Today 4 new pools launched on Harvest Finance and they are rather interesting ideas, to say the least. These pools allow you to farm NFTs and have been created/launched by NFT20 or Nifty as they seem to go by. NFT20 has its own native token $MUSE which powers the protocol. The hope of this protocol is to address the issue of liquidity in the NFT realm which is a rather interesting idea to try and address with the whole value of NFT's based on scarcity as the biggest reason it has value.
Every time an NFT is deposited in the protocol 100 tokens are minted in whatever the NFT pool is. When reading through the Lite Paper (here) they provide some very interesting and very forward-thinking ideas. If someone has an NFT that they are not able to sell by collateralizing them this way would allow them to go to Uniswao and either trade away the tokens or use them to provide liquidity on Uniswap. Auctions it turns out can also be held in these pools allowing people to try to get a higher price than the 100 tokens you would get issued.
Lastly, trading could be done this way and I think that this could be the biggest takeaway from this project. If you saw a Crypto Kitty NFT you wanted the pool allows you to tokenized a Crypto Kitty you do not want by depositing it and then using the tokens you get to redeem the Crypto Kitty you wanted! It's a little bit longer and more complex way of trading but if enough people use this pool it could work.
The four pools that have launched right now are ROPE, MUSE, DUDES20, and MASK20. ROPE seems to deal with OpenSeas and has an assortment of NFT's in it from cards to figures.... really everything in one. It also has 155400 NFTs in it so it is not like it only has a few. MUSE is the native token of the protocol so this is just the token that powers the whole thing. Participating in this one is like participating in all the different pools! DUDES20 deals with the NIFTY DUDES and there are 78 NFTs in this but the value per NFT is $2174 or 1.22 ETH. The last pool is MASK20 which is the HASHMASKS pool. Hashmasks are a set of NFTs and the pool contains 94 of them with the floor price of these being $2,936 or 1.64 ETH.
The APY's of these farming pools are crazy themselves with the APY's ranging from 467% to 3,824%! Also, the FARM that you yield in these pools is iFARM, the new and improved FARM token that allows for collateralization. Unlocking a whole new set of abilities. These pools will be interesting to follow... much like the mSTONKS pools that have tokenized stocks in them, it will be really cool to see how these shake out.
