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    The MonkeyFirm introduces ‘Token Backed NFTs’ for sale of digital assets

    Published on September 16, 2021

    Aims to simplify peer-to-peer (OTC) trading by creating a means to ‘wrap tokens’ in the form of an NFT

    The MonkeyFirm (recently rebranded from MemeFarm) today launched its ‘Token Backed NFT’ wrapping platform in an effort to promote ease of peer-to-peer trading and create a new way for creators of virtual items to commercialize their digital assets, without having to worry about getting scammed or finding an escrow solution.

    Peer-to-peer or OTC (Over the Counter) trading has become a major part of crypto transactions, but not without its share of problems; particularly for the multi-billion dollar illiquid or low-cap alt-coin market. To complete a transaction buyers and sellers need to find someone to trade with, build trust and negotiate terms, find a trustworthy escrow agent, and coordinate across multiple time zones. To solve this issue The MonkeyFirm has introduced Token Backed NFTs that will simplify peer-to-peer trading by creating a means to ‘wrap tokens’ in the form of an NFT, put them up for sale at a desired price, and have the entire transaction handled via smart contracts.

    “With the Token Backed NFT structure you can cut out the drama and stress out of peer-to-peer trading, and go to bed knowing your trade will be fulfilled by a serious buyer on a secure and reliable platform,” said Mark Berisha, CEO of The MonkeyFirm and APEcoin, and a founding member of BUSTA. “The MonkeyFirm has focused on a low fee structure, as the seller will not be paying a third party to facilitate the exchange, ultimately creating a seamless trading experience.”

    “The simplest ideas in crypto are the biggest. Like the advent of the ERC-20 (tokens) or the AMM (Automated market-maker). Token-Backed-NFT’s are very simple and highly scalable solving a real market problem,” Berisha added.

    Notably, the funds of the sellers will never be withheld and the tokens can be redeemed at any time, with The MonkeyFirm simply providing a streamlined solution for peer-to-peer exchange.

    Wrapping a token is exchanging one set of standards for token interaction, with another set of standards – Most NFTs are defined using a standard called ERC-721, which maintains each token as a unique id and defines how to exchange them individually. Compared to the standard for cryptocurrency tokens, ERC-20, which allows tokens to be sent as multiples and fractionalized. Wrapping allows NFTs to be stored in a wallet, exchangeable in multiples. It also allows for base liquidity to be established in exchange for other tokens.

    Creators seeking a peer-to-peer trade for the sale of their tokens can visit mfrm.io to create a Token Backed NFT sale. To the community visit their Twitter, Github, Medium and Telegram.