Overview
NFT Protocol is delivering decentralized exchange infrastructure to support the non-fungible token (NFT) asset class. NFTs serve to represent and constitute ownership of both digital and physical assets such as digital art, in-game assets, physical art, real estate, sneakers, etc. NFT Protocol's robust and all-encompassing infrastructure is intended to serve all of the needs of the NFT asset class and adapt to the evolving needs of the NFT community. The NFT Protocol organization is decentralized, invites collaboration, and seeks to benefit from the input of the NFT community, industry participants, and enthusiasts throughout the NFT sector.
Decentralized Exchange for NFTs
NFT Protocol’s first piece of infrastructure, a decentralized exchange (DEX) for NFTs on Ethereum and Polygon, will birth a new era of secondary markets and liquidity for NFTs by way of a simple, yet elegant swap interface with a decentralized and static front end facilitating the trustless exchange of NFTs with other assets. The DEX supports the ERC 721, ERC 1155, and ERC 20 token standards as well as ETH. The DEX allows users to create and fill 1:1 or multi-asset swap orders involving any combination and quantity of supported asset types.
The $NFT Token
The $NFT token is the governance token that powers NFT Protocol. $NFT token holders will time lock their tokens into a staking contract and receive non-transferable $veNFT tokens which will be used to participate in NFT Protocol governance and represent ownership over the NFT Protocol Treasury (fees accrued by the NFT Protocol DEX and future products). Stakers will accrue $veNFT according to a time lock curve. Stakers who’ve chosen lengthier time lock periods will accrue $veNFT at a greater rate than those who chose shorter time lock periods. When a time lock period ends and $NFT is withdrawn from the staking contract, all $veNFT contained in that address is burned. The DEX’s fee structure is also based upon the $NFT token (i.e., the DEX is free to use for those who hold over 100,000 $NFT tokens). This model is designed to incentivize $NFT holders to hold and stake $NFT in order to reduce or eliminate DEX fees and reap the rewards of participating in NFT Protocol governance (Treasury ownership). NFT Protocol’s development partners at Blockparty will also integrate the $NFT token into its cutting edge NFT digital collectibles, art and music platform at www.blockparty.co via a membership model in which certain platform benefits and features will be granted to those who meet certain $NFT holdings criteria.
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