A new project is bringing NFTs and DeFi together to build a launchpad that will help creative artists and inventors tokenize their intellectual property and raise funds on a single platform.
Built on the Binance Smart Chain, LEXIT’s platform does more than just turn works of art, music, books, video, collectibles, games, source code and inventions — any copyrighted or patented intellectual property — into nonfungible tokens.
It also brings in decentralized finance (DeFi) to make those NFTs available to anyone via DeFi liquidity pools, LEXIT CEO Amir Kaltak and CBO Katia Zaitsev explained on a Cointelegraph AMA on May 25.
There’s a reason LEXIT is a launchpad and not a marketplace. It’s not making NFTs of the actual art, video or code. It is tokenizing the IP, and splitting it up into multiple tokens that lets creators raise the funds needed to support their creation.
“You need money to protect your invention, and to approach companies to excite them about it and to license it and to create a product out of it, because that costs even more money,” Kaltak said.
What LEXIT does is provide access, he added. Access to capital for creators, and access to investment opportunities for supporters.
However, the platform is not a free-for-all, Kaltak noted. First, creators who approach the site will be vetted to ensure they have the rights to the property they want to tokenize, and undergo Know Your Customer checks. “Then you come to the evaluation side of things where we try to deem if that's something interesting to our community at this time or not.”
This gives LEXIT the ability to support artists and creators from less fortunate parts of the world, Zaitsev said.
“There's so much hidden talent all over the world that normally goes unnoticed, bumped down the queue, or don't even have the support to make it to that queue in the first place,” she said. “With LEXIT, what we want to bring is equality to the industry and not have privilege decide whether you're entitled to your own success. We want to focus on that creative side. On our platform everyone has a fair shot."
The DeFi pools
LEXIT’s DeFi pools will not be open only to its own tokens. “Any external project can create a LEXIT DeFi pool and then provide liquidity to make their coin or token available on LEXIT,” the company’s whitepaper notes. “They can choose among a wide range of trading pairs for their swaps or also create mixed portfolios to leverage the market for their project.”
More insights from LEXIT here
LEXIT pool managers can choose from a variety of LEXIT NFTs, staking at least 5% of the pool’s liquidity. The pools can be set up as single pair swaps or offer a mixed portfolio of NFTs, coins, and tokens. Staking programs are coming, Zaitsev added.
Pool managers will be vetted, identified and give a LEXIT rating by pool participants.
A new blockchain rising
LEXIT recently held a two-part initial DEX offering (IDO) of its LEXi at PancakeSwap and BitMart for 650,000 LEXi Coins. Built on the Binance Smart Chain, the LEXi Coin will be the only currency with which to purchase NFTs on LEXIT.
The company chose BSC over Ethereum for a couple of reasons, Kaltak said. While the sky-high gas fees currently found on Ethereum were part of it, a bigger factor was that LEXIT felt the BSC Pad was the right partner to choose for its own launch.
That said, the company is building its own blockchain, LEXNET, which Kaltak said is a high-performing, fully cross-chain oriented protocol. LEXIT will be a DApp on top of it.
Learn more about LEXIT
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