Yokozuna Finance and IOST Launch Sumo themed Play 2 Earn NFT’s and Auction Marketplace
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 “hope” of creating collectability.
Recognising, “hope is not a strategy”, Yokozuna Finance has quickly went from being the new kid on the dohyō, 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 NFT’s are finally making their way into the space and here to stay.
Today, with the introduction of its’ NFT auction marketplace at app.yokozuna.fi, Yokozuna Finances’ innovative Play-to-Earn NFT’s model has taken another step in affording participants the opportunity to use “Functional NFT’s” 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 NFT’s, 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 project’s 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 D’App dashboard.
Today’s announcement signals the next chapter for the development of ZUNA where “use case” and “consumption” will be introduced into the project. The team is thrilled Yokozuna Finance NFT’s have more functionality than collectability and IOST’s ultra-fast and highly scalable blockchain, is perfect for gaming projects seeking become a leaders in functional NFT’s and the gamification of Finance.
How does it work?
Once live, users bid for sumo-themed NFT’s 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 NFT’s earning (and in some cases losing) PushPower and experience along the way.
In the Yokozuna Finance Fusing tab, you can select two of your Sumo NFT’s, 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 team’s 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, NFT’s, GameFi and an almost 2000 year old sport than getting paid for doing it?
###
Yokozuna Finance Glossary:
ZUNA — native token of Yokozuna Finance and exclusive token to purchase Sumo themed NFT’s from the Auction Marketplace. ZUNA can be purchased on the Yokozuna Finance D’app and Hoo exchange
PushPower — the key metric utilised by the DAO Fund to determine an NFT’s share of the DAO Fund when staked
Attributes — characteristics of the Sumo to include Agility, Strength, Speed, Body Type, Hair Style, Eyes, Mouth and Mawashi
Bond — the amount of ZUNA that an NFT can be redeemed for at the expiration of the term
Bond Term — length of time a Sumo themed NFT has remaining before it can be redeemed for ZUNA
Bond Redemption Value — amount of ZUNA will receive when the user redeems the NFT at the end of the Bond term
DAO — Decentralised Autonomous Organisation owned and governed by eligible Yokozuna NFT owners
DAO Fund — Initially 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 NFT’s
Dohyō — is the space in which a sumo wrestling bout occurs. A typical dohyō is a circle made of clay, partially buried rice-straw bales and is 4.55 meters in diameter
Fuse — the process of merging two Sumos to create a new Sumo
Heya — could mean the place/gym/house where Sumo train or can be used to identify which team a Sumo belongs
Mawashi — clothing commonly worn on the lower half of a Sumo which can include mawashi, sagari, kesho-mawashi or tsuna
Yokozuna — “Grand Champion”; a title that is bestowed not won. In the history of organised Sumo less than 75 Yokozuna have been awarded the distinction
What’s next?
IOST’s 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 IOST’s 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 project’s 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
About IOST
High fees and slower transaction times on the Ethereum network have left the door open for new solutions to emerge, and IOST is one such project that has been gaining traction since its mainnet launch in 2019.
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralised, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflect our true desire to be the best in the sphere.
Being one of the public chain leaders in terms of adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has the ever-expanding 500,000 community members in over 20 countries, over 400 nodes, a top staking economy, symbiotic relationships with corporations dotted worldwide.
About Yokozuna Finance:
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.
#
.
