Our contributors at the PsyDO are focused on building quality products of all forms for our end users - you. That’s why we’re proud to announce that we are the first external team building xNFTs ourselves!

We’re building an xNFT that will allow you to view, and eventually manage, your PsyFinance Vault positions directly from Backpack, an xNFT operating system.

Let’s take a deeper look into what this all means.

But Wait, What the F*ck is an xNFT?

The “x” in xNFT stands for “eXecutable” - tokenized code representing ownership rights over its execution! xNFTs are being developed by Coral, the WAO Company, a team led by developer extraordinaire Armani Ferrante. xNFTs are the standard breaking standard which will give users the ability to natively manage all of their assets, from staking DeGods to managing PsyFinance Vault positions, within a single interface.

For the first phase of Coral’s xNFT experiment, they’ll be focused on building a wallet, but not just any wallet. This is something different, an xNFT operating system called Backpack. Backpack will manage your private keys and connect to apps like a wallet, but unlike current wallets Backpack is asset and protocol agnostic. Everything in the wallet is an xNFT.

To read more about Coral, xNFTs, and Backpack checkout this blog post from the Coral team as well as this fantastic thread.  

So What Next?

The PsyFinance xNFT is still under active development, but while the devs are busy chewing glass, you can checkout our Vaults which are currently earning $SRM rewards in addition to the base Vault strategy premiums.

Until then, make sure to follow the PsyDO, xNFT Backpack, and Coral Twitter accounts for more updates!