WSUM and Uberstate are making a strategic partnership that will expand the utility of Uberstate RIT 2.0 (RIT 20) to the world of NFTs. The move will enable the token holders to buy NFTs without first selling their coins.
RIT20 has unique advantages for its users. It offers high rates of capitalization through staking that would only be achievable through a large amount of capital or risking a huge amount of leverage and default risk. At the time of writing, the cryptocurrency is ranked number 2842 by market cap. It has a maximum supply of 500M RIT 2.0. The token is currently trading at $1.02.
RIT 2.0 is a liquidity protocol developed by Uberstate. It is built on the Ethereum blockchain. Primarily, the protocol is used as digital real estate management to enable real estate payment networks for all users. It uses real estate payment networks and advanced payment processing that involves digital currency and the proof of work (PoW) mechanism. However, this is not the only use case for this digital asset. Users can trade RIT 2.0 with other assets on ethereum-based blockchain networks.
Since the emergence of Non-fungible tokens (NFTs), RIT 2.0 found a new use case. Holders can now use this digital asset to purchase NFTs on Ethereum-based platforms. Non-fungible tokens (NFTS) have grown in popularity in the cryptocurrency world in the recent past. The market has recorded some of the most high-value sales including Everyday’s – The First 5000 Days – ($69,000,000), a collection of arts by Beeple. The high sales and the endorsement of NFTs by some of the popular individuals and businesses such as Nike (NKE), Warner Music Group (WMG), and Yum Brands (YUM) attracts more people to these digital assets. Some RIT 2.0 holders use their assets to buy various NFT products such as arts, digital collectibles, in-game items, digital tickets, and digital music rights, and many more.
Ethereum vs Binance Smart ChainNetworks
NFTs traders and investors in the ethereum ecosystem face some challenges. The gas fees on the ethereum network are high making it expensive to mint NFTs on ethereum. Consequently, the prices of these NFTs are high. This cost may be high that it compromises the viability of trading NFTs.
On the other hand, Binance Smart Chain (BSC) offers quicker and more cost-efficient digital asset trading services. The gas fee in BSC is relatively lower than that of ethereum. Therefore, minting NFTs in BSC is faster and cheaper, making BSC-based NFT assets cheaper than ethereum-based ones. The difference in gas fees is significantly big. For example, a transaction that causes less than $1,- in BSC may cause more than $30,- in the ethereum network. NFT traders in BSC, therefore, make more profit.
RIT 2.0 holders cannot benefit from the advantages the BSC ecosystem offers its NFT users due to the lack of cross-chain.
Bridging the Gap
Uberstate is partnering with WSUM to bridge the gap between the RIT 2.0 token and the BEP 20 solutions. BEP 20 is a BEP-compatible token standard. This project will enable users to convert ethereum-based tokens to ones compatible with BSC, which can be used in BEP 20 solutions.
The collaboration will enable RIT 2.0 holders to access and trade NFTs on Binance platforms such as WSUM.art. The asset holders will enjoy faster, secure, and low fee trading. Consequently, they would be able to convert their assets back to RIT 2.0 and enjoy the high liquidity and other salient advantages of the ethereum blockchain. Many RIT 20.0 holders will be willing to venture into the NFT world since BSC-based NFT solution offers higher chances of making profits due to low cost.
This collaboration is creating a much-needed bridge between Ethereum solutions and BSC solutions. Uberstate is known for using global partnerships network to create more possibilities. On the other hand, WSUM remains focused on improving the utility of various coins in the crypto industry by enabling cross-chain usage. This collaboration is set for success!