Decentralized bank unveils new, cutting-edge use case for NFTs

A decentralized bank has unveiled a new way for entrepreneurs and startups to raise capital — NFT fundraisers.

A decentralized bank that’s powered by DeFi and nonfungible tokens has unveiled its latest product: NFT fundraisers.Kalmar says its goal is to reduce the gap between blockchain and the rest of the world — and offer innovative ways of supporting individuals and companies who are taking their first steps into this next-generation world.The platform says NFT fundraisers are an effective way for entrepreneurs and startups to raise capital with the help of blockchain technology — and one that delivers a novel twist for end users.Through this approach, companies, projects and influencers can raise funds by selling NFTs through a fundraiser event. Those who participate will receive nonfungible tokens at random — each of which can be exchanged into prizes. In keeping with how NFTs have varying degrees of rarity, some of these prizes will be worth more than others.According to Kalmar, NFT fundraisers also solve some of the disadvantages that are associated with other capital-raising events that take place in the blockchain sector. Many regular users are confronted with a “first come, first served” basis that gives an upper hand to whales — and this means that not all investors are given equal opportunities.How it worksIn a blog post explaining how NFT fundraisers will work in practice, Kalmar presented a scenario of an event that has come up with five kinds of nonfungible tokens — with each offering a distinctive reward. They would have varying degrees of uniqueness, on a scale from common to rare.Users would be given the opportunity to purchase packs of up to five NFTs, which contain a random selection of tokens. Once the event concludes, they would then be able to decide whether they want to burn the NFTs in exchange for the prizes, trade them on a marketplace, or give them pride of place in a collection. Crucially, the prizes that are attached to each NFT have a lifetime guarantee — and it is hoped that this will help fuel a prosperous second-hand market.“This provides users with more opportunities and gamification than a regular fundraiser event, because the amount of NFTs per event will be limited,” Kalmar explained.

Kalmar, which is based on Binance Smart Chain, says it is now inviting entrepreneurs who want to try this novel fundraising format to get in touch. A deadline of May 10 has been set for projects that wish to be included in the first round — and from here, Kalmar’s team will perform due diligence to whittle down appropriate applicants.

Upcoming events are going to be advertised on all of Kalmar’s channels — including its website, blog, and official Telegram and Twitter pages.

Security and decentralization

Kalmar says security and decentralization are two top priorities — ensuring that funds are kept safe at all times, and the banking instruments it offers are not under centralized control.

All of its products undergo extensive testing before hitting the market, and Kalmar has entered into a collaboration with the cybersecurity consulting service Hacken to ensure that its security standards are as high as possible.

Looking ahead to the next 12 months, Kalmar says that it plans to expand the cluster of DeFi protocols it supports — and unveil a range of new engagement formats. This will be complemented by a brand-new native token that will fuel its ecosystem.

NFTs have taken the world by storm in 2021, but so far, their use cases have predominantly been limited to digital art. Kalmar is hoping to show the world that nonfungible tokens can be much more versatile than this — all while supporting new, exciting businesses across the crypto and blockchain sectors.

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest

Post comment

Your email address will not be published. Required fields are marked *