ShoeFy Raises $3.65 Million to Add DeFi Utility to NFTs

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

ShoeFy, a decentralized project that combines nonfungible tokens (NFTs) and fungible tokens (FTs) on one platform to add new utility layers to NFTs, has announced a $3.65 million round of fundraising. Investors include DuckDao, MoonWhale, ExNetwork, AU21, Basics Capital, Dutch Crypto Investors, and more.

Despite a heavily oversubscribed private sale, there are still two rounds left with $800k allocated to the community rounds across multiple Launchpads, followed by the last $250k for the public rounds. The allocation will be distributed through a whitelisting of ShoeFy's website. 

ShoeFy is doing two things simultaneously. First, it is diving into the art world of NFTs with their debut shoe NFT (sNFT). A collection of 10,000 unique digital shoes are powered by the four elements to build a decentralized platform where users can generate passive income in five distinct ways by utilizing FTs and NFTs in various forms like staking, farming, or adding liquidity. In the development cycle of the sNFT, they wanted to add more value. So they came up with additional utility layers that can 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 are missing solid utility layers and can only be bought, sold, or held. ShoeFy aims to solve this by providing NFT farming and introducing the NFT swap or SHOE/sNFT Liquidity Pool (LP), which consists of the pioneering FT/NFT pairs. Users can earn SHOE tokens from transaction fees and LP rewards as passive income by providing liquidity to this pool. 

The project is led by a team of experienced blockchain venture capitalists, creative NFT developers, and top-tier marketing experts spanning Europe to Canada and onto South Korea and Thailand in SE Asia. The team members share common goals and foresee a huge opportunity in the NFT and DeFi market space. In terms of their backgrounds, some are founders of creditable venture capitalist (VC) firms and marketing experts. Other members have experience in reputable crypto projects and exchanges. Also, they have a tech team of superior talent building their platform.

Michal Horvath, chief marketing officer at ShoeFy, said: “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.”

The team plans to use the funds to build the platform, release the sNFT collection and expand their community. The project has five distinct ways to generate rewards through various uses of the SHOE tokens and their sNFTs. ShoeFy products include the sNFT pool where users can stake sNFTs to earn SHOE tokens, or users can do conventional staking and stake their SHOE to earn SHOE. An sNFT farm will allow users to stake SHOE to farm different classes of sNFTs. Then, there will be two ways for users to provide liquidity, the conventional way through SHOE/Wrapped Ether (WETH) and SHOE/ Tether (USDT) for LP tokens that can be staked on the platform of your choice. Finally, the world premiere of the sLPl, where users can stake SHOE/sNFT pairs to earn SHOE, adding utility to their sNFT so users can generate passive income with their collectibles.  

ShoeFy IDO Launch Week

The ShoeFy Community round kicked off yesterday, Oct. 11, starting with PolkaBridge, where it was sold out in just 3 minutes. In total, the SHOE initial DEX offering (IDO) is being carried out across seven different launchpads. Today, ShoeFy had impressive dual IDOs on Moon Starter and MultiPad. MoonStarter was sold out within the first 55 seconds and MultiPad was sold out in under 5 seconds of its round 2. Tomorrow, the third day of IDO will be on two more launchpads, DuckStarter and KwikStarter. The last day, Oct 14, is Oxbull and TruePNL.

Next week turns up the heat even more with SHOE on Gate.io Start-Up on Oct 18. Then on Oct 19 at 12:00 PM UTC, a decentralized exchange (DEX) listing on Uniswap and a centralized exchange (CEX) listing on Gate.io.

Image Sourced from LaunchTeam

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.