Index - the third basic element of the Project: a quantitative indicator that obtains data from the Protocol and Oracle to objectively assess the Market.
Oracle - the second basic element of the Project, which is a set of scoring system, classic anthyroid system and AI-analyser.
Project - the NIFTSY project and all sub-projects (services) created within it.
Protocol - the first basic element of the Project as described in the white paper
Market - any market within the p2p-systems.
Token - the Project token with the ticker symbol NIFTSY.
White paper is the main document of the Project, describing its architecture, technology stack, economics as a DAO and communication with the outside world.
DAO ENVELOP terms
Collateral - assets/collateral in the form of fungible and non-fungible tokens that add value to the wrapped NFT. They are held on the Protocol contract and can only be received by the owner (or designated beneficiary) of the wrapped NFT (wNFT) at time of the wrapping. The Collateral is divided into DepositedCollateral and TransactionCollateral.
Depositedcollateral - fungible and non-fungible tokens that users have placed inside a wrapped NFT - transferred for this wrapped NFT to a Protocol contract. The number of tokens does not change from changing the owner of the wrapped NFT.
Transaction collateral - fungible tokens that are accumulated as part of transfers of a wrapped NFT from one owner to another. This type of collateral arises from a wrapped NFT if its creator has instructed at the time of creation to withhold a transfer fee.
The unlock date of the wrapped nft is a parameter that can be set by the creator of the wrapped NFT when wrapping. If the creator has specified an unlock date, the current owner will not be able to unwrap the wrapped NFT until that date has occurred. The start of the lockout period starts at the moment the wrapped NFT is created. The period cannot be longer than 365 days. During the locking period the owner of the wrapped NFT can transfer it to another user.
The blocking of a wrapped NFT by Transaction collateral amount is a restriction set by the creator of the wrapped NFT for the unwrapping operation. The owner cannot unwrap a wrapped NFT until a certain amount of transfer fees has been accumulated. The amount of this collateral cannot be greater than 1% of the total ERC-20 (or other) token issuance, in which the transfer fee is withheld.
Beneficiary - the user whose address the creator of the wrapped NFT has designated as the recipient of royalty income from each transfer transaction of the wrapped NFT.
The transfer fee is the fee that the creator of the wrapped NFT has ordered to be charged for its transfer. The commission may consist of two parts:
The part that accumulates for the wrapped NFT as a Transaction collateral;
A portion that is immediately transferred to the beneficiary as his royalty income.
The fee is charged in fungible tokens.
The technical token of the DAO ENVELOP project is an ERC-20 compliant token. It can be used as a token for the default transfer fee. It is not required to have this token on the sender's balance, but simply minted the correct amount for each transfer. It has no value; its main purpose is to demonstrate the protocol's capabilities in terms of Royalty and transactional collateral. Users who choose this transaction fee option can finalise its tokenomics on their own.
Thewhite list of fungibletokens is a list of contract addresses whose tokens can be used as collateral or token of a transfer fee. The DAO ENVELOP project team generates this list, thereby protecting users of the Protocol from tokens whose contracts contain malicious code or errors. Creators of wrapped NFTs can use tokens from this list to choose in which token to deduct the transfer fee. Users can make deposits of collateral for a wrapped NFT with tokens from this list.
Royalty Income is the fungible token income that the beneficiary of the wrapped NFT receives from each transfer of the wrapped NFT. It is calculated as % of the wrapped NFT transfer fee (if any is withheld according to the wrapped NFT creator's order). The % of royalty income cannot exceed 50.
Blacklisted NFT projects - a list of contract addresses of original NFTs whose NFTs are not allowed to be wrapped in the protocol. Those contracts contain malicious code preventing the use of the original NFT or breaking some methods of the Protocol. The list is generated by the DAO ENVELOP project team.
The original NFT is the NFT for which the wrapped NFT is created. The original NFT is stored on the protocol contract after wrapping and can be returned to the user only after the unwrapping procedure.
A wrapped NFT is a NF that is created by the protocol contract to the creator of the wrapped NFT in place of the original NFT. May contain collateral in the form of fungible and non-fungible tokens.
The wrapped NFT transfer commission token is the contract address of the fungible tokens where the creator of the wrapped NFT has instructed the sender to withhold the wrapped NFT transfer commission. This fungible token contract address cannot be changed, is set once when the wrapped NFT is created.
Unwrapping is the process of burning the wrapped NFT, transferring the original NFT and providing it to the owner of the wrapped NFT. Only the owner of the wrapped NFT may start the process.
Wrapping is the process of transferring the original NFT to the Protocol contract and creating a wrapped NFT for it, which will be owned by the user who started the process.
A wrapped NFT transfer is a blockchain modification operation whereby the owner of the wrapped NFT becomes the user to whom the transfer is made. This transaction may be accompanied by the payment of a transfer fee in fungible tokens that the creator of the wrapped NFT has ordered to be charged.