WSUM, the cross chain compatibility network that allows any asset to be wrapped in another blockchain’s ecosystem, is all set to launch its DeFi marketplace where people can trade different assets, including NFTs.
Though based on the concept of decentralization and being accessible to all, blockchain networks today are increasingly isolated. Each different blockchain network is a closed system. Bitcoin, for example, cannot communicate with Ethereum. If you own BTC and want to get your hands on Ethereum, you have no option to go to an exchange and swap your assets.
This may seem a simple solution, but if you select a specific chain for you assets, you and your users are stuck within that blockchain and they are deprived of the numerous opportunities that other blockchain systems offer.
WSUM Network tackles this problem by offering a simple solution. Instead of heavily coding newer versions of blockchain and assets for interoperability, it lets anyone built wrapped tokens on other chains.
Wrapped tokens are essentially native assets of a blockchain, but instead of creating their own value, they are pegged to a price of another coin that acts as an underlying value creator. If you an asset that is in demand on your preferred blockchain, but you want to access the wider crypto market on chains like Ethereum, you can deposit your native asset with WSUM and it will generate a wrapped token on the Ethereum chain. This way, any platform can offer their assets on other chains, accessing larger markets, including DeFi markets.
WSUM Market X
WSUM understands that due to the immense growth of DeFi in the last year, along with the recent resurfacing of NFTs, there is a huge demand for assets that are appreciating in value and provide a good passive income through yields and farming.
However, with so many platforms launching their DeFi services means it is difficult to actually know which investment will pay out. On top of this, with NFTs achieving millions of dollars’ worth, how is one to know that the unique token they are interested in is actually worth it?
WSUM Market X helps here. A digital marketplace for different NFTs and collectables, it ensures that only the most authentic tokens are traded. Users of the WSUM Market X can buy, sell and trade NFTs from big and authentic names such as Axies, CryptoKitties, Decentraland and even more. The market doesn’t just end here. People can discover valued tokens that are backed by custodial Sake Keeping Receipts and even Ethereum Name Services.
The NFT Valuation Problem
NFTs, or Non Fungible Tokens, are a class of crypto assets that unique with the help of being linked to another asset. The underlying asset can by anything, from a work of art to real estate. The asset the NFT represents, creates its value. But how do you give worth to the asset, say a painting, in the first place?
The answer lies in the eyes of the beholder. Each asset is valued against its market demand, or the buyer evaluates it at. A collectable item such as a gaming card has value based on their usability, the type of game and its rarity, a simple and straightforward method. Yet, the highest valued NFTs in the market have been mostly pieces of music, such as Torey Lanez’s preview of his latest album. Was it really worth it? That’s what the game is all about.
An what better place than WSUM Market X to determine the value of an NFT where thousands of sellers and buyers get together to trade, buy and sell the unique tokens, with the market demand determining the true perceived value?
Gear up for the revolution in NFT trading as the WSUM Market X is going to roll out this April.
WSUM is a blockchain platform that allows any asset creator to make a wrapped token for the Ethereum, TRON and Binance Smart Chain, giving them an opportunity to unleash the potential of their token through making available on the largest blockchain ecosystems of today.
WSUM is frictionless and decentralized, meaning every wrapped token is transparent, proving that the synthetics created are actually powered by the same amount of the native token in a 1:1 peg. The wrapped synthetics are more than just accessing other markets and users. Through WSUM, token creators can also give users the opportunity to take part in the larger DeFi market and stake their synthetic tokens, now capable of earning through farming their wrapped tokens and enter one of the largest crypto financial markets in the world.
Utilizing the latest in smart contracts, WSUM eliminates the human factor and thereby, reduces the risks involved to zero.