NFTs - Yield Farming - Defi - Gamification
There is no doubt that 2020 is the year of DeFi. DeFi burst onto the scene along with lots of top DeFi projects. The most famous DeFi projects include Compound, Yearn Finance, Aave, and Curve Finance. Their token price skyrocketed in early 2020 and the projects gained mass attention for their revolutionary use case.
Even though the project ecosystems are still growing, their token price incentives have dropped. There are some inherent problems within the DeFi Ecosystem such as:
That is the story of DeF in 2020, but 2021 brings new opportunities. New projects are coming out promising to solve these problems in some really creative ways. Gourmet Galaxy is one of them - a DeFi Ecosystem merged with NFT’s.
According to their whitepaper, Gourmet Galaxy is the first project to merge NFTs and DeFi (mainly Yield Farming) under a Gamification UI. Their utility token, GUM, is currently based on the ERC20 standard and will migrate onto a Polkadot Parachain in Q2 2021.
On the surface, Gourmet Galaxy has an appealing anime design style. It looks like the Gourmet Galaxy team is looking to follow the DeFi in the most user-friendly way possible. It's no coincidence that DeFi's recent products are all about food. We've seen Pancake, Sushi, Cream, Lua, and now Gourmet. It appears that projects think that taking the name of a food and a friendly design will make these projects more intimate and easier to target the masses. I’m not sure if this is subjective, but Gourmet's UI is really cute and pleasing on the eye.
The next thing that I notice about Gourmet Galaxy, is that this project has a token flow model that is relatively similar to Sandbox. They have GUM as the Utility token and FOOD and PLANET as NFTs. This is different from most other traditional DeFi projects which usually only have one utility token. Because of combining two types of NFT and Utility tokens into one project, Gourmet Galaxy has created a pretty interesting Token Flow.
Take FOOD as an example. FOOD is NFT’s in ERC-1155 format (if you do not understand what NFT’s are, please read the article on BMV's NFT’s here https://research.blackmamba.ventures/en/bao-cao/nfts-se-cung-co -de-che-defi-as-the-nao). FOOD will be used to "fuse" and create special planets called PLANET (obviously named). FOOD is not as "special" or as rare as PLANET (since it is in ERC-1155 standard), but it seems that along with GUM, FOOD will be used as the main ingredient in the world of Gourmet Galaxy.
The most important NFT within the Gourmet Galaxy is PLANET. NFT is an ERC-721 standard. In essence, these planets (PLANET) are NFT’s with a limited number of tokens, similar to Sandbox's LAND. When you buy or create your own PLANET, you actually own a unique NFT token in your wallet. Each PLANET has its own value based on its rarity or the profit they generate. In this way, PLANET will always have a certain value based on two factors: the rarity and the profits it produces.
In essence, GUM is a Yield Farming platform combined with NFT’s. If you still don't understand, then imagine a world where YFI combines with Sandbox, and allows users to Yield Farm on their platform while earning exciting, high-value, exclusive NFT’s. Aside from all of this innovation, it looks like the Gourmet Galaxy has even more ambitions.
NFT Universe, the main product of the project is the key product that I want to focus on. Leaving aside the seemingly simple look, let's dive into the introduction of Option Credits, a game on the NFT Universe. At first glance, Option Credits is a normal price prediction game. Going a little deeper, this is essentially an options trading platform. Looking at the way the Gourmet Galaxy is setting up, it seems that these mini-games will be small DeFi applications. Through its products, Gourmet seems to want to transform itself into an ecosystem, not just a Yield Farming platform.