NFTs can be stored in a digital wallet and their possession proves ownership. An NFT on the Mona Lisa (should the French state ever decide to sell it) is going to be worth a lot more than an NFT on my right sock!Įthereum blockchain is being used as the foundation for most NFTs currently in play in the market at the moment. These are very flexible and can be unique, hence the price variance could be enormous. NFTs are non-fungible tokens, which prove digital ownership of an asset. What are NFTs and why get excited about them? Leaning towards NFTs does not tend to make for a long term and sustainable project, but you are also betting on the future of NFTs with Spore Finance.
Huge burn percentages don’t incentivise a lot mind you. It is possible to make a quick buck on these if you get in early enough but they really tend to be short term opportunities. It has a similar profile to other passive staking reward coins on the market. With Spore Finance 3% of transactions are burned forever. Developers who work on these contracts have a somewhat sketchy approach to the realities of economics. The good news with RFI is that it is very automated, the bad news is that you are trusting a very undefined central party and contracts are complicated, easily hacked and often buggy. In other words, by holding the token you get fees for any transactions in that token.
Transaction fees are charged and then passed on to the existing RFI holders. Spore Finance is a self-declared reflect token: reflect finance aka RFI is an Ethereum token that is designed to provide yield within the DeFi environment.