The MUSE token is used in NFT20, and it can be obtained through farming. Its utility is that it can be burned to receive a share of the protocol fees or to vote in certain governance votes.
About Muse (MUSE)
MUSE is nft20.io’s governance token. NFT20 is a permissionless peer-to-peer protocol that tokenizes NFTs and allows them to be traded on decentralized exchanges like UniSwap and Sushiswap. Anyone having an NFT can start a new pool or join an existing one to acquire permissionless ERC20 Token derivatives of their NFTs, which can be transferred and sold on DEXes immediately away. There’s no need to tokenize if you trade your NFT for another NFT from the same pool.
If a pool is available for your NFT, you can obtain 100 tokens right away, giving you a variety of possibilities, such as:
- Replace the tokens you received with another NFT from the pool.
- Use the tokens to bid on an auction for higher-quality NFTs, such as tokenizing 10 crypto kitties to earn 1000 tokens, and then using those tokens to bid on an auction for a gen 0 kitty if one is available.
- If enough liquidity is present, sell the tokens on Uniswap.
What Is Muse (MUSE)?
The governance token of nft20 is MUSE. The fundamental purpose of the MUSE token is to act as a governance token for Muse Labs.
MUSE stakers will likewise receive an equal share of the dex’s collected fees. Fees will be sold for ETH to acquire MUSE and sent to stakers if there is an NFT to NFT swap on NFT20. Depending on liquidity and the amount of fees kept by the protocol, fee selling is switched from pool to pool. To avoid excessive selling before the market reacts and rebalances price floors, only 10% of the protocol’s fees will be sold in a single transaction.
Who Are the Founders of Muse (MUSE)?
The project was bootstrapped without any external financing or presale and built under the VeryNifty NFT business by Jules and Adam with design assistance from Carlos Veloso.
They have been friends for almost four years and have been watching and working in the Ethereum field. Their most recent project, VeryNifty Gallery, a Tamagotchi-style game, is still the #3 most popular Ethereum game on DappRadar, with over 70,000 mainnet transactions. Adam is a serial indie maker while Jules is a Full-stack developer who started out as a smart contract freelancer in the space. She also cofounded DAppBoard (Google Analytics for Smart Contracts) in 2017. As a result, he was hired by Consensys to work on analytics for DEX platforms, smart contracts, and other technologies.
What Makes Muse (MUSE) Unique?
nft20 intends to address the liquidity problem in the NFT industry by developing a secondary market for ERC20 derivatives of NFTs. By addressing this issue, investors can obtain price exposure to NFT projects without having to discover and acquire individual NFTs, while collectors and newbies alike can benefit from fairer price-fixing and easier trading of NFTs.
Collectors of any project can easily exchange their items for the related tokens, giving their NFTs instant value and liquidity. NFT20 is also a great way to start collecting NFTs because of its high volume and liquidity, which ensures that both sellers and buyers get a fair price.
NFT project developers can also use NFT20 to construct or support a pool for their NFT project. On a dex, having a strong pool with good liquidity lets your users readily trade their things and newbies to buy items at a reasonable price. While the pair is motivated to get high liquidity, the pool can also be utilized as a sale mechanism for NFT enterprises.
Having access to tokenized derivatives of an NFT project allows general investors to speculate on the price of a collection without having to bother about locating and purchasing individual things, which can be time-consuming. This tries to solve one of the most persistent issues in NFT investing: obtaining broad price exposure to NFT ecosystems.
The total quantity of MUSE is one million, with 500k having been dispersed by the end of February. With a daily emission schedule of 500 tokens, 300k will be set aside to reward liquidity providers through yield farming. Out of the remaining 200k, 100k will be vested in the developers over a 12-month period, and 100k will be vested in the DAO over a 12-month time.
NFT20 understands that liquidity is a critical component of any dex. Each day, 500 MUSE will be distributed as prizes to liquidity providers for the NFT20 liquidity pools. The ETH-MUSE pool will receive the largest daily $MUSE emission of 250 $MUSE for the time being. Each day, 83 MUSE will be distributed to the Chonker, Doki Doki Finance, and NodeRunner pools.
Where Can You Buy Muse (MUSE)?
If you’re looking for a place to buy Muse (MUSE), the best cryptocurrency exchanges to use right now are Gate.io, Uniswap (V3), Uniswap (V2), and Hotbit.
Frequently Asked Questions
Can I Buy Muse (MUSE) With Cash?
No. There is no direct method to purchase Muse (MUSE) using cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
Are There Any Quick Ways To Buy Muse (MUSE) In Europe?
Yes, in reality, Europe is one of the easiest countries to acquire cryptocurrency in general. There are also online banks where you can create an account and send funds to exchanges like Coinbase and Uphold.
On What Factors Does The Price Of The Muse (MUSE) Depend?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact Muse (MUSE)’s price and market cap.
Muse (MUSE) Official Website – https://nft20.io/
Muse (MUSE) Twitter – https://twitter.com/niftymuseum
Muse (MUSE) Medium – https://medium.com/@verynifty
