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The non-fungible token (NFT) market was one of the hottest growth areas in the fintech last year. Several well-known and soon-to-be well-known artists, influencers and projects took centre stage for much of 2021, leading the way and racking up more than $50B in sales.
The NFT space was red hot, but not without some critics rightly suggesting many entrants were putting forth unimaginative copycat projects and selling static jpegs lacking in use case with only âhopeâ of creating collectability.
Recognising, âhope is not a strategyâ, Yokozuna Finance has quickly went from being the new kid on the dohyĆ, to a leading DeFi NFT platform in the GameFi space. With the gaming market already a multi-billion dollar industry and expected to grow exponentially in the coming decade, it is no surprise that functional NFTâs are finally making their way into the space and here to stay.
Today, with the introduction of itsâ NFT auction marketplace at app.yokozuna.fi, Yokozuna Financesâ innovative Play-to-Earn NFTâs model has taken another step in affording participants the opportunity to use âFunctional NFTâsâ to monetise their gameplay.
The project is loosely based on professional and amateur Sumo with aspirations to educate and entertain users through a fun and unique gamified DeFi experience. Users will not only earn rewards for staking NFTâs, but govern the DAO. The team hopes proposals to fund Sumo initiatives in real life can help raise awareness for the sport globally.
For those new to the project, it is still early, as until now, users could only earn the projectâs native token, $ZUNA which has a total supply of 100 million. The team has cleverly designed sustainable deflationary tokenomics in that 20% of the remaining supply is annually or about 42,000 ZUNA per day with approximately 27 million in circulation which are easily tracked with the ZUNA price, burned and emitted among other metrics which are readily available on the DâApp dashboard.
Todayâs announcement signals the next chapter for the development of ZUNA where âuse caseâ and âconsumptionâ will be introduced into the project. The team is thrilled Yokozuna Finance NFTâs have more functionality than collectability and IOSTâs ultra-fast and highly scalable blockchain, is perfect for gaming projects seeking become a leaders in functional NFTâs and the gamification of Finance.
Yokozuna Finance NFT Marketplace will award Sumo NFTâs to the highest bidders using ZUNA token on app.yokozuna.fi
Once live, users bid for sumo-themed NFTâs utilising $ZUNA, the projects native token in the app.yokozuna.fi Auction Marketplace to begin their journey as a young inexperienced rikishi (wrestlers) to become Yokozuna or Grand Champion.
Users are able to create and develop a team of up to nine (9) sumo themed NFTâs earning (and in some cases losing) PushPower and experience along the way.
Users can âFuseâ Sumos in hopes to increase âPushPowerâ and increasing traits and attributes of their Sumo.
In the Yokozuna Finance Fusing tab, you can select two of your Sumo NFTâs, merge/fuse them together, and create a brand-new Sumo. The result of the merge can increase (or in some cases, decrease) PushPower, meaning that not all fuses will result in a new NFT more powerful than the two that were merged. A combination of luck and skill will be required to produce the most desired outcomes determined partly by gene science technology employed by the highly capable development team.
The teamâs aggregate PushPower will be used to reward users with a proportionate share of daily IOST rewards accrued in the Yokozuna Finance DAO Fund. The project team anticipates it will distribute thousands of IOST tokens daily and millions annually.
What better way to learn about DeFi, NFTâs, GameFi and an almost 2000 year old sport than getting paid for doing it?
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Yokozuna Finance Glossary:
ZUNAââânative token of Yokozuna Finance and exclusive token to purchase Sumo themed NFTâs from the Auction Marketplace. ZUNA can be purchased on the Yokozuna Finance Dâapp and Hoo exchange
PushPowerâââthe key metric utilised by the DAO Fund to determine an NFTâs share of the DAO Fund when staked
Attributesâââcharacteristics of the Sumo to include Agility, Strength, Speed, Body Type, Hair Style, Eyes, Mouth and Mawashi
Bondâââthe amount of ZUNA that an NFT can be redeemed for at the expiration of the term
Bond Termâââlength of time a Sumo themed NFT has remaining before it can be redeemed for ZUNA
Bond Redemption Valueâââamount of ZUNA will receive when the user redeems the NFT at the end of the Bond term
DAOâââDecentralised Autonomous Organisation owned and governed by eligible Yokozuna NFTÂ owners
DAO FundâââInitially seeded with 1 million $ZUNA, and deposit fees from the select project vaults the current value of the DAO Fund is approaching $100K USD, in spite of the recent market correction. Future funding of the Yokozuna Finance DAO Fund provides for a percentage of the transaction fees to contribute directly to the DAO which will be implemented along with the introduction of the NFTâs
DohyĆâââis the space in which a sumo wrestling bout occurs. A typical dohyĆ is a circle made of clay, partially buried rice-straw bales and is 4.55 meters in diameter
Fuseâââthe process of merging two Sumos to create a new Sumo
Heyaâââcould mean the place/gym/house where Sumo train or can be used to identify which team a Sumo belongs
Mawashiâââclothing commonly worn on the lower half of a Sumo which can include mawashi, sagari, kesho-mawashi or tsuna
YokozunaââââGrand Championâ; a title that is bestowed not won. In the history of organised Sumo less than 75 Yokozuna have been awarded the distinction
Whatâs next?
IOSTâs recent announcement and introduction their new cross-chain capability, opens the possibility for Yokozuna Finance to bring popular network tokens into the IOST ecosystem and into the project. The team has spoken with several projects who have expressed interest after learning of IOSTâs ability to bridge assets from IOST to ETH network and vice-versa. Judging by the teams promotional video, BTC, DOGE and others can be in the projectâs future.
The Yokozuna Finance development team had set it sights on the metaverse from the beginning, with much of the development designed ease of future integration. Before then, the development teams continue working on a secondary marketplace, game development and PvP and PvC tournament concepts.
Learn more:
Website: https://yokozuna.fi
DApp: app.yokozuna.fi
Telegram: https://t.me/yokozunafinance
Twitter: https://twitter.com/yokozunafinance
About Hoo Exchange
Hoo.com is the first centralised exchange (CEX) listing for Yokozuna Finance who built ZUNA token on top of the IOST network, known for speed, efficiency, and low transaction costs
Based in Dubai, Hoo has more than 2 million registered users, covering more than 120 countries and regions around the world. Hoo has become one of the most widely distributed crypto trading platforms in terms of users.
Website: https://hoo.com/
Invitation: https://www.hoo-share2.com/invite/26513239
Yokozuna Finance is the leading decentralised finance protocol based on the IOST blockchain. It introduces a new design concept of NFT-based DAO ownership, both managing and ultimately owning the DAO fund. Based on sumo tradition, users progress through divisions to reach the highest league ranking in the Makuuchi, with the ultimate aspiration to become a yokozuna.
Risk Warning: Any digital assets investment is risky. Please evaluate your risk tolerance before getting involved. Users may lose some or all of their investment.
Acknowledgement of Risk: As with any asset, the value of Digital Assets can increase or decrease and there can be a substantial risk that you lose money buying, selling, holding, or investing in Digital Assets. You should consult your financial advisor, legal or tax professional regarding your specific situation and financial condition and carefully consider whether trading or holding Digital Assets is suitable for you.
The laws regarding trading in digital assets varies by jurisdiction; Yokozuna Finance strongly suggests users understand and abide by the laws and regulations in their respective jurisdictions.
If you would like to hang out with the IOST community on chat, social media, or discuss product development, we have something for everyone:
Telegram |Announcement | Twitter |Japan Twitter | Korea Twitter | CEO Twitter |Developer Community| Facebook |LinkedIn | Medium |Â Discord
Yokozuna Finance Launches Sumo themed Play 2 Earn NFTâs and Auction Marketplace on IOST was originally published in IOST on Medium, where people are continuing the conversation by highlighting and responding to this story.
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