The collaboration comes right after a Christie’s Auction for CryptoPunks that sold for $16.9 million. A collaboration between the three organizations allows for shared strengths, with each bringing something to the table.
UMA Protocol, Yam Finance, and Crypto.com have announced that they are looking to collaborate and explore opportunities in the NFT space. The collaboration will aim to layer financial products on or even inside NFTs. The announcement comes hot on the heels of a CryptoPunks auction on Christie’s that sold for $16.9 million.
A collaboration between UMA, Yam Finance, and Crypto.com brings the strength of each platform to the table. UMA Protocol brings the financial infrastructure, YAM Finance brings the execution capabilities, and Crypto.com brings a massive user base and the ability to simplify offerings and reach a broad audience.
And Shared Interests
uLABs announced the CryptoPunks Index, a synthetic token that can track the CryptoPunks market. It uses the transfer prices of CryptoPunks over 30 days and creates an index value.
Index holders are exposed to the market without paying for a Punk or choosing which punk to invest in.
UMA Protocol and Yam Finance are working together, preparing the CryptoPunks Index for launch. After the launch, Yam Finance will extend support to maintain the product. At the same time, Crypto.com will work with the UMA Protocol on research and explore possibilities through which the product could be introduced to their user base.
Crypto.com Positions Its NFT Platform
After the launch of their NFT Platform, Crypto.com is positioning it as the premier platform when it comes to trading and collecting NFTs.
Crypto.com expects significant growth in the NFT space, leading to an increase in the growth and demand for NFTs. This is why they are continuing research and development into space and the products that users of their platform will be interested in.
The NFT Movement Is Flourishing
The NFT movement is driven by people who support artists and primary NFT holders. The UMA protocol will explore opportunities that will allow it to focus on financial products coming out of the NFT movement.
CryptoPunks can be considered as the perfect example of such a possibility. For example, you could create an index that trades based on the performance of all drops on the Crypto.com website or could create an NFT with the indices wrapped inside.
A KPI option in association with an NFT could be created, and depending on the number of times it is traded, the pay-out would be decided.
Crypto.com, UMA Protocol, and Yam Finance have discussed the possibility of future collaborations in the NFT space.
Crypto.com sees the opportunity with UMA and Yam finance to work on this initiative as a chance to offer their users this structure and iterate the products and indices available.
UMA Protocol and Yam Finance can work with Crypto.com, focusing on building products with an innovative and agile team while also expanding their user base.
With Crypto.com understanding the mechanics of the CryptoPunk NFT index, UMA Protocol and Yam Finance can focus on reducing the complexity of our products and ensure that users find them easy to use.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.