Kylin Network and Nftfy have partnered up recently. Nftfy is a decentralized platform that uses smart contracts to allow its users to fractionalize their NFTs (Non-Fungible Tokens). Users will be able to fractionalize their NFTs into multiple ERC-20 components backed up by the initial NFT. Kylin Network is going to use Nftfy’s infrastructure to implement the first DDMOs. Kylin Network will work mostly in the capacity of technical and marketing support for Nftfy.
The Kylin and Nftfy partnership has been imagined as a long-term collaboration to automate different aspects of the impact of fractionalization on holders of DDM NFTs. Kylin Network, in their public statement announcing the partnership, has shown a lot of enthusiasm about working with Nftfy. They are known for their ease of use and for being pioneers of fractionalization technology.
A founding board member of Nftfy, Lalo Trage, has also spoken very positively about the collaboration. Trage explained that they want to prove to the world that NFTs are not just about art and collectible items. CEO of the Kylin Network, Dylan Dewdney, on the other hand, spoke about using Nftfy’s advanced decentralized NFT technology for an imaginative project like the implementation of DDMOs.
From the time of its inception, Kylin Network is trying to create a cross-chain network that will power the data network of Polkadot. In addition, Kylin aims to provide reliable data analytics services and easy-to-coordinate data sources for the future DeFi and Web 3.0 networks.
Kylin executives are hoping that their partnership with Nftfy will take them further in this process and help them secure a strong foundation for implementing their scheme for DDMOs in the coming years. Nftfy has already revolutionized the world of NFTs, so it remains to be seen what else they can transform in the world of digital economies.