Binance Labs and Solv Protocol will collaborate on launching NFTs on the Binance NFT marketplace and on helping Binance Labs portfolio companies to grow Financial NFTs.
This is a strategic move on both sides that will undoubtedly change NFTs forever.
Solv Protocol is a decentralized platform for creating, managing, and on-chain trading Financial NFTs that greatly represent financial ownership and rights, like Vouchers.
Vouchers are an NFT container for digital assets with features like splitting and merging.
Solv Protocol Gains Binance as Partner
With the advent of Decentralized Finance, explorations of bringing NFTs into more tangible scenarios of finance are conceiving the concept of “Financial NFTs” – NFTs that are representing and certifying any sort of financial equity.
Through the smart contract of Solv Protocol, digital assets like ERC-20 tokens and ERC-721 might be transformed into Financial NFTs as vouchers, which are just fractionalized for quantitative operations like split and merge, thus enabling various financial scenarios.
But as ERC-721 Non-Fungible Token Standard describes, NFTs are employed to spot something or someone in a very unique way, not natural for most financial scenarios.
Here is why Solv Protocol introduces its Semi-Fungible Token Standard ERC-3525 – an ERC-721 extension enhances NFTs with a quantitative property and a few quantitative operations, naturally making them fit financial scenarios way better.
Solv Protocol provides Financial NFTs with a brand-new token standard ERC-3525 as an infrastructure-level solution – an enhancement of ERC721 to simplify the implementation and programming of advanced financial products.
A voucher may well be “Split” into 2 or more fractions of the identical release parameters (value date, period, end date, and release ratio) and underlying assets of the first one. Once your split amount (maximum amount = unclaimed assets + locked assets) is settled, unclaimed assets and lock-up assets are split by the split ratio (split ratio = split amount / maximum amount).
Vouchers will be merged after they have identical underlying assets and also the same release parameters (value date, period, end date, and release ratio). All the vouchers are merged to the active token, and also the token ID of the merged assets is the ID of the active token.
Solv is Well Placed to Thrive
Seems that we could say Financial NFTs are NFTs that are employed in financial scenarios. Furthermore, Financial NFTs are upgradeable to supplement new information/features to the initial tokens.
Peter Huo, Investment Director at Binance Labs, commented
“As a decentralized marketplace for Financial NFT, Solv Protocol is pioneering its own area of NFT. We believe in the future synergies that Binance and Solv will have, especially Financial NFTs such as vouchers have huge room for growth given their proven prevalence in traditional finance. We look forward to working closely with the Solv team to explore innovations in DeFi.”
With the backing of Binance Labs, Solv Protocol will enable anyone to make decentralized financial instruments via NFTs.
Mike Meng, co-founder of Solv Protocol, told media,
“The most pressing problems in the emerging field of DeFi is the absence of an efficient and flexible tool to express complicated financial contracts. Solv Protocol offsets the gap by bringing to the table financial NFTs and a marketplace designed specifically for creating and trading financial NFTs. With Binance Labs being our strategic investor, we are one step closer to building a better financial NFT ecosystem. I believe that all parties are going to benefit from taking part in this innovative and fast-growing sector of the crypto world.”
Solv Protocol is the decentralized platform for creating, managing, and trading Financial NFTs. It has partnered with over 30 DeFi projects. Each with invested Vouchers. Binance Labs and Solv Protocol will be at the forefront of what NFTs will become.
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Source: https://blockonomi.com/binance-labs-makes-strategic-investment-in-solv-protocol-next-big-leap-for-nfts/