Genesis Shards raises $2.7M to create new Pre-IDO market using DeFi NFT options
The DeFi ecosystem has grown leaps and bounds over the last few years. However, it still faces some acute bottlenecks in the pre-IDO space, with low token liquidity due to lack of a tradable market and inconsistent OTC trade practices that have a high default risk.
Genesis Shards was created to usher in a new paradigm where network participants can efficiently and safely get access to and trade pre-IDO tokens, while projects can leverage token liquidity early in the life cycle, build strong community support and also get a sense of price discovery early on in their journey. This is done by essentially ‘ NFT-ying the OTC market — transforming NFTs into a liquidity vehicle for pre-IDO tokens.
Genesis Shards aims to pioneer the DeFi NFT space by reimagining nonfungible tokens as DeFi options.
Genesis Shards vision has attracted the support of participants from every corner of the DeFi sphere. Our funding rounds were crafted so as to be inclusive of the entire ecosystem.
Industry heavyweights such as 3Commas, Block Dream Fund by OKEx, LD Capital, Spark Digital Capital, Momentum 6, Solidity Ventures, BlackEdge, Morningstar, BitBloc, Blocksync, Chain Capital, X21, Astronaut Capital, Moonrock Capital, Moonwhale Ventures, PNYX Ventures, AU21 Capital, Master Ventures, PetRock Capital, as well as many other reputed angels such as Santiago Roel Santos of Parafi Capital; Sandeep Nailwal, co-founder and chief operations officer of Polygon; Danish Chaudhry, CEO of Bitcoin.com; and Rachid Ajaja, CEO and founder of Alliance Block all supported the rounds.
We are inspired to see our vision of NFTying the pre-IDO OTC market resonating with some of the most seasoned investors and industry participants. These early investors and supporters were selected on the basis of the value that they will bring to us and to our long-term success.
“The successful close of our fundraising rounds is a key milestone for us in our journey. ”
Nilotpal Mukherjee and Garlam Won, the co-founders of Genesis Shards, said: “Our vision is to build a whole new marketplace for pre-IDO liquidity on NFTs, unlocking a new frontier in DeFi.”
Unlocking a new frontier in DeFi: a Pre-IDO marketplace on NFTs
The DeFi space today faces some big problems when it comes to pre-IDO trading. Though initial DEX offerings have rapidly gained acceptance as the go-to choice for token distribution, there are very few avenues for pre-IDO trading for the community. On the other hand, projects have limited community participation and little sense of price discovery in the early stages.
Genesis Shards aims to solve the issues faced by DeFi projects and their communities in the pre-IDO space by building the first marketplace for pre-IDO tokens on NFTs. By wrapping time-locked fungible tokens into NFTs, Genesis Shards will create a new market for previously illiquid tokens.
An exciting update on the cards, for the community
Now that our fundraising rounds have closed, we are getting ready to kickstart an initiative to provide the crypto community access to the $GS token.
The $GS token is the native utility token of the ecosystem and has a variety of use cases. It can be swapped for elements such as Gen Access. It plays a significant role in the governance of the Genesis network, and also would be the native token of the NFTX platform.
The details regarding the community initiative will be unveiled soon on our social pages. Do stay tuned!👀
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About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens.
The next major steps in Genesis’s journey will be announced soon! Keep an eye on this space for updates.
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