WeMade invests in NFT liquidity service based on public blockchain platform

February 4, 2022 Blockchain

WeMade, an online game developer, made through an unspecified amount of strategic investment in Hypesalt, an upcoming non-fungible token liquidity service that is based on Klaytn, a public blockchain platform developed by the blockchain service wing of South Korean web service giant Kakao.

NFT can represent a unique digital file such as art, audio, video, and an item in video games. It is authenticated using a blockchain platform and provides proof of ownership. Trading at most NFT exchanges is done through auction, limiting the liquidity of NFTs and making it difficult to combine NFTs with decentralized finance (DeFi) services.

Hyepesalt, which is scheduled to be released within the first quarter of 2022, gives liquidity by converting NFTs into general or compound tokens (cTokens). Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications. cTokens accumulate interest through their respective exchange rate and, over time, each cToken becomes convertible into an increasing amount of its underlying asset, even while the number of cTokens in wallets stays the same.