Sphynx Netowork is a DeFi project targeting to use the full potential of NFT s into the DeFi space. So far BEP-20 tokens dominate the DeFi sector onto the BSC network. By being fungible tokens, means that they are all the same and nothing makes them different one from another.
While these tokens are needed and are not going anywhere anytime soon, there are many other token standards that are rarely mentioned, like BEP-721 tokens, a non fungible token, meaning that each token is unique because of its token id that each token is given at the time of it being minted.
BEP721 are mostly used as collectibles but the Sphynx Network will reinvent how these tokens have been used by creating a use case for them into the DeFi space.
NFT stake will be more dynamic and flexible, staking won t be tied to a user s account but linked to a transferable NFT.
