How does it work? π
Process
Collection Creation (Vault)
Any user can create a collection for any NFT asset on Klaytn. When a collection has been created, anyone can deposit eligible NFTs into the collection to mint a fungible NFT-backed token, cToken.
(In the updated model) A user can deposit various types of NFT into the collection and set different prices for each NFT.
Minting cToken
Any user can deposit NFTs into an existing collection (they can also create collections) to mint a fungible cToken. The minting ratio is 1 NFT per 1 cToken. There is a minting fee to the protocol.
When NFT is converted to cToken, the ownership of the NFT is transferred to HYPESALT Collection. With cToken, you can also redeem NFT from the collection, but it requires a redeem fee (5%, 20%). Please refer to the Fee section below for details. * Currently, there is a special event for the official launch β 0% cToken Minting Fee. * A higher redeem fee (20%) is required for targeted redeem. * Once NFT is supplied to Collection, other users can buy or redeem that NFT.
Redeem NFT
Any user can redeem NFT by paying cToken to the protocol, but it is randomly selected. If a user wants to redeem a specific NFT, a fee must be paid.
Swap NFT
A user can swap NFT to redeem another NFT.
Eligibility
Eligibility allows only certain NFTs to be deposited into the collection. By using this function, collections can be segmented by tiers (rarity or price). Or any user may create a unique collection.
Fees
Minting Fee 10% : when a user deposits NFT into an existing collection, 10% of the minting fee occurs.
Random Redeem 5% : when a user randomly redeems NFT by paying cToken, 5% of the random redeem fee occurs.
Target Redeem 20% : when a user redeems a specific NFT by paying cToken, 20% of the target redeem fee occurs.
Random Swap 5% : when a user swaps NFT to redeem random NFT, 5% of the random swap fee occurs.
Target Swap 20% : when a user swaps NFT to redeem a specific NFT, 20% of the target swap fee occurs.
*The current fee structure is based on the initial launch may be adjusted later.
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