FORGING UTILITY: ApeChain Head Of DeFi 0xSimpleFarmer’s New Anvil dApp Will Let Any Project Launch An NFT Backed Token In Minutes!

Like iron sharpens iron, NFT backed tokens may sharpen NFT collections, or at least that’s the thinking behind a new Made By Apes dApp called Anvil.

Since 2021, NFT collections have been experimenting with the idea of fungible tokens. Some launched governance coins that gave holders voting power. Others introduced utility tokens meant to power their ecosystems. And some projects even leaned into memecoins in an effort to spread their brand.

 

But ApeChain’s own GeezOnApe took a different approach with its token PNutz, making the coin fully backed by its NFTs, where 1,000 PNutz equals one GeezOnApe NFT.

The results have been something to Geez about: a rising floor price, a stronger token price, increased utility, and new liquidity as collectors scramble to accumulate more PNutz.

And now, every collection will soon be able to launch its own NFT backed token in minutes.

On Friday, ApeChain Head of DeFi and Clutch Markets founder 0xSimpleFarmer announced that his new protocol called Anvil will go live on Monday with the goal of forging NFT utility for projects everywhere.

“Pnutz showed what a fractionalized NFT - Token AMM can do for one collection (@GeezOnApe) , The Anvil opens that model to every NFT collection instantly,” he tweeted. “Any community can launch permissionlessly for $175 and get an instant token, a dedicated AMM & market page with social links, live floor, and volume, and instant staking for NFT holders. Fees are generated from NFT to token swaps( random and specific), lending, and optionally governance. If governance is enabled, token holders vote on proposals connected to swap and lending fees , tokens carry voting weight, and governance fees flow back to stakers.”

 

 

By launching a coin on Anvil, SimpleFarmer says collections will see a boost in trading volume and royalties because the very existence of a token backed by NFTs creates arbitrage opportunities that traders will want to capitalize on.

 

Camelot, the Arbitrum native Dex providing liquidity infrastructure for Anvil, also chimed in on the announcement, saying that they cant wait to see some NFTs get in on the fungible fun!

 

“NFTs on ApeChain are levelling up,” Camelot  tweeted. “The Anvil Protocol goes live next week, with liquidity infrastructure powered by Camelot.”

 

SimpleFarmer’s Anvil protocol will launch first on ApeChain this Monday and later expand to Ethereum mainnet.

The Gazette will continue to follow all things Anvil and will let you know when it officially drops and which projects decide to launch tokens. Stay tuned for updates!