CryptoLocally And Animoca Brands Form Strategic Partnership
CryptoLocally, the leading non-custodial P2P trading platform, is announcing a strategic partnership with Animoca Brands, a global developer that focuses on popular brands, gamification, AI, blockchain, and mobile technology. Animoca Brands recently invested in the GIV pre-sale, the private funding round for CryptoLocally’s native token.
In addition to the investment, Animoca Brands will advise CryptoLocally by leveraging its network and expertise in the non-fungible token (NFT) space as CryptoLocally develops more NFT-related features in the near future to assist in growing the space and improve adoption of NFTs. The two companies will also collaborate on joint marketing and promotions.
CryptoLocally’s long term plans for the partnership, which will continue into 2021 and beyond, include three main components.
First, CryptoLocally will build a P2P trading platform for ERC-721 and ERC-1155 tokens, which will be compatible with CryptoLocally’s non-custodial smart contract escrows. Some of the potential benefits to the NFT ecosystem are outlined below:
- Cheaper: with no credit card fees or high transaction fees
- Easier to use: no need to convert fiat to BTC and then wETH/WAX because you can buy from people directly
- More accessible: centralized shops are not accessible to everyone
- Less regulatory risk long-term: the process is non-custodial and CryptoLocally never has access to the fiat side of the payment
Second, CryptoLocally will work to integrate NFTs with its Finance (DeFi) Wallet, which removes the need for users to download an external wallet to receive their first NFTs.
Third, CryptoLocally will enable renting/lending NFTs, which would be developed using CryptoLocally’s knowledge of smart contract escrows. CryptoLocally will design smart contract escrows where NFT items such as The Sandbox’s LAND, F1® Delta Time cars, etc., can be rented for use (for example, in a game), which could generate more utility for NFTs by generating staking rewards for the owner.
What is CryptoLocally?
CryptoLocally is a non-custodial P2P cryptocurrency trading platform that uses a smart contracts escrow to provide additional security to users. The smart contracts escrow eliminates third party involvement in trades, allowing for a completely decentralized trading experience for users. CryptoLocally’s recent addition of the Finance Wallet DeFi feature to the platform has provided users with the ability to earn interest on their ETH, DAI, USDC, USDT, and GIV holdings. GIV, CryptoLocally’s native token, can be earned from each trade completed on the platform. As the first P2P exchange to integrate DeFi capabilities, CryptoLocally is leading the way toward a decentralized financial future that is inclusive and available to everyone.
What is Animoca Brands?
Animoca Brands leverages gamification, blockchain, and artificial intelligence technologies to develop and publish products including games like The Sandbox, Crazy Kings, and Crazy Defense Heroes. The company also develops products based on Formula 1, Marvel, Garfield, Snoopy, Thomas & Friends, Power Rangers, MotoGP, and Doraemon. Animoca Brands recently launched the REVV token, its utility token for officially branded motorsport games. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. CryptoLocally is honored to join this list of partners and will benefit greatly from Animoca Brands’ extensive expertise and network in the NFT space.
What are NFTs?
Non-Fungible Tokens (NFTs) are a special kind of token that represents a unique asset. Currency is only one application of blockchain technology. Another use of blockchain is Non-Fungible Tokens, which can be used to represent uniqueness and identity, and can be applied to a variety of different items such as video games, fine art, or even movie tickets. NFTs are blockchain assets that are designed to be distinct, for example, each CryptoKitty has different characteristics and a different value, with some being more valuable than others. Non-Fungible Tokens can be used as collectibles (such as in the case of CryptoKitties), Online Gaming, Tickets, and Identity (from providing simple identity verification to complex records like medical history or financial background). These are all things that can be unique, and in the case of collectibles, online games, and tickets, hold different values so NFTs can be applied to them. In the case of NFTs being used for identity purposes, data collected by companies such as your browsing history or shopping preferences could be tokenized and sold at auction to make money from the personal economic data you create.
CryptoLocally will be able to offer more to users and enter the NFT space through this partnership with Animoca Brands, one of the leading blockchain gaming companies and we look forward to continuous collaboration and partnership with the Animoca Brands team.