FAQ
here you can study the general points about the DAO ENVELOP (and token NIFTSY)

What is ENVELOP (NIFTSY)?

ENVELOP is a crosschain protocol that allows your NFT to be used as storage for cryptocurrencies or other NFTs. It also allows creators to add unique settings to their NFTs. For example, add royalties, replenish the inner vault with transaction fees, or add temporary time locks to deposited assets. NIFTSY is Token for super-DAO ENVELOP.

What cryptocurrencies can I deposit inside the NFT?

It depends on the blockchain that was used for NFT minting. If your NFT was minted on Ethereum, you can add ETH and other ERC-20 tokens from the whitelist. With NFTs on BSC you will be able to deposit BNB and other BSC tokens from the whitelist. With NFTs on Polygon you will be able to deposit Matic and other Polygon tokens from the whitelist. Envelop team determines the contents of the whitelist.

What blockchains does Protocol support?

Currently, ENVELOP is being implemented for Ethereum and Binance Smart Chain, and Polygon. More blockchains like FLOW, Polkadot & Cosmos, Zilliqa, WAX will be added soon.

Does NIFTSY have own token?

Yes, the project team will issue a token NIFTSY. It will be launched on two blockchains: Ethereum and BSC. NIFTSY will be managed by token holders. It is also planned to launch a token farming program.

When will NIFTSY be launched?

We plan to give public access to the test version of the protocol as early as oct. 2021.

Can I add cryptocurrencies/tokens inside a wrapped NFT after wrapping??

Yes, you can add cryptocurrencies/tokens at any time.

Is there a limit on the % royalty and transfer fee threshold for unwrapped NFTs?

Yes, there is. The royalty income % cannot be more than 50%. The amount of wrapped NFT transfer fee that must be accumulated in order to dilute the wrapped NFT cannot exceed 1% of the ERC-20 token issue in which this fee is paid.

Is there a limit to the period for blocking the deployment of the NFT being deployed??

Yes, there is. The creator of a wrapped NFT can set a prohibition period for deployment of the wrapped NFT, not to exceed 365 days.

Who gets the original NFT after deployment?

The original NFT is received by the current owner of the wrapped NFT after the latter is unwrapped.

Can the owner of a wrapped NFT withdraw some of the native or ERC-20 tokens from the collateral??

No. All tokens, once added to the wrapped NFT provision, are stored at the protocol contract address. And the output of these tokens is only possible as part of one operation - unwrapping the wrapped NFT.

Product FAQ

What happens to the original nft when it is wrapped?

The original NFT takes possession of the Protocol contract. Instead, the owner receives the wrapped NFT.

Can wrapped nfts be offered for sale on marketplaces?

Yes, a wrapped NFT is an ERC-721 standard. All of the methods described in the standard apply to it.

What happens if the owner of the original nft first places an order to sell it and then wraps that nft?

The order will not be executed because the original NFT will belong to the Protocol contract.

If I am a buyer of a wrapped nft, bought it, came to another platform, will I see this wrapped nft on my balance sheet? let's say on OpenSea?

A wrapped nft is a regular ERC-721 standard and if the platform has functionality that shows all the user's NFT, he will see it. OpenSea has this for sure.

If I see a wrapped NFT on the OpenSea platform, can I put it up for sale there?

Yes, because it is a normal nft ERC-721.

Does it change the metadata of the original nft when wrapped?

No. The protocol has a tokenURI method which, for a wrapped nft, returns the result of the same method but from the original NFT.

Who can wrap the original nft?

Only its owner. He will be the owner of the wrapped NFT.

If the user sold a wrapped nft containing collateral in the form of native tokens or ERC-20, will he be able to use those tokens?

No. For only the current holder/owner of the wrapped nft disposes of the collateral.

Can the entire collection be wrapped or just a single NFT?

It's the NFT token that gets wrapped (not the collection).

What can be wrapped now? what tokens, coins?

Any ERC-721 token can be wrapped.

If a user wraps the original nft, will they have two nfts on their balance? One wrapped and the other not?

After wrapping, the user will only have the wrapped nft on their balance sheet.

Who manages the white and black lists of contract addresses that can be used in the protocol contract as the supplier of the original nft, collateral, transfer fee?

These lists are only managed by the owner of the Protocol contract (the project team).

Does it take a long time to whitelist an ERC-20 token contract address?

No. Technically this action is done quickly. Another thing is to reach an agreement with the team about it.

Why introduce the functionality of unlock date, the amount of accumulated commission as restrictions, which can be set by the creator of the wrapped NFT?

There are situations where you need to unlock the assets of the wrapper through an event or time-based deployment. Two people have agreed that they will "freeze" the assets in collateral of the wrapped nft until some event occurs. So that there is no doubt that it will actually be executed, there are these 2 parameters. Either so that people are not tempted to touch the assets - put them in the nft and set a time to unlock them. In this case you cannot take the assets out until the date.
Last modified 14d ago
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Contents
What is ENVELOP (NIFTSY)?
What cryptocurrencies can I deposit inside the NFT?
What blockchains does Protocol support?
Does NIFTSY have own token?
When will NIFTSY be launched?
Can I add cryptocurrencies/tokens inside a wrapped NFT after wrapping??
Is there a limit on the % royalty and transfer fee threshold for unwrapped NFTs?
Is there a limit to the period for blocking the deployment of the NFT being deployed??
Who gets the original NFT after deployment?
Can the owner of a wrapped NFT withdraw some of the native or ERC-20 tokens from the collateral??
Product FAQ
What happens to the original nft when it is wrapped?
Can wrapped nfts be offered for sale on marketplaces?
What happens if the owner of the original nft first places an order to sell it and then wraps that nft?
If I am a buyer of a wrapped nft, bought it, came to another platform, will I see this wrapped nft on my balance sheet? let's say on OpenSea?
If I see a wrapped NFT on the OpenSea platform, can I put it up for sale there?
Does it change the metadata of the original nft when wrapped?
Who can wrap the original nft?
If the user sold a wrapped nft containing collateral in the form of native tokens or ERC-20, will he be able to use those tokens?
Can the entire collection be wrapped or just a single NFT?
What can be wrapped now? what tokens, coins?
If a user wraps the original nft, will they have two nfts on their balance? One wrapped and the other not?
Who manages the white and black lists of contract addresses that can be used in the protocol contract as the supplier of the original nft, collateral, transfer fee?
Does it take a long time to whitelist an ERC-20 token contract address?
Why introduce the functionality of unlock date, the amount of accumulated commission as restrictions, which can be set by the creator of the wrapped NFT?