The MonkeyFirm Launches Token Backed NFT Wrapping to Prevent Scams in P2P Trading

Announcements, Blockchain, Innovation, News | September 16, 2021 By:

Tech company The MonkeyFirm has launched it’s ‘Token Backed NFT’ wrapping platform, making peer-to-peer trading a quick, secure and easy process.

The MonkeyFirm is the first Non-Fungible Token Decentralized Autonomous Organization, or NFT DAO. The Monkey Firm is a new way for creators to commercialize their NFTs, and for the global blockchain community to support digital artwork.

Peer-to-peer or Over the Counter (OTC) trading has become a major part of crypto transactions, but not without its share of problems; particularly for the multi-billion dollar illiquid or low-cap alt-coin market. Token Backed NFTs will simplify peer-to-peer trading by creating a means to ‘wrap tokens’ in the form of an NFT, put them up for sale at a desired price, and have the entire transaction handled via smart contracts.

“With the Token Backed NFT structure you can cut out the drama and stress out of peer-to-peer trading, and go to bed knowing your trade will be fulfilled by a serious buyer on a secure and reliable platform,” said Mark Berisha, CEO of The MonkeyFirm and APEcoin, and a founding member of BUSTA. “The MonkeyFirm has focused on a low fee structure, as the seller will not be paying a third party to facilitate the exchange, ultimately creating a seamless trading experience. The simplest ideas in crypto are the biggest. Like the advent of the ERC-20 (tokens) or the AMM (Automated market-maker). Token-Backed-NFT’s are very simple and highly scalable solving a real market problem.”

Notably, the funds of the sellers will never be withheld and the tokens can be redeemed at any time, with The MonkeyFirm simply providing a streamlined solution for peer-to-peer exchange.

Wrapping a token is exchanging one set of standards for token interaction, with another set of standards – Most NFTs are defined using a standard called ERC-721, which maintains each token as a unique id and defines how to exchange them individually. Compared to the standard for cryptocurrency tokens, ERC-20, which allows tokens to be sent as multiples and fractionalized. Wrapping allows NFTs to be stored in a wallet, exchangeable in multiples. It also allows for base liquidity to be established in exchange for other tokens.