Scaleswap to Release the World’s First Wrapped NFT Pre-IDO Launchpad
Here at Scaleswap, we’re always searching for new and innovative ways to bring additional value and opportunities to our community and the projects launching on our platform. Since the new and exciting technology of NFT wrapping appeared on the market, Scaleswap will become the first market player to implement it in the new special product: multi-chain wNFT pre-IDO Launchpad. This brand new feature was designed to accelerate our vision of building the healthiest and most sustainable IDO ecosystem for the DeFi, NFT, and Metaverse future. The platform is scheduled to be released before the end of 2021!
In simple words, a wrapped NFT is a non-fungible token in a ERC721 format pegged to the value of another asset (or multiple assets). We refer to it as a ‘wrapped NFT’ because the original NFT is put in a wrapper — a kind of digital vault that allows adding additional assets as any ERC-20 token to the NFT. In addition, it is possible to set locking periods to the collateral ERC-20 tokens inside the wrapped NFT.
For example, you can wrap the token allocation of any crypto project and lock them for certain time frames inside the NFT. Sounds like a typical smart contract for an IDO, right? ;-)
Imagine: instead of a simple NFT you could have your own allocation of tokens from your favourite project, locked inside a fancy NFT collection! So, a NFT becomes a real intrinsic value extending the value of a JPEG image.
The basic technology is created by Envelop, an NFT protocol backed by Animoca Brands, that launched its IDO on Scaleswap earlier this year. Based on Envelop’s technology, the Scaleswap team will develop the first sustainable use case for the IDO sector, introducing a pre-IDO launchpad in the format of wrapped NFTs.
The first iteration of this launchpad planned for next week is an alpha version. Not all functionalities will be active from the start. We’ll first focus on getting the main functions completed such as the smart contract, displaying the wNFTs on the frontend, and infrastructure.
We expect the beta version of the wNFT launchpad to be completed by the end of January. We will definitely ask for feedback and improvements proposals from our Community: follow our telegram announcement channel for updates and communications on this topic!
Benefits for Launching Projects
- Early funding access. It is crucial to have a supportive community from projects’ early days but before the public sale (IDO/IEO/ICO) there is no direct financial incentive for these community members. wNFTs will open a completely new level to early supporters willing to accept the higher risk and back the project financially. No need to wait until the IDO or public sale to offer community members to support the project financially.
- Cliffs functionality (wNFT contains pre-IDO tokens with locking periods). There will be no need to separate the pre-sale and IDO process with different tokens since the tokens sold inside wNFTs will be exactly the same tokens sold on IDO. Cliff functionality programmed inside wNFTs will enable the release of tokens at specific times when the team wants them to be released.
- Pre-sale open to diverse supporters. Coordination with different individual pre-sale backers becomes much easier! Everything is written in a smart contract and easily traceable on a blockchain.
- Price discovery opportunities. The “sweet spot” for the amount to be raised on a public sale is not always easy to assess, while IDOs with uncapped raises make the projects sometimes look greedy. Pre-sale with wNFTs will give projects insight into initial community interest for supporting the project financially and also secondary market wNFT trading will additionally help projects to come up with the “sweet spot”
Benefits for the Scaleswap Community
- Exclusive access to token allocations in the best projects on pre-IDO conditions
- Ability to exchange or trade wrapped assets before the tokens unlocking event
- wNFTs will be limited-editions: it’s not just about backing the project early, it is also important for early supporters to be seen. wNFTs could contain cool graphics, while also later in the projects’ stage of development these wNFTs could be used for on-chain detection and incentivization of early supporters
Announcing our First wNFT Pre-IDO Launch
We are thrilled to announce that Capscoin will be the first flagship project to launch a series of very special wrapped NFTs on the new pre-IDO platform!
With their strong foundation, outstanding team, innovative approach, and fresh off of an incredibly successful fundraising round with top VCs across Europe, the US, and Asia, CapsCoin stood out to us as the perfect partner to kickstart this new venture.
CapsCoin is an entry point for mobile gaming projects to the crypto community. It is a gaming platform with a metaverse of NFT games where you collect NFT CAPS, earn tokens, and level up your CAPS by competing with other players. CAPS are an NFT-based game multichain object that allows the creation of in-game items, characters, and resources. Caps also record and store your entire game experience and allow you to accumulate liquidity in the platform’s native cryptocurrency, CapsCoin.
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We hope you are just as excited as we are for the new NFT platform and all the possibilities that lie ahead. We look forward to revealing all the things we have in store!. Stay tuned for more updates and see you on NFT launch day!
About Scaleswap
The IDO landscape is riddled with unsustainable motives, non-transparency, exploitation of community members, and pure luck-based lottery mechanisms. Being able to participate in IDO launches is strongly budget-driven, often mirrored in tier structures — with one basic principle: The more of the native token you hold/stake, the more rights you have.
Scaleswap is the first truly fair IDO launchpad, focused on transparency and a long-term vision to transform IDOs into a more sustainable, market-independent, and community-driven launch strategy where fair treatment and remuneration of loyal community members is of the highest priority.
