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What Is NFTY DeFi Protocol (NFTY)?
The NFTY Protocol creates a reputation layer for NFT auctions by employing gamified staking and "farming" activities to crowdsource reputation data.
NFTY is the utility token behind this protocol. . When staked, it is used to:
Increase a staker’s social rank, unlocking access to exclusive events and NFT auctions
Endorse/advocate for NFT auctions to increase their visibility and likely sales price
Increase the total NFTY supply through staking rewards
The endorsement/advocacy process uses economic incentives and rewards funded from 7.5% of the final payout of auctions using the protocol. The reward is distributed to the pool of “endorsers” or “advocates” in proportion to each token holder's respective endorsement allocation amount, in NFTY tokens, to an auction.
