DeFi Project Shroom Finance Rebrands to Niftyx Protocol; Aims to Go Beyond Gaming

The “global layer for NFTs exchange” will also be covering music, art, and fashion.

DeFi project Shroom is rebranding as the Niftyx Protocol for a “global layer for NFTs exchange.”

Shroom aims to go beyond gaming and cover many other industries, including music, art, fashion, and more.

Capitalizing on the latest non-fungible tokens (NFT) trend, Niftyx will provide a platform for minting and exchanging NFTs to drive their mainstream adoption. The platform will be using the existing L1 infrastructure without trying to reinvent the wheel.

Niftyx will be starting with gaming, GameSwap, but is planning to finish the year with more NFT niche markets. The team says,

“This expansion in scope will cement SHROOM’s position as the ecosystem governance meta-token, aligning incentives, unlocking new use cases, and providing additional streams of value accrued from several sub-products.”

The team also assured that the SHROOM token already trading in the market will continue to be the ticker symbol. But migration to NIFTYX will be proposed in the coming months seeking community approval.

The day before the rebranding, the price of the SHROOM token rose to a new ATH of $1.29 but has since lost about 38% of its value.

In the coming days, the project will be unveiling the products they have been working on, and the next update will introduce the expanded launchpad — the first IDO launchpad running on Avalanche.

In Feb. when NiftyX announced that it will be launching on the C-Chain in Q1 and that it further plans to launch a subnet later this year.

At the time, the team said, “the rationale for moving to Avalanche is kind of obvious: resilient distributed system, high throughput, light on resources for node operators favouring true decentralisation, PoS, sub-second finality, extremely low gas fees, and compatibility with Web3 Ethereum standards and toolset,” making Avalanche (AVAX) best for targeting millions of gaming industry users.

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