Founder’s Nodes are now able to be fully tokenized and transferred! Tons of listings are popping up all over NFT Harbor, which was ready to facilitate secure transfers right away!
You can easily purchase or sell Founder’s Node NFTs on NFT Harbor and today we’d like to walk you through exactly how to navigate that process!
Buying a Founder’s Node NFT
Buying NFTs on NFT Harbor is easy! Simply go to the listings on the front page of https://marketplace.nftharbor.io/ and select “Node” from the collection drop down on the left side.
Once you select this, it will display all available Nodes across the site.
You’ll only see one listing for Founder’s Nodes… if you click on it, however, it’ll take you to all the individual listings of Founder’s Nodes.
From here you can select one that you’d like to buy or bid on.
Note: NFT Harbor is an escrow site, so once you select a Node to buy, it’ll ask you to send the cost of the Node to an escrow wallet. The seller will simultaneously send the NFT to the escrow wallet. Once the escrow has both items in it, it will facilitate the exchange and send NFT and proceeds to each person!
Note that some listings request a deposit. These are fees the buyer must immediately pay to the escrow to lock in a deal. After this, the deal proceeds as normal with the deposit being applied to the cost of the Node. This measure was put in place to avoid fake bids and purchases that then never sent the cost to the escrow account.
Ok so Founders nft's will be able to be traded on NFTHarbor…But what if the buyer doesn't pay? Seller would be left in the cold…Well no! Seller will have the possibility to request 10% of the total price first to the buyer. It will be transferred to NFTHarbor. If buyer… pic.twitter.com/mctpR58ePU
To sell your Founder’s Node, first click “Create” in the top menu. This will take you to a screen that allows you to choose your NFT to sell. Note that your Node must be tokenized properly before it will show up on this screen.
Set the expiration date and the allowed time for a deal to be finalized, then find “Node” in the collection drop down list. Once you’ve selected “Node”, you’ll see your Founder’s Node pop up as an available NFT from that collection. Select it.
Once you’ve selected your Node, you can set your pricing. You can choose any supported currency and whether or not you accept bids. If you are accepting bids, choose the floor price of any bids made.
Remember to set a deposit amount if you want to ensure that any bids or offers you have coming in are legitimate! While NFT Harbor operates using an escrow to limit the chance of scams, buyers or sellers can simply not send their payment to the escrow if there isn’t a deposit amount. This will result in their account’s star rating being reduced and any submitted payment or NFTs returned to the rightful owner, but it can also be incredibly inconvenient and temporarily remove their listing from the site.
Double check your pricing, but then click the “Create Trade” button below and you are done! Your Founder’s Node is now listed for sale!
This contest was built in collaboration with our friends at LabelRadar, designed to give aspiring musicians an amazing opportunity while showcasing one of the most powerful blockchain-powered features of the Gala Music platform. Community governance and democratization have always been core values of web3, and Gala Music is proud to host such an empowering way for community voices to be heard.
At Gala Music, we have a team of hand-picked professional music experts with their ears to the pulse of the industry. But as innovators in the world of web3 music, we’re always interested in pioneering new ways to restore freedom and control to fans, artists and collectors. That’s why week after week with the NextUp voting system, we give YOU a say in deciding the next artists and tracks to join the platform.
Right now on the NextUp page (until October 31st at 12pm PT), you’ll find a special selection of 10 artists who have submitted tracks to the Gala Music & LabelRadar NextUp Contest.
These 10 finalists represent the strongest artist submissions, as selected by our panel of judges (including PLS&TY and Macy Gray) from the…
Nearly 350 submitted tracks
Over 250 unique artist submissions
More than 40 new Gala Music artist profiles created
The Finalists
Hundreds of votes have already been cast, but anything can still happen in the last two days of the voting period, especially since everyone has the ability to unlock additional votes by spending some $MUSIC. We expect this extra gamified layer of the vote to create an especially exciting finish as community members and finalists are strategizing to cross that Halloween finish line with the most votes.
Some of these artists have already released NFT tracks on Gala Music while others are new to the ecosystem. Check out their social media pages through the links and be sure to listen to the previews of their track submissions!
Here are the rankings as of the morning of October 29th:
Once all votes are tallied, the top 5 contestants will have their tracks featured in a special upcoming Mystery Box. Look for announcements about the release of this box coming soon to Gala Music.
Additionally, each top 5 finisher will receive a $1000 cash prize and the top 3 finishers will win amazing music production prize packages from leading brands, valued at up to $5200 for the 1st place winner. With these professional tools added to the winners’ musical arsenals, they’ll be set up for success and kicking off their web3 music adventure on a strong note!
NextUp? The Future of Decentralized Music
We hope you’re as excited as we are for GalaChain’s renewed path to full decentralization and the new economy upgrades that will make Gala Music more inclusive and rewarding for everyone involved!
We’re stronger as a community, making decisions together and always empowering each other for the love of music. Be sure to cast your free vote before the window closes on October 31st at 12pm PT!
GalaSwap is leveling up, undergoing a transformative upgrade and evolving into a comprehensive bridging and account management platform within the GalaChain ecosystem.
As part of the ongoing “GalaConnect” upgrade, we’re now thrilled to unveil new features that expand the capabilities of GalaSwap far beyond simple GalaChain token swaps. This update introduces direct bridging functionality between GalaChain and Ethereum, with an emphasis on user experience and flexibility. With the new GalaSwap, users can now move assets seamlessly across networks, interact with both their GalaChain and Ethereum wallets, and enjoy enhanced bridging status tracking—all from a single platform.
New Features in the Latest GalaSwap Update
1. Cross-Chain Bridging with Dynamic Fees
GalaChain to Ethereum Bridging: Users can now bridge their assets from GalaChain to Ethereum, enjoying dynamic bridge fees that adjust based on network conditions.
Ethereum to GalaChain Bridging: Bringing assets back from Ethereum to GalaChain is straightforward and transparent, ensuring users can manage their portfolios with ease.
2. Status Monitoring and Block Explorer Integration
Once a bridging transaction is initiated, users can track the status of their transactions through a dedicated status page. This page offers direct links to both Ethereum and GalaChain block explorers, enabling users to verify their transactions independently.
3. Accountless and Account-Based Bridging Support
Accountless Bridging: Users without a Gala ecosystem account can use their existing Ethereum wallet to bridge assets. The system will intelligently default the recipient address to the corresponding wallet on the other blockchain, simplifying the process.
Account-Based Bridging: For those with a Gala account, additional options become available. When bridging from Ethereum to GalaChain, users can connect their Ethereum wallet to access the GalaConnect suite, making the process even more streamlined.
4. Enhanced Bridging Costs and Dynamic Pricing
As part of this upgrade, the bridging fee structure will be revised, and users can expect a temporary surge to 3.5x the existing rate (of which ~70% is burned from supply). This adjustment reflects the dynamic nature of cross-chain transactions and supports the growing infrastructure of GalaSwap as it scales to meet increased demand.
A Unified Platform for All Your GalaChain Interactions
This major update marks a pivotal step in our journey to enhance GalaChain’s functionality. With the introduction of direct bridging capabilities, GalaSwap is being reimagined as GalaConnect—a robust platform for managing and transacting GalaChain assets without the need for a centralized Gala account.
Users will benefit from the flexibility of using both traditional account-based interactions and new accountless connections through Ethereum wallets, broadening the possibilities for web3 developers and casual users alike. Whether you’re looking to bridge, manage or simply view your assets, GalaSwap will offer the tools to do so efficiently.
Why This Matters for the Gala Ecosystem
The latest update to GalaSwap is a significant leap toward decentralization of the Gala ecosystem. By providing seamless bridging and accountless wallet integration, we are removing barriers for both existing and new users, making it easier than ever to engage with GalaChain.
As we continue to evolve, the GalaSwap platform will serve as the central hub for all interactions within the Gala ecosystem, laying the foundation for future growth and innovation. In the near future, GalaSwap will also be renamed GalaConnect in one of the key moves of this multi-phase upgrade.
This change also aligns with our broader strategy of leveraging GalaChain’s capabilities to support industries beyond entertainment and gaming, making it a powerful tool for developers across sectors.
Get Ready to Experience GalaSwap’s Transformation
As we prepare to roll out these new features, we invite all users to explore the enhanced GalaSwap platform and take advantage of its new capabilities. This upgrade is a testament to our commitment to building a decentralized, user-friendly ecosystem where everyone can thrive.
Join the Discord community and follow us on social media and stay tuned for more updates as we continue to build the future of decentralized technology together.
VEXI Villages is finally here (formerly known only as Project Cerberus), and this is your chance to grab the ghoul by the horns and give yourself a cutting edge in the game… Introducing the new and limited edition VEXI Spooky Box, packed with spooky excitement from the VEXI team. 👻
To unveil this amazing terror trove of NFT wickedness, the team recently included its top-tier version (priced at $1000) in a special Gala Gives Back Box, given to all qualified users. “How does one qualify for such a prize?” you may be wondering… This time, everyone who had previously purchased any NFT from any of the Gala ecosystems was automatically qualified.
If you missed out on this extraordinary gift, there’s an easy way to ensure you’ll be on the list next time… Get more involved in the ecosystem and empower yourself by picking up an in-game item for your favorite game, a Gala Music track to support your favorite artist or a Moment from your favorite Gala Film. There are lots of ways to support the growth of our decentralized ecosystem through NFT ownership, even without the opportunity of additional surprise rewards like this one!
Don’t Look Behind You
Join the VEXI Villages fun in early access now (links at bottom) on your best mobile device and get ready to empower your game with new collectible NFT items with real in-game utility, only a taste of what’s to come as the future of VEXI unfolds!
Get a Spooky Box
In honor of the spookiest season, we are offering a limited time and limited supply selection of the Spooky Box right now in multiple price tiers. If you dare, more precious items may be found in our premium boxes! !
The frighteningly VEXI Cthulhu (Legendary & Ancient), accompanied by the Epic Hastur and Nycolothetep
Beware of the special Cthulhu Halloween ProtoVOX lurking within some of these boxes and waiting to join your team! We can offer no guarantee that they won’t fill your nights with terrors or consume the lifeforce of your very soul… Happy Halloween!! 😁
DeFi, short for Decentralized Finance, refers to a financial system that operates on blockchain technology, enabling peer-to-peer transactions without intermediaries like banks or traditional financial institutions. In simple terms, it is a new, decentralized way to conduct financial transactions using smart contracts, cryptocurrencies, and blockchain networks instead of relying on centralized control.
Think of it this way: if traditional finance (TradFi) is like a bank where you need a middleman to approve, process, and validate your transactions, DeFi is like a vending machine that automatically handles everything when certain conditions are met, without needing human approval or oversight. DeFi allows for borrowing, lending, trading, saving, and investing — but it removes the need for trusted third parties.
DeFi is an evolution of financial technology (FinTech), which traditionally aimed to make finance more accessible and efficient using digital platforms. While FinTech largely innovates within the bounds of existing regulatory frameworks and institutions, DeFi steps outside of these centralized models entirely, using blockchain to create an alternative financial ecosystem.
The FinTech boom in the early 2000s brought about digital wallets, online banking, and mobile payment systems, making financial transactions easier and more accessible. However, these still relied on banks, payment processors, and regulators. DeFi took this a step further by completely removing the need for these intermediaries. With the rise of cryptocurrencies like Bitcoin and Ethereum, DeFi was born, offering decentralized applications (dApps) that mimic and improve upon traditional financial services.
Why is DeFi Important in the Web3 World?
DeFi plays a central role in the Web3 movement by democratizing finance. It gives users more control over their assets and offers access to financial services to anyone with an internet connection, regardless of their geographic location or social status.
In Web3, where decentralization and user sovereignty are core principles, DeFi aligns perfectly with these goals. Instead of having centralized institutions control money and finance, DeFi allows users to interact directly with financial markets and services through decentralized networks. This aligns with the broader Web3 ethos of decentralizing control, enhancing transparency, and increasing user autonomy.
DeFi vs. Traditional Finance (TradFi)
In traditional finance (TradFi), users must place a significant amount of trust in financial institutions. Banks, for example, hold customer funds, process payments, and issue loans, and customers must trust these institutions to operate fairly and securely. These systems are centralized, meaning a single authority, like a bank or government, controls them. For generations, this has been the norm, and while secure in many ways, it also brings risks such as institutional failures, corruption, and exclusion from services for unbanked populations.
DeFi, on the other hand, is built on trustless systems. Instead of trusting banks or payment processors, users trust the blockchain and smart contracts. These are automated programs that execute transactions only when specific conditions are met, and because they are run on a decentralized network, they cannot be tampered with by any single entity. This removes many of the vulnerabilities seen in TradFi, such as bank failures or unauthorized account freezes.
Example: A DeFi Lending Protocol
Let’s say you want to take out a loan in a traditional bank. You go through a lengthy process involving paperwork, credit checks, and the bank’s approval. In a DeFi protocol, you could simply put up some cryptocurrency as collateral, and the smart contract would automatically issue a loan to you in a different cryptocurrency, without needing a middleman or a credit check. The terms of repayment, interest, and other conditions would be encoded in the contract, which executes them automatically.
The Role of Trust in Centralized vs. Decentralized Finance
In centralized finance (CeFi), trust is a fundamental requirement. Users must trust that banks and financial institutions will safeguard their money, conduct transactions fairly, and manage risks appropriately. These institutions often operate under government regulations, providing a sense of security, but they are still subject to human error, mismanagement, or even malfeasance.
In decentralized finance, trust is minimized through the transparency and security of blockchain technology. Because all transactions and smart contract codes are visible on the blockchain, users can independently verify the system’s integrity. This transparency significantly reduces the need for trust in a central authority. Blockchain’s cryptographic security further ensures that transactions cannot be altered or forged.
The Risks of DeFi
While DeFi removes many of the risks associated with centralized intermediaries, it’s not without its own challenges. The early nature of DeFi technology means it still carries risks that users should be aware of:
Smart Contract Vulnerabilities: Smart contracts are only as good as their code. Bugs or exploits can lead to significant losses, as seen in several high-profile DeFi hacks.
Lack of Regulation: DeFi operates largely outside of traditional regulatory frameworks. While this offers freedom and flexibility, it also leaves users without legal recourse in the event of theft or fraud.
Scams and Bad Actors: The openness of DeFi allows anyone to create a decentralized application, which unfortunately includes scammers. Users must exercise caution and thoroughly research projects before investing or using their services.
Despite these risks, DeFi represents a transformative shift in how financial services can operate. It opens up a new world of possibilities for individuals who were previously excluded from the financial system, while also giving users more control over their own assets.
The Future of DeFi
As DeFi matures, many of the current risks will likely be mitigated through technological advances and better security practices. We can expect to see greater collaboration between DeFi and traditional financial systems, with the possibility of hybrid models that blend the best of both worlds.
DeFi is not just an innovation in finance; it’s a movement that seeks to fundamentally reshape the financial landscape. By leveraging blockchain technology, DeFi removes the need for centralized institutions, offering a more open, transparent, and secure financial system. While it still has growing pains, the potential for decentralized finance to revolutionize the way we interact with money is undeniable.
