FODL Trading Platform Giving Away $1M in Bored Ape NFTs
DeFi leveraged trading platform FODL is giving away a total of 25 NFTs including the Bored Ape Yacht Club and the Bored Ape Kennel Club.
On Monday Feb 7, Decentralized leverage trading platform FODL announced it is launching the world's largest NFT giveaway ever. Perhaps this will draw attention to the work they are delivering, which aims to enable a truly decentralized and transparent way to trade leveraged margin. Thus, it is giving away NFTs from the Bored Ape Kennel Club (BAKC) and the Bored Ape Yacht Club (BAYC) worth roughly $1 million. There are 24 BAKC NFTs and 1 BAYC NFT in total.
It is all part of a tournament in which FODL traders can win raffle tickets by staking at least 1,000 $FODL tokens between February 14 and April 30. Every month, FODL will reward the top five traders on its platform with additional tickets, as well as influencers who promote the platform on social media. The winner of the (mystery) BAYC NFT will be disclosed once all 24 BAKC NFTs have been drawn and given away.
NFTs—one-of-a-kind tokens that represent ownership of digital assets—have recently made waves in the crypto currency verse, with famous celebrities such as Kevin Hart, Paris Hilton, and Eminem, flocking to the BAYC NFTs.
BAKC NFTs currently have a projected minimum value, or floor price, of around 8.6 Ethereum or $27,000. The floor price of BAYC NFTs is at 100 ETH ($316,000).
NFTs are one of Ethereum's most important sub-sectors, accounting for $25 billion in total sales volume last year. It's become equally as significant as DeFi, a set of blockchain-based protocols that allow users to trade assets, borrow money, and even take on risk.
FODL is no stranger to risk. Users can leverage their trades on the decentralized platform. Leverage is borrowed capital in both crypto and traditional finance. On FODL, this means that traders can use debt to raise the amount they're dealing with, which they can do by taking out a "flash loan" through AAVE or Compound.
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