At Spore Finance, we’re working on an ecosystem that combines reflect tokens, algorithmically generated NFTs, and the first NFT prediction market. We recently announced our protocol and have received much interest in our project. We’re preparing to launch an alpha version of the prediction market within the next couple of months!
Is Spore Finance a good investment?
Investing in cryptocurrency can be a risky business, but according to many, that risk is heightened when an investor stakes their money on a new asset, in development, or maybe even untested. The Spore Finance ecosystem is made up of reflecting tokens, algorithmically generated NFTs, and prediction markets for new NFT predictions. It has lofty goals of tokenizing everything and democratizing finance by creating a system that anyone can use without needing to go through traditional channels.
However, at the time of writing October 2019, there are still some big questions around what it means to be invested in Spore Finance though that’s not to say you shouldn’t get involved if you think it has potential! The reflect token is a standard ERC-20 token and is therefore compatible with most Ethereum wallets. At the time of writing, Spore Finance has a total supply of 3 billion tokens. The company wants to have enough tokens on offer to encourage people to participate in their ecosystem, but also avoid an oversupply. Most recently, Spore had an ICO and distributed just under 1 billion reflect tokens at $0.001 each in exchange for ETH funds.
Spore Finance Expands NFT Ecosystem
The team has already been creating NFTs for fun and learning and has been trying to design a stable, programmable ecosystem that would enable creators to create simple yet functional items that can transact on both Ethereum main net and ETH 2.0. To achieve a robust system that supports NFT creation and transactions, Spore Finance has created a token protocol layer on top of their Spore Core protocol. This allows for easy migration between Spore Tokens (SPORE) on ETH 2.0/Ethereum manner as well as ERC721 NFTs based on SPORE on ETH 2.0/Ethereum manner without breaking interoperability between both chains while being completely separate in terms of tech stack and development goals.
Spore Finance is a crypto-collectible ecosystem, similar to CryptoKitties, with three significant differences: First, NFTs are created algorithmically using non-fungible tokens and smart contracts. Second, prediction markets provide economic incentives for creating Curacao Finance utility and value for each asset. Third, Spore integrates both NFTs and ERC721 on top of one single contract deployed on Ethereum. This allows users to easily create digital assets that can be securely used in multiple places as well as migrate from back to ETH 1.0/Ethereum manner while allowing users to keep their assets working after they made an initial transfer between chains.
Predicting the Future
One of our goals with Spore Finance is to make it easier for anyone to create an NFT, and to make it possible for anyone who creates one to bring it into NFT-based communities like OpenSea. Creating an NFT that has real utility and a real purpose requires foresight and expert knowledge in many different fields. We’re constantly amazed by how far some creators have gone to deliver on their concepts, but we also want to give creators new tools algorithms that can help them predict what their community will think about their creation before they finish creating it. Prediction markets are one way we hope we can do that.