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Tl;dr — UMA, crypto.com, and YAM Finance are exploring collaborative possibilities to deliver value to the NFT market. This comes on the heels of a Christie’s Auction for CryptoPunks that sold for $16.9M.
uLABS recently announced the CryptoPunks Index, a synthetic token that tracks the CryptoPunks market. The design uses transfer prices of the CryptoPunk collection over the last 30 days to infer an index value.
It allows the holders of the index to be exposed to the wider market without having to pay for an entire Punk or having to choose which to invest in. For the first index, UMA and YAM are working together to prepare the CryptoPunks Index for launch. Once launched, with YAM’s support maintaining the product, Crypto.com will continue to work with UMA on their research efforts and explore the best possibilities to bring this product to their user base.
Crypto.com positions its NFT platform as “the premier platform for collecting and trading NFTs, curated carefully from the worlds of art, design, entertainment, sports, and beyond.” Crypto.com/nft hosts frequent NFT launches.
Following crypto.com’s successful launch of their NFT platform, they’re continuing to show their commitment and enthusiasm in this space. They expect a lot of growth and demand for NFTs, and are looking forward to continued research and development into the products their customers want to be involved in.
What can be derived from an NFT?
Primary NFT holders and artist supporters are what keep this movement flourishing. Using UMA there are opportunities to focus on second-order financial products arising from this movement.
The CryptoPunks example is just one such possibility. One could create an index that trade based on the performance of all the drops on Crypto.com. One could create an NFT that contains indices wrapped inside of it. A KPI Option could be created in association with an NFT, and pay out based on how many times it is traded.
Crypto.com, YAM and UMA
Crypto.com and UMA have discussed collaboration on future products in the NFT space. Both teams are dedicated to helping this movement grow, and are exploring ways to collaborate.
For crypto.com, working with UMA and YAM on this initiative means they can look to offer this structure to their customers and continuously iterate on the indices and the products available within the suite of crypto.com products. For UMA and YAM, working with crypto.com means building products with an innovative team in the space and a chance to expand our user base.
Having crypto.com understand the depth and the mechanics of the CryptoPunk NFT index means that we can strive to reduce the complexity of our offering and enhance the ease of use for millions of users.
Are you interested in having a say in which NFT-based products are created? Join discord.umaproject.org to discuss.
Are you interested in joining us on Slack instead of Discord? As we continue to build and innovate, our need for talented people grows as well. Come join us on our journey to making financial markets universally fair and accessible.
Below are our currently open roles with UMA:
Talent Acquisition Specialist: Growing our talented teamSenior Software Engineer: An engineer to work on our entire Ethereum-based web 3 stackSmart Contract Engineer: An engineer who’s expert in solidity and smart contracts Launch Engineer: An engineer who can take internal and external products from ideation to mainnet (supporting external engineering teams to interact with our contracts and technology).
Crypto.com, Yam Finance, and UMA to Collaborate on a Suite of NFT Products was originally published in UMA Project on Medium, where people are continuing the conversation by highlighting and responding to this story.
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