Hector Network, a decentralized finance utility ecosystem built on the Fantom Opera chain has started NFT giveaways in the run-up to its much-awaited ultra-rare digital collectibles called The Mythos collection, a collection of ultra-rare and highly valuable NFTs. The collection comprises 16 paintings based on Greek mythology celebrating the Olympian gods, there will be 10,000 animated NFTs in total, with five different rarities included in each artwork. Each of the 16 works of art in the collection contains five unique rarities. Hector Network is giving away a free NFT from the rare collection.
NFTs are collectibles in today’s world. They’re digital proofs of ownership that may be bought and sold online. NFTs are recorded on a blockchain, which is the same technology that underpins cryptocurrencies and assures that each asset is unique. Altering or counterfeiting NFTs will be more difficult with this technology. Hector network with its goal of forming a decentralized ecosystem for Web3 has great NFT plans beyond being just another minting marketplace.
Hector NFT would combine the best of NFT and Defi world and build the GameFi ecosystem along with it. There are two major motives behind the NFT gameplan:
GameFi: To construct a DeFi game (currently dubbed Hector Game) the project is working on a DeFi game that will allow players to win rewards through playing (P2P). The game will make use of the NFTs as they have been developing and will grow over time. The game’s profits will be used to expand not only the game but the Hector Ecosystem as a whole.
NFT Staking: The Hector Ecosystem will allow NFT producers to mint their coins. A part of the royalties received from NFT sales will be used to purchase HEC tokens and distribute them to NFT holders. The fact that we have the resources to advertise and sell their NFTs will be an incentive for NFT producers. The incentive for buyers is that they make money just from holding the NFTs listed on the Hector ecosystem. This allows us to work with the best NFT creators to offer exclusive collections to the community.
Apart from the amazing animated artworks, the main purpose is to recruit new members to the community, build Hector Network and its ecosystem, promote the Fantom network, and benefit their community. As a result, revenues gained at the mint and on the secondary market must be considered when developing this series. Three components will be employed to distribute minting profits: The Treasury will receive 20% of the mint’s revenue to help fund the initiative’s expansion. The earnings will be utilized to fund development costs for the next GameFi Projects to the tune of 40%. The Fantom Lottery will get 40% of the prize money.
Hector Offers a Deflationary Decentralized Ecosystem
Apart from its multi-purpose plans for the NFT market and Gamefi metaverse, Hector Network recently also launched its DEX which has grabbed the industry’s attention. Hector Network’s DEX is a cross-chain aggregator for the Hector ecosystem. Users can exchange HEC (and other) tokens across many chains at the best possible rates, which are aggregated via a real-time system. This is one of the first steps of the project, which aims to turn Hector into a financial center for the Fantom Opera chain. It is usually more cost-effective to convert funds to a stablecoin before bridging them to another network. Users must enable both networks in their wallets in order to use them. Users will need to enable both chains in their wallets if they want to go from the Avalanche Chain to the Fantom Chain.
The ecosystem’s Hector bank, which started in January this year, also helps Hector DEX. Hector Bank is a decentralized lending and borrowing platform based on the Fantom Opera Chain. A wide spectrum of crypto assets is available for lending and borrowing. Lenders can earn a competitive APY while eliminating the risk of HEC price volatility by lending out stable currencies. Borrowers can use wsHEC as collateral to borrow stablecoins for usage in other projects without unwrapping or unstaking their tokens.
The community that supports Hector is one of the most significant aspects of it. How the development team interacts with the community, and how the community responds to the development team, is one of the first things a potential user would notice about a project. The Hector Team makes it a priority to be open, responsive, honest, and informed at all times.
The Hector Team recognises this and will develop customized campaigns to encourage, reward, and recognise community members and groups who go above and beyond to be helpful, positive, and perceptive.
To learn more about Hector Network visit www.hector.network
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