Firma Lux, Inc., the parent company of Charged Particles today shared their radical redefinition of how Non-Fungible Tokens operate, expanding the possibilities of the tech world’s latest obsession beyond simple online collectibles. By incorporating elements of decentralized finance, Charged Particles converts NFTs into an interest-generating basket to hold other virtual currencies and assets.
“Instead of sitting on a digital shelf, you can now put your NFT to work for you,” said Charged Particles Co-Founder and Business Lead Ben Lakoff. “Whether you have art, virtual real estate, in-game items, or other unique items, you can quickly and easily turn them into your next savings account.”
Using the Charged Particles minting station, NFT owners can create or convert a digital collectible and add a “charge.” When cryptocurrency owners “charge” their NFT by depositing Etherium blockchain-based tokens like ERC-20, those investments automatically convert into Aave interest-bearing tokens. Charged NFTs can also hold a number of other assets, including other NFTs.
“Your NFT retains its own worth on top of the value of your deposits,” Lakoff said. “Imagine you buy a rare baseball card in 1920 and it’s and loaded with $100. Earning 8% per year, this card would now be worth nearly $300,000 today. That doesn’t include any speculative value a buyer might attach to the card itself, raising the final value beyond what the card alone would fetch.”
Particles serve as more than just interest-earning piggy banks. The protocol allows for a series of customizations to meet a wide variety of financial needs. Particles can be time-locked, keeping assets safe from withdrawal for a specified interval. Charged NFT owners can control how and where the interest is distributed, including to people or charities of their choice. There are also options to discharge the NFT and remove all the accumulated interest or remove all the investments entirely.
The Charged Particles team’s approach to disrupting an already fast-moving and dynamic market has generated proven results. Since the company’s launch of Charged Particles in early 2020, NFT sales have exceeded $2 million. The company’s backers have also showcased the potential and creativity Charged Particles can generate. “Pandora’s Box,” a collaboration with artist community The Guild, nestled 14 unique artwork NFTs inside the box itself, another NFT. “Pandora’s Box” not only helped demonstrate the Charged Particles concept but also generated the highest sale to date at 42 ETH, or nearly $115,000. Charged Particles team members hope that one day, enthusiasts won’t just admire NFTs, but ask what’s inside them as well.
About Charged Particles:
Founded in 2020, Charged Particles fuses Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) to create a revolution in investing. The Canadian company converts NFTs into yield-bearing wallets, automatically shifting certain Ethereum blockchain cryptocurrency tokens into interest-generating aTokens and serving as safe storage for other virtual assets.
Learn more about this new financial option and connect with the Charged Particles team online at https://charged.fi/