In the future, IoTeX believes that the Web3 Machine Economy will be the primary workforce. The IoTeX foundation have been spearheading the IoT community whereby machine inteligence can be financialized to deliver value and ownership to the people, not centralised organisations. In short, returning data ownership back to consumers. McKinsey predicted that the IoT and MachineFi Economy will reach a staggering $12.6 trillion market capitalisation.
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Sumotex as a IoTex born project, focused on spearheading fractionalised and off-chain asset investments through NFT ownership. Sumotex growth has been tremendous for the past 4 months where they have acquired assets inside and outside the IoTeX ecosystem. At this moment of writing this, Sumotex has sold more than 4000 NFTs, built a marketplace for the community to trade their NFTs as well.
Sumotex prides itself in real-world assets invested by funds represented as NFTs. As the valuation for the NFT market is determined by supply and demand, Sumotex values the NFTs directly towards its portfolio. The larger the Asset under Management (AUM) the higher the valuation of the NFTs.
In traditional finance, illiquid assets owners often encounter the challenge of liquiditating it immediately in the event of emergency. Illiquidity in traditional finance is poised for paradigm change where in the near future, investment vehicles and financial instruments will be tokenised. SUMOTEX's AssetFi protocol do exactly that, with a off-chain trustee (oracle) which feeds data to the blockchain for verification/proof. The potential of Sumotex growth is endless with their newly updated roadmap: https://sumotex.co/#roadmap
VISION of SUMO LAB
Sumo Lab is established with a vision to achieve innovation. Its considered as a R&D division of SUMOTEX whereby the Sumo Lab team constantly research and develops value-added breakthroughs for the community.
First SUMO LAB product: X-POTION
The team at Sumo Lab saw the benefit of creating value by integrating the traits of MachineFi NFT into our Sumo NFT.
A brief introduction to Sumotex, we are the first investment fund to convert prime real estate and metaverse land into NFTs on the IoTeX blockchain.We aim to disrupt this industry by introducing the element of blockchain, innovating the way fundraising, ownership and also investments are made.
By developing the potion, MachineFi NFT holders will be able to integrate the benefits of both SUMOTEX and MachineFi into 1 NFT, which we call X-SUMO.
What utilities and details they carry?
- MachineFi traits, we shall acquire physical real estate worth approximately 50k USD each from this sale, install pebble trackers at the assets and upload them on MachineFi portal. (more to come)
- Royalties to first minters (2.5%)- another passive income to our minters
- A DAO (allocated to X-SUMOs): details will be uploaded on SUMO Lab FAQ section (Imagine that X-SUMO will help generate income for the sumotex community) : SUMOTEX will inject capital as see fit.
For more detailed information, visit: https://sumotex.co/lab/