Wemade Makes Strategic Investment in NFT Liquidity Service HypeSalt

[Asia Economy Reporter Kang Nahum] Wemade announced on the 3rd that it has made a strategic investment in HYPESALT, a Klaytn-based non-fungible token (NFT) liquidity service.

HYPESALT is a service that allows users to effectively utilize the NFTs they own and is scheduled to launch within the first quarter of this year. Anyone who owns NFTs on the Klaytn platform can create an NFT ‘collection’ through HYPESALT and issue tokens corresponding to that collection to liquidate the NFTs.

Anyone can deposit the NFTs they own into the created collection and become a ‘holder’ to mint and receive tokens of that collection. This is a unique model service that enables NFTs, which were purchased with expectations of price increases but were difficult to sell, to be easily liquidated through tokens by placing them into collections.

Additionally, when holders redeem their tokens for each collection, NFTs within the collection are randomly given. By paying a fee, it is also possible to receive a desired NFT.

The more transactions occur in the collections that users have created or participated in, the more transaction fees are distributed to the liquidity pool of the collection’s tokens, resulting in greater rewards. This has the effect of increasing the value of the tokens and the deposited NFTs.

Jang Hyun-guk, CEO of Wemade, said, "We decided to invest because we believe HYPESALT can increase the value of all NFTs," adding, "We look forward to expanding into various services linked with NFTs and DeFi services within the WEMIX ecosystem."

This content was produced with the assistance of AI translation services.