{"id":3111,"date":"2023-03-28T08:31:40","date_gmt":"2023-03-28T08:31:40","guid":{"rendered":"https:\/\/nftmetta.com\/?p=3111"},"modified":"2023-03-28T08:31:41","modified_gmt":"2023-03-28T08:31:41","slug":"swipe-left-to-short-right-to-long-this-nft-trading-app-is-similar-to-tinder","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/swipe-left-to-short-right-to-long-this-nft-trading-app-is-similar-to-tinder\/","title":{"rendered":"Swipe Left To Short, Right To Long: this NFT trading app is similar to Tinder"},"content":{"rendered":"\n

March 28, 2023<\/p>\n\n\n\n

By Anjali Kochhar<\/p>\n\n\n\n

SynFutures\u2019 new NFT trading app, NFTures, has a similar interface to dating apps like Tinder and Hinge. Swipe left to short the CryptoPunk. Swipe right to go long \u2014 with up to three times leverage either way.<\/p>\n\n\n\n

It\u2019s a hilariously degenerate way to think about NFTs. But it moves to reinforce personal taste at a time when NFT marketplaces are catering to high-volume traders.<\/p>\n\n\n\n

Just like how potential dates instantly determine date-ability with one glance at a profile picture, traders can immediately wager whether a blue-chip profile picture NFT is overvalued or undervalued, with all bets collateralized and settled in ether (ETH), all on-chain via browser wallet MetaMask, among others.<\/p>\n\n\n\n

NFTures<\/u><\/a> (a portmanteau of \u201cNFT\u201d and \u201cfutures\u201d) is currently in alpha, and went live this morning for a portion of SynFutures\u2019 waiting list. The list has so far garnered around 14,000 signups, chief marketing officer Mark Lee told Blockworks, with a few thousand now able to start swiping.<\/p>\n\n\n\n

Similar to SynFutures\u2019 primary protocol, which supports futures trading for certain cryptocurrencies, NFTures is bootstrapped by capital provided by some of SynFutures\u2019 strategic partners. The two platforms are completely separate, with separate liquidity pools, but NFTures does use SynFutures\u2019 trading infrastructure.<\/p>\n\n\n\n

\u201cIt all comes down to demand, which is why we\u2019re doing it in phases. If we opened it up for everyone and there wasn\u2019t enough liquidity, that would be an issue,\u201d Lee told Blockworks<\/u><\/a>. \u201cSo we just want to make sure we monitor our liquidity, make sure it\u2019s able to support the demand that comes in.\u201d<\/p>\n\n\n\n

Lee expressed that NFT trading isn\u2019t meant to be like crypto derivatives trading, which at the top end is typically earmarked by high volume.<\/p>\n\n\n\n

By creating a trading platform in the style of modern dating apps, SynFutures hopes to attract a wider audience than only seasoned NFT traders (SynFutures\u2019 terms<\/u><\/a> prohibit a number of jurisdictions, though, including the US and UK).<\/p>\n\n\n\n

Other startups are building NFT derivatives products, too. NFTPerps is currently in private beta on Ethereum Layer-2 network Arbitrum, for one, but that\u2019s pitched towards more crypto native speculators.<\/p>\n\n\n\n

Lee sees NFTures serving a different purpose: introducing the broader NFT collector audience to the idea of DeFi. That means making them comfortable with the idea of speculating on NFTs in other ways than by simply buying and holding them.<\/p>\n\n\n\n

\u201cIf you\u2019re holding a piece and you don\u2019t necessarily want to get rid of it, you could open a short position to cover some of your downside risk,\u201d Lee said. \u201cWe call NFTs a gateway into crypto, we want this product to be a gateway into DeFi.\u201d<\/p>\n\n\n\n

Then again, some NFT collectors are in love with their JPEGs. Shorting them would just be rude.<\/p>\n\n\n\n

About the author<\/strong><\/strong><\/p>\n\n\n\n

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n","protected":false},"excerpt":{"rendered":"

March 28, 2023 By Anjali Kochhar SynFutures\u2019 new NFT trading app, NFTures, has a similar interface to dating apps like Tinder and Hinge. Swipe left to short the CryptoPunk. Swipe […]<\/p>\n","protected":false},"author":1,"featured_media":3115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3111"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3111"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3111\/revisions"}],"predecessor-version":[{"id":3116,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3111\/revisions\/3116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3115"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}