At the time of writing, the NFT market is worth more than 11 billion USD. Another research report by Verified Market Research (VMR) predicts the NFT market to be worth an estimated 230 billion USD by 2030.
While NFT market valuation varies depending on the source and their compound annual growth rate (CAGR) estimates, all we can deduce is that NFTs are here to stay and will continue to soar to more billion-dollar valuations in the future.
OpenSea, one of the pioneering NFT marketplace, is worth more than 10 billion USD, other top marketplaces include Rarible, Foundation, SuperRare, Nifty Gateway, LooksRare, and so forth.
Celphish Finance, a newcomer to the NFT trading space and will support easy NFT liquidity and target the aforementioned top NFT marketplaces valuations, including metaverse-based marketplaces like The Sandbox and Decentraland.
Let’s see more about the NFT market and Celphish Finance below.
What is an NFT marketplace?
NFT marketplaces are platforms designated for creating/minting, buying, and selling NFTs in collections or as a singular project. It is difficult to find internet-savvy users who do not know what an NFT is or means. An NFT marketplace is where all activities involving creating and trading NFTs are resolved.
With the increasing NFT demands and interests, NFT marketplaces are needed en masse to handle NFT transactions effectively and quickly. A major problem that was faced by early NFT marketplaces was liquidity. Celphish Finance is one of the few emerging NFT marketplaces that aims to change the narrative and make cross-chain NFT interoperability possible.
Why we need cross-chain NFT marketplaces
Cross-chain protocols have faced some security setbacks recently, this makes it very hard to trust these protocols with our assets. However, cross-chain protocols are highly needed for the following reasons:
1. Easy liquidity
Cross-chain NFT marketplaces make it easy to convert NFTs across multiple chains fast and easily. These types of marketplaces allow different blockchain networks to communicate by removing the barrier of inter-chain swapping.
For example, Ethereum NFTs (ERC-721) can be exchanged or sold in another protocol as Solana or Polygon NFTs, this makes it easy for anyone with any blockchain standard token (ERC-20 or BEP-20) to mint and auction NFTs without hassle.
2. Fast transactions
The easy inter-chain swapping makes liquidity cheap and easy to get. You can mint and auction your NFTs in one platform supporting different blockchain networks. For instance, OpenSea supports around four to five blockchain networks; this makes it very easy to spend the tokens or coins of any of the available blockchain networks and their underlying NFTs.
3. Enhanced user experience
Cross-chain NFT marketplaces enhance user experiences because of their easy-to-get liquidity and fast transactions. Users can comfortably swap their NFTs across multiple chains and get their payments through various crypto options.
4. Improved efficiency
Cross-chain NFT marketplaces have better efficiencies and outputs than single-chain marketplaces because there is a general work output and faster transaction rate than many normal NFT marketplaces.
What is Celphish Finance?
Celphish Finance is a DeFi ecosystem that provides seamless DEX and NFT services. It also seeks to feature smartphone interoperability which will make crypto and NFT operations available to mobile users.
Celphish Finance’s goal is to create a platform where NFTs and cryptocurrencies can be exchanged at the lowest cost possible and also at a faster transaction speed.
Celphish Finance introduces us to a new cryptocurrency — its native cryptocurrency — called CELP. CELP will be at the center of all the activities going in and out of the ecosystem, plus activities revolving within the ecosystem.
To get started on Celphish Finance, you must buy and hodl the CELP token. You can buy the CELP token via presale on Celphish Finance’s main site. Otherwise, wait until a public launch which will introduce the token to a decentralized or centralized exchange.
What makes Celphish Finance Unique
Celphish Finance is nearly similar to many projects/protocols out there, so what makes it unique? Why should you even trust it? Here are some features to understand about Celphish Finance which should get you a glimpse of what it has in store for its community users and traders.
The CELP Token is at the center of the Celphish Finance ecosystem and controls how transactions are carried out and validated throughout the platform. CELP can be exchanged in a centralized or decentralized exchange where it is whitelisted.
CELP will also be used for future governance and community-driven incentives such as pool staking and so forth, on Celphish Finance. Hodlers of CELP tokens will earn proportions of the network fees remitted during normal transactions in the AMM DEX.
CelphishSwap is a protocol on Celphish Finance where crypto trading activities take place. CelphishSwap is an automated market maker (AMM) creating a pool where liquidity providers can deposit liquidity and earn portions of the transaction fees for every completed transaction.
CelphishSwap will also provide cross-chain liquidity to increase liquidity output and efficiency on its DEX. CelphishSwap will be featured in a mobile application to enable smartphone users to access liquidity with a simple one-click feature.
Celphish Finance NFT Marketplace
Celphish Finance’s NFT offering is one of a kind, and together with the CelphishSwap, will be featured in a mobile application. As a decentralized protocol, users can decide their activities on the platform by simply hodling the CELP token.
Celphish Finance’s NFT marketplace will offer cross-chain NFT services to create super-fast and easy-to-get liquidity via NFTs. The marketplace, like OpenSea and Rarible, will allow easy minting and auctioning of generative and degen NFTs.
How Celphish Finance follows after Decentraland, The Sandbox
Decentraland is one of the most sought-after NFT-metaverse platforms in the DeFi space. The same applies to The Sandbox, which has been in the gaming industry before fully joining DeFi.
Both Decentraland and The Sandbox provide the template on which Celphish Finance’s NFT services are modeled. Celphish Finance follows these platforms to provide an intuitive platform for its users and prospective. It also looks to resolve little difficulties experienced on these platforms to create a better version of them.
Celphish Finance will partner with industry-leading figures and also attract the most enthusiastic community and DAO governance members to scale the ecosystem and introduce more innovations.
Celphish Finance community members can be any group of people who hold the CELP token and are willing to lock them up to help grow the ecosystem. The community members and network contributors will be heavily rewarded with a portion of the fees generated on the protocol. Also, the members get to grow their earning margin using the CELP token as they can participate in occasional giveaways and airdrops held in the ecosystem.
How to buy Celphish Finance token (CELP)
If you are bent on joining Celphish Finance, you must have the token readily locked in your crypto wallet. This implies you should have an active wallet where you send and receive digital assets.
Next is to visit Celphish Finance’s main site where it is currently undergoing presale and sign up for the offer. The presale is meant to last between 60 to 90 days; during this period Celphish Finance plans to dedicate more than 40% of its token supply (about 86 million tokens) to private and public buyers.
There will be lots of bonuses that apply to early buyers. Some of the rewards include a 40% cashback when you buy within the first 30 minutes of signing up for the presale. Furthermore, you could earn up to 115% cashback when you buy the CELP token multiple times after signing up. The good news is that these cashback bonuses stack up the more you participate in the presale.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.