launch week kicked off already. The launch is taking place across seven launchpads; PolkaBridge, Moon Starter, MultiPad, Duckstarter, KwikStarter, Oxbull and TruePNL. PolkaBridge was first, sold in 3 minutes alone. Within the first 55 seconds, MoonStarter also sold out. In round two,  MultiPad sold out in less than 5 seconds.

Future Launches

On Oct 18, SHOE on Gate.io Start-Up is launching. In addition, on Oct 19 at 12:00 PM UTC, there will be a decentralized exchange (DEX) listing on Uniswap, together with a centralized exchange (CEX) listing on Gate.io.

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