NFT STARS Partners with ENVELOP to Bring the Magic of Wrapped NFTs to the Community
The NFT marketplace NFT STARS has formed a strategic partnership with ENVELOP, a cross-chain protocol providing technology to power NFTs with inner value and liquidity. The technology allows users to store any cryptocurrency asset and other NFTs within an NFT and opens up endless possibilities for ultimate versatility, weight, and creativity. The implementation of ENVELOP technology will be divided into several stages.
What ENVELOP Functionality Will NFT STARS Utilize?
NFT STARS will be integrating ENVELOP functionality that allows users to create storage for their NFTs and other cryptocurrencies inside the original NFT. Currently, ENVELOP supports deposits of NFTs and ERC-20. In the future, the project will integrate support for the Polygon, Avalanche, Cardano, Flow, Solana, and other token standards and will incorporate them with the Polygon network. These plans perfectly align with NFT STARS’ aspiration to enable the free flow of NFT liquidity across blockchains and shift market focus from NFT speculation to a more severe approach to digital art.
The feature to wrap NFTs opens up endless opportunities for artists and digital art collectors.
Current Stage of The Partnership
The implementation of ENVELOP’s technology is divided into several stages. The first stage will bring a partial functionality of the protocol to NFT STARS and will be launched shortly. The implementation of the first stage will allow users to wrap existing NFT with a time lock and value. Additional stages will be implemented later in the partnership.
Perks for Artists
With the ENVELOP integration, creators on the NFT STARS platform will transform their artwork into a basket holding several other tokens. It can be used to instill real value and stabilize the price of the artwork.
Artists can customize their NFTs with unique settings like value or time locks. The owner won’t be able to withdraw deposited assets until a specific time. Thus, an artist can gamify their pieces and create a collection of works under one token, like a matryoshka or a Russian doll that is unraveled one layer at a time. The only limit is your imagination. This new feature will give NFT STARS artists an advantage in the market.
Besides creating unique NFTs, users will have a tool at their disposal to set up royalties. So every time their artwork gets resold, the artist automatically receives a share of the proceeds. It’s a fair tribute to the creative mind! Artists who put their heart and soul into their work will be compensated throughout the lifetime of their artwork.
Perks for NFT Art Collectors
The NFT STARS — ENVELOP integration presents many benefits for digital art lovers too. You will be able to transform your NFT into a wallet that stores multiple tokens. It’s a unique way to build up your portfolio and manage it easily:
- You can aggregate liquidity within one NFT
- When you want to transfer or trade it, you can sell all the tokens simultaneously. Instead of paying fees for trading them one at a time, you get the job done with one click.
Beneficial for the Community — Beneficial for NFT STARS
Partnerships like this allow NFT STARS to expand its suite of products and services and build a one-stop marketplace that covers all the needs and wants of its community. Powered by ENVELOP, NFT STARS will build a genuinely multi-chain NFT ecosystem where neither artists nor collectors will see an end to the opportunities available.
About NFT STARS
NFT STARS is an Australian NFT marketplace that provides users with a unique set of products and services. The marketplace follows a strict selection approach to artists. The executive board chooses every creator featured on the platform. Thus, the NFT STARS team can provide exceptional treatment to the selected exclusive artists. NFT STARS offers cross-chain opportunities for all users. Among other things, NFT STARS has launched its NFT avatar collection — SIDUS: NFT Heroes — which features unique characters that can be used as social media avatars or be transformed into gaming characters in the SIDUS metaverse.