ShoeFy Announces $3.65 Million Raise For Innovative NFT Platform With Utility Layers

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ShoeFy, a decentralized project that has combined nonfungible tokens (NFTs) and fungible tokens (FTs) on one platform to add new utility layers to NFTs, has announced a $3.65-million round of fundraising. Investors include DuckDao, MoonWhale, ExNetwork, AU21, Basics Capital, Dutch Crypto Investors and more. Despite a heavily oversubscribed private sale, there are still two rounds left with $800k allocated to the community rounds across multiple Launchpads, followed by the last $250k for the public rounds. The allocation will be distributed through a whitelisting of ShoeFy’s website.

ShoeFy is doing two things simultaneously. First, it is diving into the art world of NFTs with their debut shoe NFT (sNFT). A collection of 10,000 unique digital shoes are powered by the four elements to build a decentralized platform where users can generate passive income in five distinct ways by utilizing FTs and NFTs in various forms like staking, farming, or adding liquidity. In the development cycle of the sNFT, they wanted to add more value. So they came up with additional utility layers that can be added to NFTs through their DeFi toolset designed for passive income generation.

After their launch, the ShoeFy platform will debut a new DeFi product, which finally adds some utility to the nascent NFTs. Unfortunately, NFTs are so nascent that they are missing solid utility layers and can only be bought, sold, or held. ShoeFy aims to solve this by providing NFT farming and introducing the NFT…

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