How does it work? 🛠

'SALT'ing Flow

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 — 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.