Understanding Elephant Money NFTs — A Deep Dive with Chris Farrell
In the ever-evolving world of cryptocurrency and NFTs, Elephant Money presents a unique opportunity for investors and enthusiasts alike. In his latest video, Chris Farrell provides an insightful weekly update on Elephant Money, focusing particularly on its NFTs. This blog post aims to summarize and dissect the key points from his discussion.
What Are Elephant Money NFTs?
Elephant Money NFTs, known as “Unlimited,” play a pivotal role in the ecosystem. Each NFT purchase, costing 2 BNB at the time of the video, directly contributes to buying Elephant tokens. These tokens are then stored in the Elephant Money treasury, known as Bertha. This process effectively reduces the liquidity pool size, benefiting the overall ecosystem.
The Dual Benefit of NFTs
- Ecosystem Enhancement: Every NFT purchase boosts Bertha, as the BNB used is converted into Elephant tokens and added to the treasury.
- Holder Rewards: NFT holders can stake their NFTs on the Elephant Money platform to earn daily rewards in Elephant tokens.
NFTs and Real Estate: A Comparison
Chris draws an analogy between NFTs and real estate. Like prime real estate, NFTs can be ‘rented out’ (staked) to generate income, in this case, Elephant tokens.
Earnings from NFT Staking
Stakers earn a daily share of 1% of the Elephant treasury, divided by 365. This means the rewards are a fraction of the treasury’s value, distributed daily among stakers. As the treasury grows, so does the value of the rewards.
Inside Elephant Money’s NFT Platform
- Staked NFTs: The platform shows the number of NFTs currently staked.
- NFT Supply vs. Staked: There’s a distinction between the total NFTs bought and those staked.
- Mint Value: Indicates the total BNB contributed to the ecosystem through NFT purchases.
- Personal NFT Wallet: Shows individual holdings and rewards.
The Appreciating Value of NFTs
NFTs are released in batches, with each new batch doubling in price. This structure suggests a potential increase in value over time, similar to real estate.
The NFT Marketplace
- Discounted Prices: NFTs in the marketplace are 10% cheaper than minting new ones.
- Seller Benefits: Sellers can profit, especially if they bought NFTs in earlier, cheaper batches.
- Contribution to Bertha: 30% of each sale in the marketplace goes directly to the treasury.
The Impact on Elephant Money’s Ecosystem
Every NFT purchase strengthens the ecosystem by converting BNB to Elephant tokens and adding them to Bertha. This process benefits both the treasury and the NFT stakers.
The Growing Treasury
The treasury’s growth is a positive sign, with a significant increase in Elephant tokens stored. This growth is crucial for the health and stability of the Elephant Money ecosystem.
Conclusion
Chris Farrell’s video offers a comprehensive look into Elephant Money’s NFTs, highlighting their benefits and impact on the ecosystem. The NFTs not only support the treasury but also provide earning opportunities for holders through staking.
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Disclaimer: This blog post is a summary of a video discussion and does not constitute financial advice. Always conduct your own research before making investment decisions. 🧐📚
