DeFi Money Market (DMM) enables returns with NFTs
A few days ago, DeFi Money Market (DMM) launched a new type of non-fungible token (NFT). The NFTs give the owners country-based franchise rights to real assets within the DMM ecosystem – what does this mean in detail?
According to a press release issued by BTC-ECHO, DeFi Money Market introduced a new type of NFT in the USA, Peru, South Korea, Nigeria and France on December 3rd, 2020. Within five minutes all NFTs were already sold out. In the future, however, further NFTs representing real asset Bitcoin Code holdings are expected to be available in other countries.
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DeFi Money Market is a new digital currency system that allows anyone to earn a return on their digital assets
This should enable users of DMM to receive a stable return of up to 6.25% per year on their deposited funds. Currently, returns can be achieved with ETH, DAI, USDT and UDSC. The DMG tokens serve on the one hand to combat inflation, as they are based on real assets such as aircraft, vehicles and real estate. In addition, DMG serves as a governance token for the entire DeFi Money Market protocol.
In total, more than 1.5 million DMG have been paid into a contract during the introduction of the new NFTs. These tokens cannot be sold directly, but are bound to a Smart Conract for a longer period of time. In addition, these tokens are used to finance yield-generating assets in the real world.
Gregory Keough, a member of the DMM Foundation, commented on recent developments as follows:
We are pleased to have successfully completed the first introduction of real assets into the DMM ecosystem. The immediate sell-off of the NFTs shows that there is great interest in this type of ecosystem participation.
In addition, DMM has recently entered into a partnership with the DeFi project Chainlink (LINK) to make the protocol more secure.