Shoefy: The First Decentralized Platform to Combine Non-Fungible Tokens and Fungible Tokens

Evan  |  Oct 19, 2021

Since the start of the year, Non-Fungible Tokens (NFTs) have seen a huge growth in both their adoption and value and there is no sign of them slowing down anytime soon. As of the time of writing, NFT-based projects have a combined Market Cap of $767 Billion with an average 24 hours sales volume of $70 billion. These are impressive numbers but the industry is still in its early stages and it is yet to go mainstream. Since the launch of EIP1559, there's been an improvement in the number of sales on NFT marketplaces, especially on OpenSea. People are beginning to attach the same valuation on rare digital arts as they place on rare physical artworks. There's an increased influx of NFT-Metaverse projects, blockchain games and celebrities from both the sports and entertainment industries are joining the ecosystem. 

Blockchain games are becoming an important part of our lives as they are driven by NFTs and they offer players ownership of in-game assets, interoperability and immutability. Axie Infinity for instance, which is the most played game on Ethereum, has over 90,000 active wallets and 22,000 daily users. Music star Shawn Mendes launched and sold a batch of NFTs that included virtual necklaces, earrings, virtual guitars and vests on OpenSea. This made him more than $600,000. An NBA Top Shots video of LeBron James dunking over defenders sold for more than $200,000. These are just some examples of how celebrities are coming into the ecosystem. There is also a move into Decentralized Finance (DeFi) and other cross-chain ecosystems. Projects are exploring the use of NFTs as collaterals on DeFi platforms, others are exploring the possibilities of fractionalizing NFTs to give some use cases to NFTs. ShoeFy is a project that's one of the early movers in the field for the latter. 

What is ShoeFy? 

ShoeFy is a decentralized platform that aims to combine Non-Fungible and Fungible Tokens. ShoeFy will have two tokens, the ERC-721 standard, which will be referred to as sNFT and the ERC-20 standard Fungible Token which will be referred to as $SHOE. Users can hold their unique sNFT that's powered by the FT $SHOE token. Through this, they get the boost of a potential high passive source of income through the rewards from farming and staking. There are different classes of sNFT that can be minted. They include the common, rare, unique, epic, legendary and mythic. These can be resold in a secondary market. Holders of sNFT also have the option of staking their assets in the staking pool of ShoeFy or they can become Liquidity Providers in the ShoeFy liquidity pools and earn extra incentives. 

The sNFT's are 10,000 on-chain algorithmically generated shoes to be sold at the mint. Each shoe has unique features and varies in its degree of rarity. There would be 6000 Commons, 2000 Uniques, 1000 Rares, 500 Epics, 300 Legendaries and 200 Mythics. The whole 10,000 sNFTs will not be minted at once. 3000 of them will be minted first at random and the holders of the first 3000 sNFTs will get exclusive access to the SHOE Club in the future. It is this place where important giveaways of NFTs and other exclusive events will be held. 

Why ShoeFy? 

  • The ShoeFy liquidity pool provides interchangeability value to both its NFTs and FTs. 
    • Users can generate passive income with ShoeFy by staking and earning rewards in $SHOE. 
      • ShoeFy offers a profit optimization scheme. A small number of boosters benefits will be minted for sale and these boosters will provide the LP and sLP tokens with the ability to multiply their yield performance.
      • ShoeFy Ecosystem 

        The ShoeFy ecosystem is made up of the:

        • ShoeFy Governance — At the start, ShoeFy will be a semi-centralized community to help it grow faster. Users will be able to contribute to the project through the community channels but once the ecosystem gains good traction, the team will begin transitioning to a new Decentralized Autonomous Organization (DAO). 
          • ShoeVerse — Users can only enter the ShoeVerse in wearable digital shoes. This Metaverse will have exciting activities from shoe battles to shoe contests, to shoe fashion shows and then a shoeverse play-to-earn game later on. 
            • ShoeFy DEX — This platform will combine the sNFT and $SHOE token mechanisms with staking, yield farming, LP mining, and AMM swaps to ensure constant liquidity.
              • Wallets — ShoeFy can be accessed through the MetaMask platform and in the future other Wallets like Trustwallet will be integrated into the DEX. 
              • ShoeFy Private Sale Rounds

                ShoeFy recently completed its private sale rounds (a seed round and three private rounds) where it raised $3.65 Million and was oversubscribed. After having smashing success with its previous sale rounds, the ShoeFy team had its PolkaBridge IDO sell out in less than 3 minutes on October 11th. It also had record sold-out times for the other rounds. 5 seconds for MultiPad and 55 seconds for MoonStarter. They have 4 more Launchpads to go. 

                Tokenomics 

                Total Supply — 100,000,000 $SHOE

                Liquidity/Ecosystem — 35%

                Community/Marketing — 20%

                ShoeFy Development — 15.5%

                Private Rounds — 12%

                Team & Advisor — 10%

                Early Contributors — 5%

                Public Sales — 2.5%

                You can check out ShoeFy's vesting schedule here.

                Roadmap 

                Q2 2021 

                • ShoeFy project ideation, platform planning and development begins
                • Q3 2021 

                  • Entity, team and advisor formation completed. 
                  • Programming of the genesis sNFTs 
                  • Beta version launch (for limited users)
                  • DEX platform (staking and farming) 
                  • Q4 2021 (phase 1)

                    • Mainnet 1.0 launch
                    • Liquidity mining
                    • $SHOE token distribution 
                    • IDO and listings 
                    • Phase 2

                      • Genesis sNFT minting
                      • Shoeverse with Metaverse projects
                      • DAO-SIP (ShoeFy improvement proposal) 
                      • Cross-chain solution
                      • Various partnerships
                      • First Half 2022

                        • Mobile version ShoeFy
                        • ShoeFy Games — Play-to-earn 
                        • ShoeFy NFT swap
                        • Second Half 2022 

                          • ShoeFy brand expansion to different fashion items
                          • ShoeFy merchandise and collaborations with popular brands 
                          • You can follow ShoeFy here:

                            Telegram Channels: https://t.me/ShoeFy_Official

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