We are thrilled to launch exclusive Injective NFTs through our partnership with SuperFarm.
Users will be able to farm Injective NFTs which will provide them with unique benefits such as increased odds of receiving surprised token drops when staking on Equinox. We will also explore the creation and trading of NFTs on the Injective Chain which can allow for the creation of NFTs with unparalleled transaction times and zero gas fees given our unique layer-2 structure.
Internally Injective has been carrying out major NFT collaborations such as the widely reported Banksy burning which occurred earlier this month. We received coverage on media channels such as Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, and Art Net. We also received a shout out from the man, the myth, and the legend Chamath.
Our work with Burnt Banksy has been met with universal acclaim with our NFTs recently reaching top ranking positions on platforms such as OpenSea which beat out popular artists such as Beeple in terms of average sale price.
We aim to be the first decentralized protocol that enables limitless access to DeFi markets so we see NFTs as an integral pillar in this mission.
This piece will delve into the rise of NFTs, Injective’s collaboration with Burnt Banksy, our ongoing work with SuperFarm, Injective NFTs, special NFT rewards on the Equinox staking testnet, and next steps in our NFT journey.
The Rise of NFTs
After establishing a solid footprint in the finance space, crypto has expanded to disrupt another anachronistic industry — challenging the art world elites.
For a long time, the collection of art was restricted to only the elites while remaining largely inaccessible to all others. The industry is built on a culture of exclusivity, where the inner circle is often dictated by the size of one’s bank account.
The barriers were artificially kept high for both buyers and creators. This led to an unfortunate scenario in which creators were unable to feature their artwork in famous art galleries or auction houses. Reinforcing scarcity is part of the business, so keeping millions of creators out was just part of everyday business.
NFTs or Non-Fungible Tokens look to challenge these preexisting norms in order to usher in a new paradigm for both creators and buyers of art. NFTs as the name suggests are non-fungible, where each one is unique and limited in quantity. NFTs are not interchangeable with one another and provide proof of ownership within the digital world. To put it in terms of physical art collecting: only one person can own the original Mona Lisa painting.
While the first phase of the NFT boom may have begun with Crypto Kitties a few years ago, the industry has blossomed unlike any other over the past few months. In just February alone, NFT trading volumes reached $382M which is more than the entire amount spent on NFTs in all of 2020.
Injective’s Foray into NFTs: The Burnt Banksy Collaboration
The mission of Injective has always been to create a more free and inclusive financial system through decentralization. We quickly helped realize that NFTs can serve as a pillar for this mission as well as they continue to break down entrenched norms within the world of art and creators as a whole.
During the same time an anonymous group of NFT enthusiasts known simply as “Burnt Banksy” reached out to us with a revolutionary idea. They wanted to burn an authentic Banksy art work and then turn it into an NFT. In theory, this would allow the value of the physical piece to be transferred to the digital NFT itself.
The idea Burnt Banksy brought forth really resonated with some team members at Injective, so we decided to lend our full support throughout the NFT creation process. Our team members worked with Burnt Banksy in acquiring the Banksy piece, organizing the burning, and rallying support from mainstream audiences. We also collaborated with our friends at SuperFarm who helped in the final minting of the NFT through a smart contract.
The event was met with tremendous attention globally. We received coverage on major media channels such as Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, Art Net, and many others. Injective along with Burnt Banksy quickly became the top trending news in the NFT world with the video of the burning itself garnering over 150,000 views on YouTube alone. We also received a great deal of attention internationally with top media channels in countries such as France, the Netherlands, Russia, and the UK reporting on the event. In fact, we were one of the top trending topics on Weibo (a Chinese Twitter) with our original video receiving over 10 million views!
Injective’s Partnership with SuperFarm
SuperFarm is a cross-chain DeFi protocol designed to bring utility to any token by turning it into an NFT farm with no code required. This includes a suite of visual tools that can enable any project to deploy new NFT farms with custom rules that incentivize users.
The SuperFarm team has been collaborating with us to create a number of unique Injective NFTs that will launch on their platform. Holders of Injective NFTs will be eligible for increased odds of receiving surprise token and NFT drops on Equinox staking.
Injective has already managed to reach a diverse audience within the NFT space due to our collaboration with Burnt Banksy. These NFTs reached the top ranking positions on both OpenSea and Rarible, beating out popular artists such as Beeple. This collaboration with SuperFarm will enable us to rapidly expand our work within the NFT sector.
In addition, we will also look to add the native SuperFarm token onto Injective which can help expand the creation of new derivative products. This can include the creation of NFT index products as well. For example a user can purchase an NFT index product that includes a basket of NFT platform tokens such as SuperFarm.
We will also look to create an integration with SuperFarm that can unlock the creation of fast and gas free NFTs. A salient problem that remains in the sector are the high gas fees required when minting NFTs on popular platforms today. The Injective Chain can aid in solving this issue with our custom chain that is able to retain fast transaction times with instant finality and no gas fees given our unique implementation of a layer-2 structure.
A New Age of Injective NFTs
SuperFarm has quickly become a top contender within the NFT space. We are excited to grow the Injective NFT ecosystem with this partnership moving forward.
This collaboration will be mutually beneficial for both SuperFarm and Injective moving forward. Injective can further our work within the world of NFTs while SuperFarm can utilize the versatility of the Injective Chain to launch NFTs with zero gas fees, fast transaction times and instant finality.
We will also be carrying out special NFT drops for our users on Equinox staking and will look to launch new work within the NFT world.
SuperFarm is a cross-chain DeFi protocol designed to bring utility to any token by turning it into an NFT farm with no code required. With an innovative suite of visual tools, any project can now deploy the world’s most exciting new farm with custom rules that incentivize the behaviors they value most.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.