@Naich @AutisticMumTo3 @fribbledom...

https://empowa.io/project/collateral-nft/

There's a little FAQ at the end. I can't expect you to get what the project is about instantly as you've most likely never heard of it before. You can of course browse their entire web presence to learn more.

Like 31 March at 7:59 | Wall-to-wall | Open on mastodon.social

4 comments

🇳𝗮ꜟ𝖼𝘩

@errorbody @AutisticMumTo3 @fribbledom
So, basically shares. Reinventing a centuries old concept with an extra layer of needless complexity.

31 March at 8:18 | Open on fosstodon.org

errorbody

@Naich @AutisticMumTo3 @fribbledom
I don't see it that way. Owning shares make you a stakeholder in a company which rewards you with some divident. The collateral NFT support building climate resilient housing on the African continent. On top of that, because you take a little risk, you get extra tokens. The people making use of Empowa, I speak of the homeowners, often have an informal income. They don't get a credit. Using Empowa they rent to own their houses. The NFTs help the developers.

31 March at 8:33 | Open on mastodon.social

Simon Lucy

@errorbody @Naich @AutisticMumTo3 @fribbledom

So it's a pyramid collection which may benefit 2 families which might turn into 100. The current value of $EMP means it's about $37 a share and then how many houses can be built for $37 grand?

But then $EMP lost half its trading value over the year. Why use a volatile barely trading currency instead of just a regular currency? The benefits might attract children but children aren't able to invest in this not very novel scam.

31 March at 9:14 | Open on mastodon.social

errorbody replied to Simon

@simon_lucy @Naich @AutisticMumTo3 @fribbledom

The NFT serves as collateral and not to fund the houses themselves. If you'd use fiat currencies you couldn't get the community on board. Crypto is borderless and not tied to a nation and more accessible in that sense. I can use the fiat currency of my home country and buy ADA and swap it into EMP (which isn't available on many CEXs, yes). I'd see great use of a stablecoin because, as you've pointed out, EMP is a volatile asset.

31 March at 9:34 | Open on mastodon.social