Mission Statement
Unlocking Capital Efficiency in the NFT Ecosystem
Last updated
Unlocking Capital Efficiency in the NFT Ecosystem
Last updated
At BackBone Labs, our mission is clear: to revolutionize the NFT ecosystem by addressing capital inefficiencies and fostering community engagement through innovative solutions that deliver tangible value.
Contrary to our more traditional DeFi counterparts within the crypto ecosystem the NFT space and NFTFi are lagging behind when it comes to capital efficiency. Users that use NFT products such as marketplaces lose valuable yield and DeFi opportunities by holding idle capital in order to buy, sell and trade NFTs. This leads to a loss of liquidity and overall participation with NFT products as users look for more favourable experiences in other DeFi sectors
Through the use of LSTs and , the provides yield exposure to its users. Users are able to buy, sell, trade and bid on NFTs with LSTs, this approach allows the users to gain yield while participating in the NFT markets.
Typically, marketplace fees, LST fees and other types of fees are extracted from the users and the ecosystem thus decreasing available liquidity and rewards. BackBone Labs' community-based approach changes this via the unique use of fee sharing with its users on almost every level. Necropolis fees are distributed to token stakers. This fee redistribution provides a unique store of value within the NFT ecosystem and keeps liquidity and capital flowing and rewards users for participation.
The fee sharing also extends beyond the Necropolis Marketplace to the bASSET LSTs. The 10% performance fee taken by the is also shared with $SOUL stakers as well as NFT stakers and liquidity providers. This approach ensures sustainability and aligns incentives across the board for NFTFi participants.